2nd Nov 2021 09:39
(Alliance News) - TP ICAP Group PLC said Tuesday its trading conditions improved in the third quarter, with the firm's revenue growth driven by a strong performance from its Energy & Commodities business.
Shares in the midcap interdealer broker were down 5.0% in London on Tuesday morning at 149.36 pence each.
In the three months to September 30, TP ICAP recorded total revenue of GBP447 million, up 15% from GBP388 million a year earlier.
Total Global Broking revenue on the third quarter rose 2.4% to GBP252 million from GBP246 million, while Energy & Commodities revenue surged 16% to GBP92 million from GBP79 million.
Chief Executive Nicolas Breteau said: "TP ICAP capitalised on improved operating conditions during the third quarter compared with the same period last year, due to increased volatility and higher secondary trading volumes. This resulted in revenue growth across all our divisions, with particular strength in Energy & Commodities.
In the first nine months of 2021, TP ICAP's revenue was broadly flat at GBP1.38 billion, with Global Broking revenue slipping 4.4% to GBP827 million from GBP865 million and Energy & Commodities down 2.5% to GBP278 million from GBP285 million. Agency Execution revenue more than doubled to GBP172 million from GBP71 million.
"These favourable trends continued through October 2021 and we continue to anticipate full-year revenue for the group, excluding Liquidnet, to be broadly in line with 2020 on a constant currency basis," Breteau added.
In 2020, TP ICAP posted revenue of GBP1.79 billion, with pretax profit of GBP129 million.
By Paul McGowan; [email protected]
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