TP Icap hails record Q1, led by global broking and energy & commodities

(Sharecast News) - Interdealer broker TP Icap hailed a record first quarter on Wednesday, led by its global broking and energy & commodities businesses.

In an update for the three months to the end of March, the company hailed record total revenue of £689m, up 13% on the same period a year earlier. Revenues from global broking and energy & commodities rose 15% and 13%, respectively.

TP Icap said it demonstrated "strong" execution across all asset classes and regions, set against volatile market conditions and elevated trading volumes.

Liquidnet also performed well, with revenue up 9% as it continued to expand both its core equities platform and multi-asset agency execution business.

At Parameta Solutions, the company said recently-added sales reps are beginning to contribute and the business remains focused on buy-side engagement, new logos, upsell and retention, with first-quarter revenue 4% higher.

"The record Q1 result represents a very strong start to the year, reflecting the disciplined execution of our strategy to grow our business while maintaining strict cost discipline, and supported by favourable market conditions," TP Icap said. "As market leaders we are well-positioned to continue to support our clients with highly trusted, reliable execution, and insight as they manage their risk during the continuing macroeconomic and geopolitical uncertainty."

The company said it remains comfortable with the outlook for the rest of the year at current FX rates.

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TP ICAP