(Sharecast News) - TP Icap said it expected annual revenue in line with the year before after income fell in the third quarter.
Revenue fell 19% to £388m in the three months to the end of September and by 16% excluding currency movements. The interdealer broker said transactions were particularly subdued in the third quarter but that volatility from the US election and Brexit would support full-year revenue.
The FTSE 250 company said on top of existing efficiency measures it was reorganising its broking business as the result of current market conditions. It predicted these actions would save about £35m a year.
TP Icap's broking revenue fell 19% to £260m as market activity slowed from a busy first half. The company also said the third quarter of 2019 was a strong comparator period. Data and analytics revenue rose 9% to £36m and growth in that business will be in double digits by the end of 2020, it said.
"While transaction volumes were particularly subdued in the third quarter, we started to see increased activity in our broking businesses during October," the company said. "Together with market volatility that we anticipate resulting from the US elections and Brexit we expect our full year revenue guidance to be in line with 2019 on a constant currency basis."
TP ICAP (TCAP)4 Apr 2024 13:08