TP ICAP GROUP PLC (LON:TCAP) has announced its 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
TP ICAP will report its 2023 preliminary results on 12 March 2024.
