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TP ICAP Revenue Hits Record $557 Million In Q3 2024 as Rate Trading Surges

Tuesday, 05/11/2024 | 07:35 GMT by Damian Chmiel
  • The company achieves record Q3 income, up 10% year-over-year, driven by strong performance across all divisions.
  • It explores strategic options for Parameta Solutions, including a potential U.S. listing while maintaining majority ownership.
TP ICAP

Global markets infrastructure provider TP ICAP Group posted record third-quarter revenue of £557 million, marking a 10% increase in constant currency terms, driven by strong performance across all business segments.

TP ICAP Reports Record Q3 Revenue

The company's Global Broking division, its largest business unit, saw a 9% revenue increase, with particularly strong growth in Rates trading, which surged 14% amid continued interest rate volatility. The Energy & Commodities division also maintained steady growth with a 3% increase, while Parameta Solutions, the group's OTC data business, achieved 9% revenue growth.

Nicolas Breteau, CEO of TP ICAP

“The Group is focused on delivering its three strategic priorities - Transformation, Diversification and Dynamic Capital Management,” the company commented in today’s (Tuesday’s) statement. “The Board is comfortable with FY 2024 market expectations for adjusted EBIT.”

Liquidnet, the group's electronic trading platform, delivered robust results with a 28% revenue increase, including a 24% rise in equities trading. The company added that “multi-asset agency brokerage revenue was up 33%, driven by strong growth in Relative Value strategies,”

The company is exploring strategic options for its Parameta Solutions unit, including a potential U.S. listing while retaining majority ownership. Management expects to meet market expectations for full-year 2024 adjusted EBIT, though noting potential impact from USD/GBP exchange rate movements.

For the first nine months of 2024, TP ICAP reported total revenue of £1,701 million, representing a 5% increase in constant currency. The company maintains a strong position in global markets, with approximately 60% of group revenues and 40% of costs denominated in US dollars.

TP ICAP Flexes Financial Muscle

The company's latest full report covers the first half of 2024, showing a 3% increase in revenue and a 9% rise in EBIT, with profits reaching a record £170 million. In a separate initiative to enhance shareholder value, TP ICAP announced the launch of its third £30 million share buyback program, following the completion of a second buyback of the same amount. The company also declared an interim dividend of 4.8 pence per share, aligning with its dividend policy.

Meanwhile, the agency execution specialist announced a new partnership with Boltzbit, an artificial intelligence firm, to improve its fixed-income primary market operations and optimize new bond transactions.

In mid-March, TP ICAP expanded its presence in the Asia-Pacific region by acquiring New Zealand-based Aotearoa Energy, a brokerage focused on gas, power, and carbon markets. This acquisition supports TP ICAP's goals to grow in both the regional market and the energy and commodities sectors.

Global markets infrastructure provider TP ICAP Group posted record third-quarter revenue of £557 million, marking a 10% increase in constant currency terms, driven by strong performance across all business segments.

TP ICAP Reports Record Q3 Revenue

The company's Global Broking division, its largest business unit, saw a 9% revenue increase, with particularly strong growth in Rates trading, which surged 14% amid continued interest rate volatility. The Energy & Commodities division also maintained steady growth with a 3% increase, while Parameta Solutions, the group's OTC data business, achieved 9% revenue growth.

Nicolas Breteau, CEO of TP ICAP

“The Group is focused on delivering its three strategic priorities - Transformation, Diversification and Dynamic Capital Management,” the company commented in today’s (Tuesday’s) statement. “The Board is comfortable with FY 2024 market expectations for adjusted EBIT.”

Liquidnet, the group's electronic trading platform, delivered robust results with a 28% revenue increase, including a 24% rise in equities trading. The company added that “multi-asset agency brokerage revenue was up 33%, driven by strong growth in Relative Value strategies,”

The company is exploring strategic options for its Parameta Solutions unit, including a potential U.S. listing while retaining majority ownership. Management expects to meet market expectations for full-year 2024 adjusted EBIT, though noting potential impact from USD/GBP exchange rate movements.

For the first nine months of 2024, TP ICAP reported total revenue of £1,701 million, representing a 5% increase in constant currency. The company maintains a strong position in global markets, with approximately 60% of group revenues and 40% of costs denominated in US dollars.

TP ICAP Flexes Financial Muscle

The company's latest full report covers the first half of 2024, showing a 3% increase in revenue and a 9% rise in EBIT, with profits reaching a record £170 million. In a separate initiative to enhance shareholder value, TP ICAP announced the launch of its third £30 million share buyback program, following the completion of a second buyback of the same amount. The company also declared an interim dividend of 4.8 pence per share, aligning with its dividend policy.

Meanwhile, the agency execution specialist announced a new partnership with Boltzbit, an artificial intelligence firm, to improve its fixed-income primary market operations and optimize new bond transactions.

In mid-March, TP ICAP expanded its presence in the Asia-Pacific region by acquiring New Zealand-based Aotearoa Energy, a brokerage focused on gas, power, and carbon markets. This acquisition supports TP ICAP's goals to grow in both the regional market and the energy and commodities sectors.

Topics
trading update
Q3
TP Icap
About the Author: Damian Chmiel
Damian Chmiel
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About the Author: Damian Chmiel
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
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