Inter-dealer broker TP ICAP Group has just released its financial results for the first half of the year. The firm registered total revenue of £936 million in in the first six months, slightly lower than the £990 million the company saw during the same period in 2020.
TP ICAP reported adjusted profit before tax of £88 million in H1 2021, down 35.3% compared to the £136 million the company earned in H1 2020.
In the first half of the year, the company’s global broking revenue fell 7% on a constant currency basis and 11% on a reported basis.
Energy and Commodities revenue dropped 9% on a constant currency basis in the H1 2021.
Parameta Solutions’ revenue was up 6% in the Period on a constant currency basis and 1% down on a reported basis.
Nicolas Breteau, CEO of TP ICAP Group plc, commented:
In the first half we made good progress executing our strategy to better position the Group to drive sustainable earnings growth. In Global Broking and Energy & Commodities, we achieved notable deliveries in our hub strategy.
We are working at pace to integrate Liquidnet into our Agency Execution division and have identified approximately £20m of cost synergies. We have also developed and are implementing growth plans for both Equities and Credit. Parameta Solutions continues its growth trajectory, delivering a double-digit increase in revenues in its Data & Analytics business.
ICAP, part of TP ICAP Group revealed in July the launch of its new electronic offering, SpotMatch, new Spot FX matching platform.
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