Trading Statement

RNS Number : 8937R

TP ICAP PLC

01 November 2019

 

TP ICAP PLC

1 November 2019

TP ICAP plc (the "Company")

Trading Update for the three months ended 30 September 2019 (the "Period")

Revenue:

§ Revenue growth reflected favourable market conditions in the Period.

§ Revenue in the Period of £478m was 17% higher than the £408m revenue reported for the equivalent period last year and 13% higher on a constant currency basis.

§ Year to date (January to September) revenue of £1,400m was 6% higher than the £1,318m revenue reported for the equivalent period last year and 3% higher on a constant currency basis.

Revenue by division (on a constant currency basis):

§ Global Broking revenue grew 10% in the Period relative to the equivalent period last year and was 1% lower year to date with strong performance in Rates offsetting weaker performance in Credit and Equities.

§ Energy & Commodities performance was very strong and revenue grew 24% in the Period relative to the equivalent period last year and 13% year to date as a result of selective hires and recent acquisitions, with encouraging macro conditions across the majority of our Energy & Commodities products, especially oil.

§ Institutional Services revenue grew by 38% in the Period relative to the equivalent period last year and 31% year to date as it continues to benefit from new hires and expanding its client base.

§ Data & Analytics revenue grew 9% in the Period against a strong prior year comparative period and 11% year to date as the business continues to benefit from strategic initiatives to launch new products and deepening its client relationships.

£m	Three month period to September				Year to date
Revenues	2019	2018	Change (%)		2019	2018	Change (%)
Global Broking	334	304	+10%		982	993	-1%
Energy & Commodities	98	79	+24%		285	252	+13%
Institutional Services	11	8	+38%		34	26	+31%
Data & Analytics	35	32	+9%		99	89	+11%
Constant Exchange Rates	478	423	+13%		1,400	1,360	+3%
Exchange Translation		(15)				(42)
Reported	478	408	+17%		1,400	1,318	+6%

2019 full year guidance:

§ Despite a strong performance in the third quarter, our full year guidance of low single-digit revenue growth on a constant currency basis remains unchanged.  We also highlight current geopolitical uncertainties which may have an impact on transaction volumes in the fourth quarter.

2019 preliminary results timetable:

§ The Company will report the preliminary results for the 2019 financial year on 10 March 2020.

Nicolas Breteau, Chief Executive Officer said:

"Today's strong trading update demonstrates that TP ICAP's trading portfolio is well placed to capitalise on volatile macro market conditions. 

Separately, our ongoing investment in areas such as Energy & Commodities, Institutional Services and Data & Analytics already bears fruit and ensures a higher-growth, diversified revenue profile." 

For further information:

Analysts and investors
Al Alevizakos
[e-mail]
[phone]

Media
William Baldwin-Charles
[e-mail]
[phone]

About TP ICAP

§ TP ICAP brings together buyers and sellers in global financial, energy and commodities markets.

§ It is the world's largest wholesale market intermediary, with a portfolio of businesses that provide broking services, data & analytics and market intelligence, trusted by clients around the world.

§ We operate from offices in 31 countries, supporting award-winning brokers with market-leading technology.

www.tpicap.com

 

END

 

 

TSTWGGQPUUPBGRG