Trading update - three months ended 30/09/2021

TP ICAP GROUP PLC ("TP ICAP" or the "Group")

2 November 2021

Trading update for the three months ended 30 September 2021 (the "Period")

Nicolas Breteau, Chief Executive Officer, TP ICAP 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.

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."

Notes:

1. For Q3 2020, £5m of revenues (£18m year-to-date) have been reclassified from Global Broking to Parameta Solutions as a result of the transfer of Post-Trade Solutions to Parameta Solutions since the start of 2021.

2. Inter-division charges have been made by Global Broking and Energy & Commodities to reflect the value of proprietary data provided to the Data & Analytics business which are eliminated upon the Group's consolidation. 

Revenue and activity by division for the Period (on a constant currency basis):

§ Global Broking revenue increased by 2%, driven primarily by a good performance in Equities, partially offset by a weaker performance in Rates.

§ Energy & Commodities revenue increased by 16%, with growth across all asset classes, as energy market price volatility provided client trading opportunities.

§ Agency Execution revenue increased by 353% largely due to the inclusion of Liquidnet. Excluding Liquidnet, revenue increased by 13%, driven by continued growth in the COEX brand. We continue to make good progress with our integration plans for Liquidnet and are delivering our cost synergy programme ahead of expectations. We now expect Liquidnet post-acquisition revenue for 2021 to be at the lower end of our previously guided range of £160m to £180m due to lower equity market volumes globally during October.

§ In Parameta Solutions, Data & Analytics revenue grew by 9% as it continued to benefit from new products launched. Post-trade Solutions revenue declined by £1m.

Revenue for the first nine months:

§ Revenue for the nine months to 30 September 2021 of £1,383m was 5% higher than the prior year in constant currency (2020: £1,320m), and in line on a reported basis;

§ Excluding Liquidnet post acquisition revenue of £106m, revenue was 3% lower than the prior year in constant currency, and 7% lower on a reported basis.

For further information:

Analysts and Investors:

· Dominic Lagan, Group Head of Investor Relations Mobile: +44 (0) 77 3990 3284

E-mail: [email protected]

Media:

· William Baldwin-Charles, Group Media Relations DirectorDirect: +44 (0) 20 7200 7124

Mobile: +44 (0) 78 3452 4833

E-mail: [email protected]

· Neil Bennett, Maitland

Direct: +44 (0) 20 7379 5151

E-mail: [email protected]

About TP ICAP Group plc

TP ICAP is a leading global markets infrastructure and data solutions provider. The Group connects buyers and sellers in global financial, energy and commodities markets. We are the world's largest wholesale market intermediary, with a portfolio of businesses that provide broking services, trade execution, data & analytics and market intelligence. www.tpicap.com