London-based broker TP ICAP announced has released a trading update for the nine months and third quarter ended 30 September 2020.
TP ICAP reported that revenue for the first nine months reached £1,378m and only 1% lower than the prior year on a constant currency basis (2% lower as reported).
The revenue for the third quarter was lower than the strong prior year and was 16% lower at constant exchange rates (19% lower as reported). Revenue from the broking businesses was 18% lower in the quarter at constant exchange rates (20% as reported). Revenue in Data & Analytics, mainly subscription based, was 9% higher than the prior year at constant exchange rates (3% as reported) as growth accelerated towards the year end as a result of investments made in the business.
Nicolas Breteau, Chief Executive Officer commented:
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.
I am excited by the prospects for each of our businesses, and for the additional opportunities that Liquidnet will bring. Our franchises are strong, and our clients value our critical role in the global financial market structure. We look forward to updating investors on our plans at our 1 December 2020 Capital Markets Day.
Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.
