TP Icap Q1 revenues down against strong comparator

15th May 2024 09:24

(Sharecast News) - 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.

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