TP ICAP Group (LSE: TCAP) reported revenue of £1.78 billion for the nine months ending September, marking a 7% increase in constant currency terms as its core brokerage operations benefited from favorable trading conditions.

TP ICAP Reports Revenue Growth on Strong Broker Performance

The company's Global Broking division led growth with a 10% revenue increase, while its data and analytics unit Parameta Solutions added 5%. The performance came despite a 3% decline in the Energy & Commodities segment, which has faced broker departures to rivals.

For the third quarter alone, TP ICAP generated £560 million in revenue, up 3% year-over-year in constant currency. The growth rate slowed from earlier in the year as comparisons became tougher against what the company called a “record” period in 2024.

The Global Broking unit maintained momentum from the first half, with third-quarter revenue climbing 7% as dealers across rates, foreign exchange, and credit products stayed active. The division “continued to capitalise on favourable market conditions across all asset classes,” according to the company's statement.

• TP ICAP Posts Record Revenue as Trump's Trade Policy Uncertainty Spurs Trading
• Electronic Trading War Heats Up with TP ICAP's Latest $1.2 Trillion Move

Liquidnet, TP ICAP's equity trading platform , saw revenue dip 2% in the quarter after posting 28% growth in the same period last year. The comparison highlighted how last year's surge in equity market activity created a high bar for this year's performance.

Energy Unit Faces Hiring Challenges

The Energy & Commodities division recorded a 7% revenue drop in the third quarter, matching what management had previously signaled to investors. The business has lost brokers to competitors, creating gaps in its coverage.

TP ICAP said it has built a pipeline of potential hires to rebuild the unit's capabilities, though any revenue contribution from new staff won't materialize until next year. The energy markets remain competitive for experienced personnel who can generate trading commissions.

The figures are consistent with the trend reported for the first half, when revenue reached £1.22 billion and adjusted net earnings totaled £130 million.

Parameta Listing Decision Still Under Review

The board continues evaluating whether and when to pursue a minority public offering of Parameta Solutions in the United States. The data business, which sells pricing information and analytics to financial institutions, represents one of TP ICAP's faster-growing segments.

Management has not set a timeline for the potential listing, saying only that it will assess “appropriate timing” while focusing on sustainable growth for the unit.

Last month, TP ICAP’s data division introduced a real-time pricing service for over-the-counter oil markets, aiming to give traders and developers faster access to data that is typically dispersed across multiple brokers.

The company said it remains comfortable with market forecasts for full-year adjusted earnings before interest and tax, though results depend on foreign exchange rates. About 60% of revenue and 40% of costs are denominated in US dollars, leaving earnings exposed to currency swings.

TP ICAP plans to release full-year results on March 12, 2026.