|
TP ICAP Group PLC on Tuesday said it was confident in meeting market expectations for the current year, as it reported healthy growth in the third quarter. The London-based interdealer broker connects clients trading in wholesale financial markets. It said revenue jumped 10% in the third quarter to £557 million. Global Broking revenue rose 9%. TP ICAP highlighted that Rates, its largest and most profitable asset class, grew 14% as it benefited from interest rate volatility. In the first nine months of the year, revenue was up 5% on-year to £1.70 billion, with all four divisions trading well. For 2024, TP ICAP said it is comfortable with market expectations for adjusted earnings before interest and tax, subject to foreign exchange movements, especially the dollar versus sterling. The company noted about 60% of its revenue and 40% of its costs are dollar-denominated. TP ICAP shares rose 4.6% to 238.00 pence each on Tuesday morning in London. Copyright 2024 Alliance News Ltd. All Rights Reserved.
|
