Business
3rd Quarter Trading Update
3rd Quarter Trading Update.
About this update from Tp Icap Group Plc
[{"type":"text","content":"\n \nRNS Number : 4616V TP ICAP PLC 03 November 2017 \n\n3 November 2017\nTP ICAP plc\n \n \n \nTrading Update \n \nTP ICAP plc is today issuing a trading update in relation to the period from 1 July to 30 September 2017.\n \nBusiness Update \n \nRevenue in the third quarter to September 2017 of £420m was 3% higher than the £406m pro forma revenue for the same period last year and 2% higher at constant exchange rates. Year to date (January to September) revenue of £1,345m was 9% higher than the £1,234m pro forma revenue for the same period last year and 3% higher at constant exchange rates.\n \nRevenue has shown modest growth in the quarter despite mixed market conditions, marked by ongoing low levels of volatility. Global Broking revenue for the quarter was in line with the prior year, and 1% higher year to date on a constant currency basis. Energy & Commodities revenue is 1% lower than the prior year period, and 1% lower year to date on a constant currency basis, with market conditions remaining particularly challenging for our power and commodities businesses. Our Data & Analytics business grew by 6% in the quarter while our Institutional Services business has continued to see strong growth. \n \nThe outlook for the fourth quarter revenue remains challenging reflecting current trading conditions compared with the strong performance in the last quarter of 2016 that was driven by US political and economic developments. \n \nAndrew Baddeley, Chief Financial Officer, is stepping down from the Board with immediate effect. The Board has asked him to stay on with the company until the end of the year to ensure a smooth transition can be made, as a search begins for his replacement. Robin Stewart, Deputy CFO, will take up the role on an interim basis.\n \nJohn Phizackerley, Chief Executive of TP ICAP plc, said: \n \n\"Despite mixed market conditions our revenue growth to date demonstrates the value of our diversified portfolio. Looking ahead we expect comparatively subdued market conditions for the fourth quarter of 2017 although we are well-placed to benefit from any interest rate rises in the US and Europe.\n \nOur top priority has been delivering the integration of TP ICAP and we continue to make good progress. Integration...