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Trading update for the three months ended 31 March 2022.
TP ICAP Group plc ("TP ICAP" or the "Group")
11 May 2022
Trading update for the three months ended 31 March 2022
Highlights
Revenue by division
Three months to |
|||||
2022 £m |
2021 as reported £m |
2021 in constant currency £m |
Reported change |
Constant currency change |
|
Global Broking |
317 |
306 |
309 |
||
Inter-division revenues1 |
5 |
5 |
5 |
||
Total Global Broking |
322 |
311 |
314 |
+4% |
+3% |
Energy & Commodities |
106 |
100 |
101 |
||
Inter-division revenues1 |
1 |
1 |
1 |
||
Total Energy & Commodities |
107 |
101 |
102 |
+6% |
+5% |
Excluding Liquidnet |
27 |
27 |
27 |
0% |
0% |
Liquidnet2 |
62 |
8 |
8 |
+675% |
+675% |
Total Agency Execution |
89 |
35 |
35 |
+154% |
+154% |
Data & Analytics |
40 |
36 |
36 |
+11% |
+11% |
Post-trade Solutions |
4 |
6 |
6 |
-33% |
-33% |
Total Parameta Solutions |
44 |
42 |
42 |
+5% |
+5% |
Inter-division eliminations1 |
(6) |
(6) |
(6) |
||
Total Revenue |
556 |
483 |
487 |
+15% |
+14% |
Total Revenue (excl. Liquidnet) |
494 |
475 |
479 |
+4% |
+3% |
1. Inter-division charges have been made by Global Broking and Energy & Commodities to reflect the value of proprietary data provided to the Parameta Solutions division. The Global Broking inter-division revenues and Parameta Solutions inter-division costs are eliminated upon the consolidation of the Group's financial results.
2. In Q1 2021, £6m of revenue was included within Agency Execution relating to the post-acquisition period of Liquidnet (the acquisition completed on 23 March 2021); This Liquidnet revenue has been restated to £8m by including an additional £1m of revenue previously reported in Global Broking, and £1m previously reported in COEX Partners (in Agency Execution), reflecting the transfer of desks, which, due to their complementary nature and strategic fit, have been reclassified to be managed and reported as part of Liquidnet.
Revenue by division (constant currency basis):
- Rates activity increased most notably in short-dated contracts, which have lower transaction values compared with longer-dated contracts;
- Revenue per broker (productivity) improved by 8%.
Strategic progress:
Mark Govoni, former President of US Brokerage at Instinet, joined the Group on 2 May 2022 as the new CEO of Agency Execution, with a primary focus on driving the Liquidnet growth strategy;
2022 AGM:
Forward looking statements
This document contains forward looking statements with respect to the financial condition, results and business of the Company. By their nature, forward looking statements involve risk and uncertainty and there may be subsequent variations to estimates. The Company's actual future results may differ materially from the results expressed or implied in these forward-looking statements.
Enquiries:
Analysts and investors
Dominic Lagan
Direct: +44 (0) 20 3933 0447
Email: dominic.lagan@tpicap.com
Media
Richard Newman
Direct: +44 (0) 7469 039 307
Email: richard.newman@tpicap.com
About TP ICAP
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