13th May 2020 10:19
(Alliance News) - TP ICAP PLC on Wednesday reported double-digit revenue growth in the first quarter of 2020 and confirmed its annual guidance.
The broker said revenue grew by 17% in the three months to the end of March to GBP547 million from GBP469 million a year prior. Revenue growth reflected higher client volumes, TP ICAP said, due to the volatile market conditions caused by the Covid-19 pandemic at the end of March.
The company said it re-engineered its operations during lockdown to maintain continuous global client services and liquidity across all asset classes.
As at March 31, TP ICAP said it had GBP250 million of its revolving credit facility, which matures in December 2022, undrawn. This facility remains available to meet the company's liquidity needs and this can be used for general corporate purposes.
Looking forward, TP ICAP said its full-year guidance of low single-digit revenue growth remains unchanged.
"Today's strong trading update demonstrates not only the resilience of our business and that critical role we play as part of the global financial infrastructure, but also the professionalism and dedication of our colleagues," said Chief Executive Nicolas Breteau.
"We will use everything we have learned in the past few weeks to strengthen our business further as the financial world slowly returns to more normal conditions and in the meantime we approach the remainder of 2020 with confidence," added Breteau.
TP ICAP shares were trading 2.0% lower in London on Wednesday at 364.60 pence each.
By Evelina Grecenko; [email protected]
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