TP ICAP Group plc Trading Statement (6426Z)
May 17 2023 - 1:00AM
UK Regulatory
TIDMTCAP
RNS Number : 6426Z
TP ICAP Group plc
17 May 2023
TP ICAP GROUP PLC ("TP ICAP" or the "Group")
17 May 2023
Trading update for the three months ended 31 March 2023
Revenue performance (in constant currency, unless in brackets,
which denotes reported currency)
Total Group revenue of GBP606m 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
-- Good momentum on connecting major US banks - a key strategic deliverable - to Liquidnet's Dealer-to-Client Credit platform, which offers clients a range of services: Request-For-Quote (RFQ), Rebalance, and e-Repo. One large US bank is now directly connected to our API on the RFQ protocol. A second large US bank is in the final stages of certification;
-- Parameta Solutions approved as an ESMA-authorised benchmark
administrator: the first data provider to administer OTC benchmarks
and indices across Europe/UK;
-- The Group successfully completed a new GBP250m bond issuance
on 5 April to refinance the existing January 2024 bond. The new
issue was more than 5x over-subscribed.
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
-- TP ICAP connects buyers and sellers in global financial, energy and commodities markets.
-- It is the world's leading 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 more than 60 offices across 28 countries,
supporting brokers with award-winning and market-leading
technology.
Further information on the company and its activities is
available on the Group's website: www.tpicap.com .
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END
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