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(Alliance News) - TP ICAP Group PLC on Wednesday reported a double-digit revenue fall in the first quarter of 2021 amid strong comparatives.
The London-based interdealer broker said revenue in the three months to the end of March was down 12% to GBP483 million. On a constant currency basis, it fell by 9% year-on-year. Global Broking revenue was down 10%, while Energy & Commodities revenue was down 12%.
"Following the exceptional revenue performance by the group in the first quarter of 2020 driven by extreme volatility across all asset classes, these results represent a solid performance for group in the first quarter of 2021," said Chief Executive Nicolas Breteau.
TP ICAP noted that revenue was up 3%, and 6% at constant currency, compared to the more-normal same period in 2019. Global Broking still was down 1% from two years ago, but E&C was up 12%.
Looking ahead, the company said its full-year guidance of low single-digit revenue growth on a constant currency basis, excluding Liquidnet revenue, remains unchanged.
TP ICAP also noted that trading activity in April has returned to more "normal levels" compared with levels seen in prior years and is in line with the company's full-year guidance.
TP ICAP shares were trading 1.6% higher in London on Wednesday morning at 224.00 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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