(Sharecast News) - TP Icap updated the market on the final quarter of 2020 on Thursday, reporting that while trading volumes continued to be subdued during much of the three-month period, it was expecting revenue for the full year to be 1% lower than the prior year.
The FTSE 250 company had said in its third quarter trading update on 9 November that revenue for the first nine months was 1% lower on a constant currency basis, and 2% lower on a reported basis, compared with the first nine months of 2019.
"This demonstrates the resilience of the TP Icap franchise and the benefit of our diversification strategy, as revenue growth achieved in our data and analytics, institutional services, and energy and commodities divisions offset much of the decline in revenue in our global broking division in 2020 after a strong first quarter," the TP Icap board said in its statement.
The firm also updated the market on trading at its Liquidnet acquisition, reporting that for the year ended 31 December, Liquidnet had "proved resilient" in the midst of the Covid-19 pandemic.
It said it was expected to produce strong revenue performance compared with the 12 month period ended 31 December 2019.
TP Icap agreed terms to acquire the entire issued share capital of Liquidnet Holdings on 9 October, for a total consideration of between $575m and $700m.
At 0805 GMT, shares in TP Icap were up 0.81% at 248.6p.
TP ICAP (TCAP)17 May 2024 15:43