TP ICAP revenue growth driven by energy and commodities markets

31st Oct 2023 12:11

(Sharecast News) - Financial services firm TP ICAP said on Tuesday that year-to-date revenues had risen, driven by a solid performance from energy and commodities markets.

TP ICAP said total year-to-date group revenues were up 2% at £1.64bn as it benefited from "buoyant energy market conditions", with energy and commodities leveraging its "market-leading position" across main asset classes. For the third quarter, total group revenues were up 5% at £512.0m.

At the divisional level, global broking revenue was down 1% so far this year as the "exceptional, volatility-driven volumes" seen in 2022 did not re-occur in the first nine months of 2023.

In energy and commodities, revenue was up 16%, with "significant" growth across the board, while Liquidnet revenues were down 3% and Parameta Solutions revenue was up 5%.

The company said it was continuing to trade in line with internal expectations and will deliver its preliminary results on 12 March 2024.

As of 1210 GMT, TP ICAP shares were down 4.55% at 157.40p.

Reporting by Iain Gilbert at Sharecast.com