TP ICAP’s Institutional Services and Data & Analytics divisions mark revenue growth in Q1 2019

Maria Nikolova

The Institutional Services division saw a 33% increase in revenues to £12 million.

TP ICAP PLC (LON:TCAP) has just published a trading update for the three-month period to end-March 2019. In the face of weaker performance of the Group’s Global Broking segment, Energy & Commodities, Institutional Services and Data & Analytics saw revenue growth in the first quarter of 2019.

Revenue in the three months to March 2019 amounted to £469 million. This was 1% higher than the prior year on a reported basis and 2% lower at constant exchange rates.

Global Broking registered a 6% year-on-year reduction in revenues to £333 million in the first quarter of 2019. This was primarily due to lower volatility in Rates and Equities compared with the prior year, and particularly challenging market conditions in Credit and FX & Money Markets as well as weakness across European markets during the quarter.

Revenue in the Energy & Commodities division, however, grew 7% to £93 million, as the division benefitted from recent investments made in the business as well as improving market conditions in a number of products, particularly power and gas, in the Americas and APAC regions.

The Institutional Services division registered a 33% increase in revenues to £12 million, on the back of increased hiring compared with the prior year as well as an increase in the number of new clients being onboarded.

The Data & Analytics division saw revenues grow by 11% to £31 million as it continues to benefit from the roll-out of new data sets as part of its organic growth strategy.

Nicolas Breteau, TP ICAP CEO, commented:

“The uncertainty created by Brexit, the softening of the Fed’s interest rate stance, and the potential for more QE in the Eurozone has impacted our traditional banking customers’ Q1 performance, weighing on market volatility and volumes. I am pleased with the performance of our Energy & Commodities division and the strong growth in both our Institutional Services and Data and Analytics businesses.”

The trading statement was issued ahead of TP ICAP’s AGM to be held later today. 

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