TP ICAP reports slight increase in Q3 2023 revenue
TP ICAP Group plc (LON:TCAP) today provided a trading update for the third quarter and the nine months ended 30 September 2023.
For the period from 1 July to 30 September 2023, total Group revenue was £512 million, up 5% from a year earlier.
Global Broking revenue was down 2%, following a 12% increase in the revenue base for the same period last year. Energy & Commodities revenue growth was 28%, reflecting the positive market developments, and the division’s strong position.
Liquidnet’s revenue increased by 6%. Growth in Equities more than offset a decline in the non-platform business.
Parameta Solutions revenue was up 7%.
For the nine months to end-September 2023, total Group revenue was £1,644 million, up 2%. 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%, with significant growth across the board.
Liquidnet division revenue was down 3%. 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%.
The Group continues to trade in line with the Board’s expectations.