REG - TP ICAP Group plc - Trading Statement

TP IcapAnnouncement

17/05/2023 07:17

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RNS Number : 6426Z  TP ICAP Group plc  17 May 2023

TP ICAP GROUP PLC ("TP ICAP" or the
"Group")

 

17 May
2023

 

Trading update for the three months ended 31 March 2023

 

 

Revenue performance (in constant currency, unless in brackets, which denotes
reported currency)

 

Total Group revenue of £606m up 2% (+9% in reported currency). Global Broking
revenue up 3% (+9%). All asset classes generated low to mid-single digit
growth. In Energy & Commodities (E&C), revenue increased by 3% (+10%),
in line with exchange volumes. Market conditions, and liquidity, in European
Gas & Power continued to improve, leading to an increase in revenue.
Revenue in Oil was unchanged. There was a strong comparative period last year
for Global Broking and E&C.

 

Parameta Solutions revenue grew by 7% (+15%). The division continues to target
double-digit constant currency growth in Adjusted EBIT. Liquidnet division
revenue was down 3% (+3%). There was a strong performance from the relative
value business, while cash equities revenue declined in line with block market
volumes.

 

We remain well positioned and expect interest rates to remain at elevated
levels throughout the year; at the same time, the benefit of the recent strong
US Dollar is now moderating.

 

Strategic update

 

·     Good momentum on connecting major US banks - a key strategic
deliverable - to Liquidnet's Dealer-to-Client Credit platform, which offers
clients a range of services: Request-For-Quote (RFQ), Rebalance, and e-Repo.
One large US bank is now directly connected to our API on the RFQ protocol. A
second large US bank is in the final stages of certification;

·     Parameta Solutions approved as an ESMA-authorised benchmark
administrator: the first data provider to administer OTC benchmarks and
indices across Europe/UK;

·     The Group successfully completed a new £250m bond issuance on 5
April to refinance the existing January 2024 bond. The new issue was more than
5x over-subscribed.

 

 

2023 Annual General Meeting

 

The Group will host its Annual General Meeting today, Wednesday 17 May 2023,
at 2.15pm (BST) at the offices of Allen & Overy LLP, One Bishop's Square,
London, E1 6AD.

 

 

2023 half year results

 

The Group will report its results for the six months ended 30 June 2023 on 9
August 2023.

 

Forward looking statements

This document contains forward looking statements with respect to the
financial condition, results and business of the Group. By their nature,
forward looking statements involve risk and uncertainty and there may be
subsequent variations to estimates. The Group's actual future results may
differ materially from the results expressed or implied in these
forward-looking statements.

 

Enquiries:

Analysts and investors
Dominic Lagan
Direct: +44 (0) 20 3933 0447

Email: dominic.lagan@tpicap.com (mailto:dominic.lagan@tpicap.com)
 

Media
Richard Newman
Direct: +44 (0) 7469 039 307

Email: richard.newman@tpicap.com (mailto:richard.newman@tpicap.com)

 

About TP ICAP

·     TP ICAP connects buyers and sellers in global financial, energy and
commodities markets.

·    It is the world's leading wholesale market intermediary, with a
portfolio of businesses that provide broking services, data & analytics
and market intelligence, trusted by clients around the world.

·   We operate from more than 60 offices across 28 countries, supporting
brokers with award-winning and market-leading technology.

 

Further information on the company and its activities is available on the
Group's website: www.tpicap.com (http://www.tpicap.com) .

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