REG - TP ICAP Group plc - Trading Statement

TP IcapAnnouncement

05/11/2024 07:00

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RNS Number : 8888K  TP ICAP Group plc  05 November 2024

TP ICAP GROUP PLC (the
"Group")

 

5 November 2024

 

Trading Update for the nine months ended 30 September 2024

 

 

Third quarter performance in constant currency, unless in brackets, which
denotes reported currency

 

Record Group revenue in the third quarter of £557m, up 10% (+9% in reported
currency).

 

Global Broking revenue increased 9% (+8%), maintaining the good second quarter
momentum. Rates, the largest and most profitable asset class, grew 14% (+15%),
benefitting from interest rate volatility.

 

Liquidnet delivered a very strong third quarter, with revenue up 28% (+26%).
Liquidnet Equities recorded a 24% (+21%) increase, against a backdrop of
continued institutional block market activity. Multi-asset agency brokerage
revenue was up 33% (+33%), driven by strong growth in Relative Value
strategies.

 

Energy & Commodities (E&C) revenue increased 3% (+2%), following a
record third quarter last year.

 

Parameta Solutions, our market-leading over-the-counter (OTC) data business,
grew 9% (+6%).

 

Nine-month performance in constant currency, unless in brackets, which denotes
reported currency

 

Group revenue of £1,701m, up 5% (+3% in reported currency). All four
divisions traded well, underlining the broad, diversified nature of the Group.

 

Global Broking revenue increased 3% (+1%), benefiting from favourable market
conditions, with ongoing volatility across key asset classes, particularly
Rates.

 

Liquidnet posted a 14% (+11%) increase in revenue, as growth accelerated
following a strong first half, when revenue increased 8%. Liquidnet Equities
grew 18% (+14%), whilst multi-asset agency brokerage reported 9% (+8%) growth.

 

E&C revenue grew 6% (+4%).

 

Parameta Solutions revenue was up 10% (+7%).

 

The Board is comfortable with FY 2024 market expectations for adjusted EBIT,
subject to the impact of FX movements, especially the US Dollar (USD) against
sterling. Approximately 60% of Group revenues and 40% of Group costs are
USD-denominated.

 

Business Update

 

The Group is focused on delivering its three strategic priorities -
Transformation, Diversification and Dynamic Capital Management - and will
update on progress when it publishes, on 11 March 2025, its 2024 Preliminary
Results. As previously announced at the Group's Interim Results in August, we
are progressing strategic options in relation to Parameta Solutions. They
include a potential offering, which might entail a listing in the United
States, with the Group maintaining a majority stake. There is no certainty
about either a public offering, or its location.

 

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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