TP Icap Q1 revenues down against strong comparator
![TP ICAP | Sharecast graphic / Josh White dl tp icap t p market infrastructure trading financial services stock markets exchange news logo ftse 250](https://img2.s3wfg.com/web/img/images_uploaded/7/2/dl-tp-icap-t-p-market-infrastructure-trading-financial-services-stock-markets-exchange-news-logo-ftse-250_620x350.jpg)
TP Icap Group
236.00p
16:40 06/09/24
Financial services firm TP ICAP said on Wednesday that revenues were down year-on-year in the three months ended 31 March against a strong Q123 performance.
Financial Services
15,868.29
16:44 06/09/24
FTSE 250
20,494.00
16:44 06/09/24
FTSE 350
4,510.61
16:44 06/09/24
FTSE All-Share
4,467.47
17:09 06/09/24
TP ICAP said total group revenues were down 3% in Q1 at £570.0m but said its April performance was "very strong" and, as a result, total revenue for the first four months was up 3%.
The FTSE 250-listed group also noted that it "remains comfortable" with current market expectations for FY24, subject to movements in foreign exchange rates.
In global broking, following near-record revenue in March 2023, Q1 revenue declined by 7%, while energy and commodities revenue was up 8% with the division benefitting from "buoyant market conditions".
TP ICAP added that Parameta Solutions saw revenues grow by 12%, driven by ongoing demand, new clients, and a focus on direct distribution. At Liquidnet, its cash equities business, revenues grew by 7%, building on the momentum established in the latter part of 2023.
As of 0920 BST, TP ICAP shares were down 1.76% at 219.08p.
Reporting by Iain Gilbert at Sharecast.com