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Trading update for the three months ended 31 March 2023.
Trading update for the three months ended 31 March 2023
Revenue performance (in constant currency, unless in brackets, which denotes reported currency)
TP ICAP Group plc (the "Group") announces its results for the Period today.
Total Group revenue of £606m up 2% (+9% in reported currency). Global Broking revenue 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.
We remain well positioned and expect interest rates to remain at elevated levels throughout the year; at the same time, the benefit of the recent strong US Dollar is now moderating.
Strategic update
2023 Annual General Meeting
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.
2023 half year results
The Group will report its results for the six months ended 30 June 2023 on 9 August 2023.
Forward looking statements
This document contains forward looking statements with respect to the financial condition, results and business of the Group. By their nature, forward looking statements involve risk and uncertainty and there may be subsequent variations to estimates. The Group’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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