Business
Trading Update Q1 2020
Trading Update Q1 2020.
About this update from Tp Icap Group Plc
[{"type":"text","content":"\n \n \n RNS Number : 6987M\n TP ICAP PLC\n 13 May 2020\n \n \n \n \n TP ICAP PLC\n \n \n \n \n \n 13th May 2020\n \n \n \n \n \n TP ICAP plc \n (the \"Group\")\n \n \n \n \n \n Trading Update for the three months ended 31 March 2020 \n (the \"Period\")\n \n \n \n \n \n TP ICAP issues a scheduled trading update in relation to the Period. Commentary on year on year performance is on a reported and constant currency basis. Despite a very challenging macroeconomic backdrop, the Group has reacted quickly to protect the interests of all stakeholders and has delivered robust financial performance. \n \n \n \n \n \n Response to COVID-19 pandemic:\n \n \n · \n The Group fundamentally re-engineered its operations during lockdown to maintain continuous global client services and liquidity across all asset classes and desks by tactically deploying new digital technology and changing workflows to allow the vast majority of our employees to work from home.\n \n \n · \n This presented significant technological, management and regulatory challenge coming as it did during a period of extremely high volatility and a sharp increase in volumes but the Group continued to serve clients and provide liquidity in the markets in which it operates effectively.\n \n \n · \n The Group has not furloughed or reduced any of its permanent workforce, nor has it requested any government aid in any of its global locations as a response to the COVID-19 pandemic. \n \n \n · \n In response to COVID-19, we have directed our Disaster Relief Fund toward global and local initiatives that support those affected by the pandemic in the communities where we operate.\n \n \n · \n We have donated 20,000 face masks to health authorities in the UK and US and have encouraged all of our UK staff to take part in the 2.6 Challenge which aims to raise funds for UK charities which have seen a decline in donations during the Period. \n \n \n \n \n \n Revenue:\n \n \n · \n Revenue in the Period of 547m was 17% higher than the 469m revenue reported for the equivalent period last year and 17% higher on a constant currency basis. \n \n \n · \n Revenue growth reflected higher client volumes due to the volatile market conditions caused by the COVID-19 pandemic at the end of the Period. \n \n \n \n \n \n Revenue by division:...