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11 May 2017 07:00
11 May 2017
TP ICAP plc
AGM Statement and Trading Update
TP ICAP plc is issuing a trading update in relation to the four month period from 1 January 2017. This statement will be delivered by the Chairman to those attending today's Annual General Meeting.
Business Update
Revenue in the four months to April 2017 of £619m was 11% higher than the £558m pro forma revenue for the same period last year, and 2% higher at constant exchange rates.
Trading conditions throughout the period remained mixed with revenue growth driven by above average volumes in March, reflecting the impact of increased volatility from interest rate rises in the US, changes in the ECB's outlook and political uncertainty in the US and Europe.
Global Broking has seen an increase in revenue driven by a good performance in our Rates and Emerging Markets businesses, particularly in EMEA. The Energy & Commodities division has seen some decline in revenue compared with the prior year, although our oil business continues to perform well.
John Phizackerley, TP ICAP CEO, said "We have made a good start to life as TP ICAP and I'm pleased to report that our core businesses have, once again, proved resilient despite mixed market conditions. We look forward to continuing to develop our newly-formed group, delivering on our integration plans, and building on our position as the world's leading interdealer broker."
Enquiries:
Analysts and Investors
Sam Dobbyn, Head of FP&A
TP ICAP plc
Direct: +44 (0)20 7200 7147
email: sam.dobbyn@tpicap.com
Media
Rebecca Shelley, Group Head of Corporate Affairs
TP ICAP plc
Direct: +44 (0)20 7200 7750
email: rebecca.shelley@tpicap.com
Jamie Dunkley, Group Media Relations Director
TP ICAP plc
Direct: +44 (0)20 7200 7524
email: jamie.dunkley@tpicap.com
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