TP ICAP PLC Trading Statement (8937R)

TIDMTCAP

RNS Number : 8937R

TP ICAP PLC

01 November 2019

TP ICAP PLC

1 November 2019

TP ICAP plc (the "Company")

Trading Update for the three months ended 30 September 2019 (the "Period")

Revenue:

-- Revenue growth reflected favourable market conditions in the Period.

-- Revenue in the Period of GBP478m was 17% higher than the GBP408m revenue reported for the equivalent period last year and 13% higher on a constant currency basis.

-- Year to date (January to September) revenue of GBP1,400m was 6% higher than the GBP1,318m revenue reported for the equivalent period last year and 3% higher on a constant currency basis.

Revenue by division (on a constant currency basis):

-- Global Broking revenue grew 10% in the Period relative to the equivalent period last year and was 1% lower year to date with strong performance in Rates offsetting weaker performance in Credit and Equities.

-- Energy & Commodities performance was very strong and revenue grew 24% in the Period relative to the equivalent period last year and 13% year to date as a result of selective hires and recent acquisitions, with encouraging macro conditions across the majority of our Energy & Commodities products, especially oil.

-- Institutional Services revenue grew by 38% in the Period relative to the equivalent period last year and 31% year to date as it continues to benefit from new hires and expanding its client base.

-- Data & Analytics revenue grew 9% in the Period against a strong prior year comparative period and 11% year to date as the business continues to benefit from strategic initiatives to launch new products and deepening its client relationships.

 
 GBPm                        Three month period to          Year to date 
                                   September 
                          --------------------------  ----------------------- 
 Revenues                    2019    2018     Change    2019    2018   Change 
                                                 (%)                      (%) 
 Global Broking               334     304       +10%     982     993      -1% 
 Energy & Commodities          98      79       +24%     285     252     +13% 
 Institutional Services        11       8       +38%      34      26     +31% 
 Data & Analytics              35      32        +9%      99      89     +11% 
                          -------  ------             ------  ------ 
 Constant Exchange 
  Rates                       478     423       +13%   1,400   1,360      +3% 
 Exchange Translation                (15)                       (42) 
                          -------  ------             ------  ------ 
 Reported                     478     408       +17%   1,400   1,318      +6% 
                          =======  ======             ======  ====== 
 

2019 full year guidance:

-- Despite a strong performance in the third quarter, our full year guidance of low single-digit revenue growth on a constant currency basis remains unchanged. We also highlight current geopolitical uncertainties which may have an impact on transaction volumes in the fourth quarter.

2019 preliminary results timetable:

-- The Company will report the preliminary results for the 2019 financial year on 10 March 2020.

Nicolas Breteau, Chief Executive Officer said:

"Today's strong trading update demonstrates that TP ICAP's trading portfolio is well placed to capitalise on volatile macro market conditions.

Separately, our ongoing investment in areas such as Energy & Commodities, Institutional Services and Data & Analytics already bears fruit and ensures a higher-growth, diversified revenue profile."

For further information:

Analysts and investors

Al Alevizakos

[e-mail]

[phone]

Media

William Baldwin-Charles

[e-mail]

[phone]

About TP ICAP

-- TP ICAP brings together buyers and sellers in global financial, energy and commodities markets.

-- It is the world's largest 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 offices in 31 countries, supporting award-winning brokers with market-leading technology.

www.tpicap.com

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

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November 01, 2019 03:00 ET (07:00 GMT)