TP ICAP marks slight rise in revenue in Q1 2023
TP ICAP Group plc (LON:TCAP) today provided a trading update for the three months ended 31 March 2023.
Total Group revenue amounted to £606 million, up 2% from the year-ago period.
Global Broking revenue were up 3% (+9%). All asset classes generated low to mid-single digit growth. In Energy & Commodities (E&C), revenue increased by 3% (+10%), in line with exchange volumes. Market conditions, and liquidity, in European Gas & Power continued to improve, leading to an increase in revenue. Revenue in Oil was unchanged. There was a strong comparative period last year for Global Broking and E&C.
Parameta Solutions revenue grew by 7% (+15%). The division continues to target double-digit constant currency growth in Adjusted EBIT. Liquidnet division revenue was down 3% (+3%). There was a strong performance from the relative value business, while cash equities revenue declined in line with block market volumes.
TP ICAP notes Parameta Solutions’ approval as an ESMA-authorised benchmark administrator: the first data provider to administer OTC benchmarks and indices across Europe/UK;
The Group successfully completed a new £250m bond issuance on 5 April to refinance the existing January 2024 bond. The new issue was more than 5x over-subscribed.
The Group will host its Annual General Meeting today, Wednesday 17 May 2023, at 2.15pm (BST) at the offices of Allen & Overy LLP, One Bishop’s Square, London, E1 6AD.