(Alliance News) - TP ICAP PLC on Friday reiterated its annual guidance and said favourable market conditions have resulted in a 17% jump in third-quarter revenue.
For the three months to September 30, the interdealer broker recorded revenue of GBP478 million, up from GBP408 million in the year ago period. Year-to-date revenue increased 6% year-on-year to GBP1.40 billion from GBP1.32 billion a year ago.
On a divisional basis, the core Global Broking unit saw a 10% year-on-year rise in revenue to GBP334 million, Energy & Commodities revenue jumped 24% to GBP98 million, Institutional Services revenue by 38% to GBP11 million and Data & Analytics revenue by 9% to GBP35 million.
London-based TP ICAP said its 2019 guidance of low single-digit revenue growth on a constant currency basis remains unchanged despite the strong quarterly performance. It cautioned however that geopolitical uncertainties may impact transaction volumes in the final quarter of 2019.
"Today's strong trading update demonstrates that TP ICAP's trading portfolio is well placed to capitalise on volatile macro market conditions. Separately, our ongoing investment in areas such as Energy & Commodities, Institutional Services and Data & Analytics already bears fruit and ensures a higher-growth, diversified revenue profile," Chief Executive Nicolas Breteau said.
TP ICAP shares were up 0.1% at 343.30 pence each in London on Friday morning.
By Tapan Panchal; tapanpanchal@alliancenews.com
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TP ICAP (TCAP)