TP ICAP PLC 3rd Quarter Trading Update (4616V)
03 November 2017 - 6:00PM
UK Regulatory
TIDMTCAP
RNS Number : 4616V
TP ICAP PLC
03 November 2017
3 November 2017
TP ICAP plc
Trading Update
TP ICAP plc is today issuing a trading update in relation to the
period from 1 July to 30 September 2017.
Business Update
Revenue in the third quarter to September 2017 of GBP420m was 3%
higher than the GBP406m pro forma revenue for the same period last
year and 2% higher at constant exchange rates. Year to date
(January to September) revenue of GBP1,345m was 9% higher than the
GBP1,234m pro forma revenue for the same period last year and 3%
higher at constant exchange rates.
Revenue has shown modest growth in the quarter despite mixed
market conditions, marked by ongoing low levels of volatility.
Global Broking revenue for the quarter was in line with the prior
year, and 1% higher year to date on a constant currency basis.
Energy & Commodities revenue is 1% lower than the prior year
period, and 1% lower year to date on a constant currency basis,
with market conditions remaining particularly challenging for our
power and commodities businesses. Our Data & Analytics business
grew by 6% in the quarter while our Institutional Services business
has continued to see strong growth.
The outlook for the fourth quarter revenue remains challenging
reflecting current trading conditions compared with the strong
performance in the last quarter of 2016 that was driven by US
political and economic developments.
Andrew Baddeley, Chief Financial Officer, is stepping down from
the Board with immediate effect. The Board has asked him to stay on
with the company until the end of the year to ensure a smooth
transition can be made, as a search begins for his replacement.
Robin Stewart, Deputy CFO, will take up the role on an interim
basis.
John Phizackerley, Chief Executive of TP ICAP plc, said:
"Despite mixed market conditions our revenue growth to date
demonstrates the value of our diversified portfolio. Looking ahead
we expect comparatively subdued market conditions for the fourth
quarter of 2017 although we are well-placed to benefit from any
interest rate rises in the US and Europe.
Our top priority has been delivering the integration of TP ICAP
and we continue to make good progress. Integration is on track and
in line with the guidance we gave at the half year. We have also
made significant one-off and long term investments in areas such as
MiFID II, broker surveillance systems, Cyber security, Belfast and
our Institutional Services division. Finally, revenue per broker
has increased once more as we continue to improve the efficiency of
our workforce.
I'd like to add that we are sad to see Andrew Baddeley go, and
wish him the best for the future. He has overseen the finance
function at an intense period of change and growth for the group,
and was responsible for putting in place the integration process
for the two companies, which is now well underway, and on track. He
has done this while helping us deliver a good financial performance
in challenging market conditions."
Notes to Editors
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.
Enquiries:
TP ICAP plc
Analysts/investors:
Sam Dobbyn, +44 (0)20 7200 7147
Sam.Dobbyn@tpicap.com
Media:
Rebecca Shelley, +44 (0)20 7200 7750
Rebecca.Shelley@tpicap.com
Pia Stephenson, +44(0)20 7200 7009
Pia.Stephenson@tpicap.com
Brunswick Group
Brian Buckley
Eilis Murphy
+44 (0)20 7404 5959
tullettprebon@brunswickgroup.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
TSTFMMGMMZRGNZZ
(END) Dow Jones Newswires
November 03, 2017 03:00 ET (07:00 GMT)
Tp Icap (LSE:TCAP)
Historical Stock Chart
From Apr 2024 to May 2024
Tp Icap (LSE:TCAP)
Historical Stock Chart
From May 2023 to May 2024