TP Icap doffs its cap to perkier financial markets

Third-quarter revenues for the interdealer broker were up 17% year-on-year compared to the 1% growth in the first half

The interdealer broker was extra busy in the quarter

TP Icap PLC (LON:TCAP) saw sales perk up strongly in the third quarter as the interdealer broker enjoyed “favourable market conditions”, especially in energy and commodities and institutional services.

Management of the FTSE 250 firm said that despite the much stronger performance in the quarter, full year guidance remained for low single-digit revenue growth on a constant currency basis, due to the “current geopolitical uncertainties which may have an impact on transaction volumes in the fourth quarter”.

Revenues of £478mln in the three months to 30 September were up 17% on last year, or 13% if currency swings are ignored, both a big improvement on the 1% growth in the first half.

The broking division, the group’s largest segment, returned to growth in the quarter with revenues rising 10% as a strong performance in rates offset weaker performance in credit and equities.

Revenues in Energy & Commodities, the second largest arm, jumped 24% thanks to new hires, acquisitions and “encouraging” macro conditions, especially in oil.

Institutional Services grew by 38% on the back of new hires and an expanded client base, while Data & Analytics revenue grew 9%.

Quick facts: TP ICAP

Price: 292.2 GBX

Market: LSE
Market Cap: £1.65 billion

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