UK's TP ICAP posts record Q3 revenue on global broking strength (updated)
05/11/2024 07:41
(Adds details throughout, analyst quote in paragraph 5)
Nov 5 (Reuters) - British inter-dealer broker TP ICAP
TCAPI.L reported a 10% increase in its third-quarter revenue
on Tuesday, driven by strong performances in its Global Broking
and Liquidnet segments.
The London-listed company posted record revenues of 557
million pounds ($722.7 million) for the three months ended Sept.
30, compared with 512 million pounds a year ago.
The Global Broking segment logged 9% revenue growth, with
Rates, its largest and most profitable franchise, growing by 14%
in the quarter on the recent interest rate volatility.
Global Broking had accounted for 57% of TP ICAP's total
revenue in 2023.
The world's largest inter-dealer broker, which has been
exploring options, including a U.S. listing, for its data and
analytics business Parameta Solutions, said it was moving with
strategic options for the unit.
"We remain of the view that the strategic options
being considered for Parameta are a positive step to
unlocking the undoubted value of this division," Peel Hunt
analysts said.
($1 = 0.7707 pounds)
(Reporting by Yamini Kalia in Bengaluru; Editing by Sumana
Nandy)
((Yamini.Kalia@thomsonreuters.com;))