REG - TP ICAP Group plc - Trading Statement

TP IcapAnnouncement

31/10/2023 07:15

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RNS Number : 7845R  TP ICAP Group plc  31 October 2023

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

 

31 October 2023
 
 

 

 

Trading update for the nine months ended 30 September 2023

 

 

Year-to-date performance (in constant currency, unless in brackets, which
denotes reported currency)

 

Total Group revenue of £1,644m up 2% (+4% in reported currency). The Group in
particular benefited from buoyant energy market conditions, with Energy &
Commodities (E&C) leveraging its market-leading position across all the
main asset classes.

At the divisional level, as expected, Global Broking (GB) revenue was down 1%
(unchanged in reported currency), as the exceptional, volatility-driven
volumes seen in 2022 did not re-occur in the first nine months of this year.
In E&C, revenue was up 16% (+19%), with significant growth across the
board.

Liquidnet division revenue was down 3% (-1%). There was a strong performance
from the Relative Value business; Equities declined in line with subdued block
market activity. Liquidnet's Dealer-to-Client Credit proposition progressing.

 

Parameta Solutions revenue was up 5% (+8%).

 

The Group continues to trade in line with the Board's expectations.

 

Third quarter performance: 1 July to 30 September 2023 (in constant currency,
unless in brackets, which denotes reported currency)

 

Total Group revenue was £512m, up 5% (+1%).

 

GB revenue was down 2% (-6%), following a 12% increase in the revenue base for
the same period last year. E&C revenue growth accelerated - up 28% (+22%)
- reflecting the positive market developments, and the division's strong
position.

 

Liquidnet's revenue increased by 6% (+3%). Growth in Equities more than offset
a decline in the non-platform business.

 

Parameta Solutions revenue was up 7% (+2%).

 

 

2023 preliminary results

 

The Group will report its 2023 preliminary results on 12 March 2024.

 

 

Forward looking statements

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

 

Enquiries:

Group Company Secretary
Vicky Hart
Email: companysecretarial@tpicap.com (mailto:companysecretarial@tpicap.com)

 

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
Company's website:

www.tpicap.com (http://www.tpicap.com) .

 

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