REG - TP ICAP PLC - Trading Statement

TP IcapAnnouncement

01/11/2019 07:05

RNS Number : 8937R
TP ICAP PLC
01 November 2019
 


TP ICAP PLC
 
1 November 2019
 
TP ICAP plc (the "Company")
 
Trading Update for the three months ended 30 September 2019 (the "Period")
 
Revenue:
§ Revenue growth reflected favourable market conditions in the Period.
§ Revenue in the Period of £478m was 17% higher than the £408m revenue reported for the equivalent period last year and 13% higher on a constant currency basis.
§ Year to date (January to September) revenue of £1,400m was 6% higher than the £1,318m revenue reported for the equivalent period last year and 3% higher on a constant currency basis.
 
Revenue by division (on a constant currency basis):
§ Global Broking revenue grew 10% in the Period relative to the equivalent period last year and was 1% lower year to date with strong performance in Rates offsetting weaker performance in Credit and Equities.
§ Energy & Commodities performance was very strong and revenue grew 24% in the Period relative to the equivalent period last year and 13% year to date as a result of selective hires and recent acquisitions, with encouraging macro conditions across the majority of our Energy & Commodities products, especially oil.
§ Institutional Services revenue grew by 38% in the Period relative to the equivalent period last year and 31% year to date as it continues to benefit from new hires and expanding its client base.
§ Data & Analytics revenue grew 9% in the Period against a strong prior year comparative period and 11% year to date as the business continues to benefit from strategic initiatives to launch new products and deepening its client relationships.
 




£m


Three month period to September


 


Year to date




Revenues


2019


2018


Change (%)


 


2019


2018


Change (%)




Global Broking


334


304


+10%


 


982


993


-1%




Energy & Commodities


98


79


+24%


 


285


252


+13%




Institutional Services


11


8


+38%


 


34


26


+31%




Data & Analytics


35


32


+9%


 


99


89


+11%




Constant Exchange Rates


478


423


+13%


 


1,400


1,360


+3%




Exchange Translation


 


(15)


 


 


 


(42)


 




Reported


478


408


+17%


 


1,400


1,318


+6%




 
 
2019 full year guidance:
 
§ Despite a strong performance in the third quarter, our full year guidance of low single-digit revenue growth on a constant currency basis remains unchanged.  We also highlight current geopolitical uncertainties which may have an impact on transaction volumes in the fourth quarter.
 
2019 preliminary results timetable:
§ The Company will report the preliminary results for the 2019 financial year on 10 March 2020.
 
Nicolas Breteau, Chief Executive Officer said:
 
"Today's strong trading update demonstrates that TP ICAP's trading portfolio is well placed to capitalise on volatile macro market conditions. 
Separately, our ongoing investment in areas such as Energy & Commodities, Institutional Services and Data & Analytics already bears fruit and ensures a higher-growth, diversified revenue profile." 
 
For further information:


Analysts and investors

Al Alevizakos

Alevizos.Alevizakos@tpicap.com

+44 (0) 203 933 3040
 
Media

William Baldwin-Charles

William.Baldwin-Charles@tpicap.com

+44 (0) 207 200 7124
 
About TP ICAP
§ TP ICAP brings together buyers and sellers in global financial, energy and commodities markets.
§ It is the world's largest 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 offices in 31 countries, supporting award-winning brokers with market-leading technology.
 
www.tpicap.com
 




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