TP ICAP PLC AGM Statement and Trading Update (5837N)
10 May 2018 - 4:00PM
UK Regulatory
TIDMTCAP
RNS Number : 5837N
TP ICAP PLC
10 May 2018
10 May 2018
TP ICAP plc
AGM Statement and Trading Update
TP ICAP plc issues a scheduled trading update in relation to the
four month period from 1 January 2018 to 30 April 2018 ahead of its
AGM to be held later this morning. All commentary on year on year
performance is included at constant exchange rates.
Business Update
Revenue in the four months of GBP601m was 3% higher than the
prior period, consistent with our full year guidance in March.
Trading was marked by improved conditions in rates products and an
uptick in equity volatility, offset by ongoing weaknesses in power
and poor credit markets.
Global Broking delivered an increase in revenues of 5% to
GBP442m. This was primarily driven by a good performance in the
Rates business, which was up 8%, and the Equities business, up 22%
following a strong performance in the Americas.
The Energy & Commodities division saw a 4% decline in
revenues to GBP111m, with power and commodities markets still
struggling, although the PVM oil business continues to perform
well.
Institutional Services revenue is down 7% to GBP10m, and Data
& Analytics revenue is up 4% to GBP36m. Both business divisions
are going through a period of restructuring in line with our
strategic goals.
John Phizackerley, TP ICAP CEO, said: "The integration of TP
ICAP remains our number one priority and we remain firmly on track
to deliver our target of GBP100m of synergies. Post the successful
delivery of readiness for MIFID II we are now moving in to large IT
system migration, as well as increasing our workforce in Belfast.
New combined offices are shortly scheduled to open in London and
New York.
In markets the global rates environment continues to be
increasingly constructive and bouts of volatility seem likely to
continue. We also continue to progress our plans for growth in Data
& Analytics, Institutional Services and Energy &
Commodities."
Enquiries:
Analysts and Investors
Sam Dobbyn, Head of FP&A
TP ICAP plc
Direct: +44 (0)20 7200 7147
email: sam.dobbyn@tpicap.com
Media
Jamie Dunkley, Group Media Relations Director
TP ICAP plc
Direct: +44 (0)20 7200 7524
email: Jamie.dunkley@tpicap.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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