Business
AGM Statement and Trading Update
AGM Statement and Trading Update.
About this update from Tp Icap Group Plc
[{"type":"text","content":"\n \nRNS Number : 0356Z TP ICAP PLC 15 May 2019 \n\n15 May 2019\nTP ICAP plc\n \nAGM Statement and Trading Update\n \nTP ICAP plc issues a scheduled trading update in relation to the three month period from 1 January 2019 to 31 March 2019 ahead of its AGM to be held later today. Commentary on year on year performance is included at constant exchange rates unless otherwise stated.\n \nBusiness Update\nRevenue in the three months to March 2019 of £469m was 1% higher than the prior year on a reported basis and 2% lower at constant exchange rates. There was contrasting performance in the business divisions, with good growth in Energy & Commodities, Institutional Services and Data & Analytics, offset by Global Broking which was impacted by a weak market environment that saw sustained periods of lower volatility and volumes. \n \nGlobal Broking saw a 6% reduction in revenues to £333m. This was primarily driven by 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. \n \nRevenue in the Energy & Commodities division grew 7% to £93m, 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. \n \nThe Institutional Services division saw a 33% increase in revenues to £12m, with the business benefitting from increased hiring compared with the prior year as well as an increase in the number of new clients being onboarded. \n \nThe Data & Analytics division grew by 11% to £31m as it continues to benefit from the roll-out of new data sets as part of its organic growth strategy. \n \nCEO's Statement\nNicolas Breteau, TP ICAP CEO, said: \"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.\"\n \nEnquiries:\n...