# TP ICAP Group plc reports record revenue in Q3 of £557m, up 10%

- Link: https://www.directorstalkinterviews.com/tp-icap-group-plc-reports-record-revenue-in-q3-of-557m-up-10/4121176363
- Published: 2024-11-05T08:25:08+00:00
- Author: Amilia Stone

**TP ICAP Group plc **(LON:TCAP) has announced its trading update for the nine months
ended 30 September 2024.

**Third quarter** **performance in constant currency, unless in brackets, which 
denotes reported currency**

Record Group revenue in the third quarter of £557m, up 10% (+9% in reported currency).

Global Broking revenue increased 9% (+8%), maintaining the good second quarter momentum.
Rates, the largest and most profitable asset class, grew 14% (+15%), benefitting
from interest rate volatility.

Liquidnet delivered a very strong third quarter, with revenue up 28% (+26%). Liquidnet
Equities recorded a 24% (+21%) increase, against a backdrop of continued institutional
block market activity. Multi-asset agency brokerage revenue was up 33% (+33%), driven
by strong growth in Relative Value strategies.

Energy & Commodities (E&C) revenue increased 3% (+2%), following a record third 
quarter last year.

Parameta Solutions, our market-leading over-the-counter (OTC) data business, grew
9% (+6%).

**Nine-month** **performance in constant currency, unless in brackets, which denotes
reported currency**

Group revenue of £1,701m, up 5% (+3% in reported currency). All four divisions traded
well, underlining the broad, diversified nature of the Group.

Global Broking revenue increased 3% (+1%), benefiting from favourable market conditions,
with ongoing volatility across key asset classes, particularly Rates.

Liquidnet posted a 14% (+11%) increase in revenue, as growth accelerated following
a strong first half, when revenue increased 8%. Liquidnet Equities grew 18% (+14%),
whilst multi-asset agency brokerage reported 9% (+8%) growth.

E&C revenue grew 6% (+4%).

Parameta Solutions revenue was up 10% (+7%).

The Board is comfortable with FY 2024 market expectations for adjusted EBIT, subject
to the impact of FX movements, especially the US Dollar (USD) against sterling. 
Approximately 60% of Group revenues and 40% of Group costs are USD-denominated.

**Business Update**

TP ICAP Group is focused on delivering its three strategic priorities – Transformation,
Diversification and Dynamic Capital Management – and will update on progress when
it publishes, on 11 March 2025, its 2024 Preliminary Results. As previously announced
at the Group’s Interim Results in August, we are progressing strategic options in
relation to Parameta Solutions. They include a potential offering, which might entail
a listing in the United States, with the Group maintaining a majority stake. There
is no certainty about either a public offering, or its location.

Share on: