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TP ICAP revenues down in Q3 but 2020 profits
StockMarketWire.com
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Inter-dealer broker TP ICAP's revenues for the nine months of 2020 are down just 2% to £1.38 billion compared to 2019 despite its third quarter revenues falling 19% to £388m.
During the third quarter, subdued transactions pulled down the global broking business revenue by 19%, generating £260m revenues, but company said that volatility from the US election and Brexit would support full-year revenue.
It said it was reorganising its broking business as the result of current market conditions and predicted these actions would save about £35m a year.
The company also said the third quarter of 2019 was a strong comparator period. Data and analytics revenue rose 9% to £36m and growth is expected to be in double digits by the end of 2020. Its institutional services business was up 28% over the nine months despite falling 16% in the third quarter.
CEO Nicolas Breteau said: "Over a nine-month period of substantial economic dislocation, TP ICAP's business has been resilient. We have implemented a targeted cost efficiency programme that will provide further support to our earnings power in an operating environment that remains uncertain."
"TP ICAP has a clear strategy of electronification, liquidity aggregation and diversification, on which we have made meaningful progress over the course of 2020, and which our proposed acquisition of Liquidnet will accelerate."
Story provided by StockMarketWire.com
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