TP Icap revenues have been buoyed by strong performance across its global broking division, against a backdrop of stock and foreign exchange market volatility.
In the nine months to 30 September, the interdealer broker’s total group revenue climbed 10 per cent from the same period a year earlier to £1.59billion.
The company said it benefitted from favourable market conditions in the global broking segment, particularly in rates, which is its biggest and most profitable asset class.
Update: lnterdealer broker TP Icap has posted a rise in revenue amid a strong performance across its global broking division
Global broking revenues were 9 per cent higher, with all asset classes generating high single digit to double digit growth.
‘This performance underlines the strength of the franchise, which is well positioned as central banks continue to withdraw liquidity and increase interest rates,’ TP Icap said.
The strengthening US dollar remained a ‘meaningful’ tailwind, added the group, with around 60 per cent of its revenue and 40 per cent of its costs dollar-denominated.
Across its energy and commodities arm, revenue fell 3 per cent over the period amid a ‘challenging’ European gas and power market.
The London-based company said: ‘Significant price rises and increased exchange margin requirements resulted in liquidity contracting and low levels of market activity.’
In the third quarter, group revenues increased by 5 per cent on the same period a year earlier to £508million, with global broking revenues 12 per cent higher.
The group said it continued to trade ‘in line with expectations’.
TP Icap shares fell today and were down 2.34 per cent or 4.40p to 179.70p this afternoon. The group’s share price has risen over 14 per cent in the last year.
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