RE: Trading update11 May 2022 11:04
(Alliance News) - TP ICAP Group PLC on Wednesday reported a rise in revenue for the first quarter of 2022, as market volatility allowed for growth in Global Broking and Energy & Commodities.
For the three months ended March 31, the interdealer broker posted total revenue at GBP556 million, a 15% increase from GBP483 million the same period a year before, and rose 14% on a constant currency basis.
By division, Global Broking revenue grew 3.5% to GBP322 million through increased market volatility, leading to a stronger performance in Rates, Credit and FX & Money Markets, but a flat result in Equities.
The Energy & Commodities segment reported a 5.9% revenue rise to GBP107 million, mainly on growth in the US in Oil and Power & Gas, more than offsetting lower volumes in Europe.
Over the quarter, TP ICAP noted varied market conditions, but still achieved an increased overall market share throughout the period.