TP ICAP reports record £557 million revenue in Q3 2024, driven by strong Global Broking and Liquidnet performance.
TP ICAP reports record £557 million revenue in Q3 2024, driven by strong Global Broking and Liquidnet performance.
TP ICAP Group has reported record Q3 revenue of £557 million for 2024, reflecting a 10% increase year-on-year. The company maintained strong growth across multiple business segments.
Global Broking, TP ICAP’s core division, saw a 9% rise in revenue, continuing the positive momentum from the previous quarter. Moreover, the Rates asset class, which remains the largest and most profitable for the company, led the growth, reporting a 14% increase, primarily driven by heightened interest rate volatility. In a particularly noteworthy performance, Liquidnet, TP ICAP’s institutional block trading platform, posted a 28% jump in revenue.
Liquidnet Equities alone rose by 24%, benefiting from sustained institutional demand in the block market. Additionally, Multi-Asset Agency Brokerage, another critical segment for Liquidnet, grew by 33%, propelled by strong demand for Relative Value strategies.
Furthermore, energy & Commodities (E&C) also demonstrated solid performance, with a 3% revenue increase, building on a record third-quarter result from the previous year. Meanwhile, Parameta Solutions, TP ICAP’s over-the-counter (OTC) data business, grew by 9%, further cementing its position as a market leader.
The company reiterated its focus on its strategic priorities, which include Transformation, Diversification, and Dynamic Capital Management. Moreover, as part of its ongoing strategy, TP ICAP continues to explore strategic options for Parameta Solutions, including a potential public offering in the U.S.
However, no final decisions have been made. Despite concerns over potential foreign exchange volatility, particularly fluctuations in the US Dollar against the British Pound, TP ICAP’s Board remains confident in meeting market expectations for adjusted EBIT for the entire year. Lastly, the Group will provide further updates on its performance and strategic initiatives when it publishes its 2024 Preliminary Results on March 11, 2025.
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