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Global markets company TP ICAP Group shared record revenues for the third quarter, reaching £557 million, which grew by 10% when considering constant currency rates. According to the group, this rise came from strong performance across all its business areas.
The companyâ€s biggest division, Global Broking, which handles most of its operations, showed a 9% increase in revenue.
TP ICAP Focuses On Growth And Innovation To Drive Market Expansion
According to TP ICAP, Rates trading grew especially well, with a 14% rise due to ongoing changes in interest rates. Energy & Commodities, another key division, also grew, though at a steadier rate of 3%. Meanwhile, the groupâ€s data unit, called Parameta Solutions, recorded a 9% increase in revenue.
TP ICAP reported that the group is focused on three main goals: Transformation, Diversification, and Dynamic Capital Management.
The company reported that its Board remains satisfied with the financial expectations for 2024, especially for its adjusted EBIT (earnings before interest and taxes).
Another part of TP ICAPâ€s business, Liquidnet, which focuses on electronic trading, showed particularly strong results. Liquidnetâ€s revenue went up by 28%, including a 24% growth in equities trading.
The company also announced that revenue in its multi-asset agency brokerage grew by 33%, driven by Relative Value strategies.
TP ICAP Expands Strategic Focus With Parameta Solutions
The company is now exploring new ideas for its Parameta Solutions division. It may consider a U.S. stock market listing for this part of the company while still keeping most of the ownership.
According to management, TP ICAP expects to meet the market goals for full-year adjusted EBIT. However, they did mention that changes in the exchange rate between the US dollar and the British pound could impact results.
For the first nine months of 2024, TP ICAP reported total revenues of £1,701 million, marking a 5% increase in constant currency terms. According to the company, about 60% of its total revenues and 40% of its costs are tied to U.S. dollars, which shows its strong position in global markets.
The companyâ€s latest full report, covering the first half of 2024, showed a 3% rise in revenue and a 9% increase in EBIT, reaching record profits of £170 million.
TP ICAP also announced a third share buyback program, worth £30 million, to benefit its shareholders. This comes after the company completed a second buyback, also worth £30 million. An interim dividend of 4.8 pence per share was declared, which aligns with the companyâ€s dividend plan.
Additionally, TP ICAP revealed a new partnership with Boltzbit, a firm focused on artificial intelligence, to boost its fixed-income market operations and improve new bond transaction processes.
In March, TP ICAP expanded its business in the Asia-Pacific region by buying Aotearoa Energy, a New Zealand brokerage that works in gas, power, and carbon markets. The company said this acquisition fits its goal of growing in both the regional and energy and commodities markets.
