REG - TP ICAP PLC - AGM Statement and Trading Update

TP IcapAnnouncement

10/05/2018 07:05

2018-05-10T06:00:49.117Zreuters.comtag:reuters.com,2018-05-10:newsml_RSJ5837Na:13TXT
This file is provided for EAP sample purposes only; it's structure and detail are subject to change, and should not be used as a definitive reference for actual development and processing.2018-05-10T06:00:49.117Z2018-05-10T06:00:49.117Z____UCDP:parsn_lse_10.54.4.69_1.2.37235:2019-06-10T06:00:49.117Z3RSJ5837NaREG - TP ICAP PLC  - AGM Statement and Trading UpdateLEGACY: Financials (TRBC)LEGACY: Banking & Investment Services (TRBC)LEGACY: Investment Banking & Investment Services (TRBC)Investment Banking & Brokerage Services (NEC) (TRBC level 5)Investment Banking & Brokerage Services (TRBC level 4)Financials (TRBC level 1)Banking & Investment Services (TRBC level 2)Investment Banking & Investment Services (TRBC level 3)Western EuropeUnited KingdomEuropeSuggested SourcesServicesNews AnnouncementsRegulatory Corporate News AnnouncementsCompany NewsEurope daily earnings hits & missesTP ICAP PLC








RNS Number : 5837N
TP ICAP PLC
10 May 2018
 

10 May 2018
TP ICAP plc
 
AGM Statement and Trading Update
 
TP ICAP plc issues a scheduled trading update in relation to the four month period from 1 January 2018 to 30 April 2018 ahead of its AGM to be held later this morning. All commentary on year on year performance is included at constant exchange rates.
 
Business Update
 
Revenue in the four months of £601m was 3% higher than the prior period, consistent with our full year guidance in March. Trading was marked by improved conditions in rates products and an uptick in equity volatility, offset by ongoing weaknesses in power and poor credit markets.
 
Global Broking delivered an increase in revenues of 5% to £442m. This was primarily driven by a good performance in the Rates business, which was up 8%, and the Equities business, up 22% following a strong performance in the Americas. 
 
The Energy & Commodities division saw a 4% decline in revenues to £111m, with power and commodities markets still struggling, although the PVM oil business continues to perform well.
 
Institutional Services revenue is down 7% to £10m, and Data & Analytics revenue is up 4% to £36m.  Both business divisions are going through a period of restructuring in line with our strategic goals.
 
John Phizackerley, TP ICAP CEO, said: "The integration of TP ICAP remains our number one priority and we remain firmly on track to deliver our target of £100m of synergies. Post the successful delivery of readiness for MIFID II we are now moving in to large IT system migration, as well as increasing our workforce in Belfast. New combined offices are shortly scheduled to open in London and New York.
 
In markets the global rates environment continues to be increasingly constructive and bouts of volatility seem likely to continue. We also continue to progress our plans for growth in Data & Analytics, Institutional Services and Energy & Commodities."
 
Enquiries:
 
Analysts and Investors
 
Sam Dobbyn, Head of FP&A
TP ICAP plc
Direct: +44 (0)20 7200 7147
email: sam.dobbyn@tpicap.com 
 
Media
 
Jamie Dunkley, Group Media Relations Director
TP ICAP plc
Direct: +44 (0)20 7200 7524
email: Jamie.dunkley@tpicap.com 



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