TP ICAP Group (TCAP) Q3 2024 TU earnings summary

Executive summary

• Achieved record third quarter Group revenue of £557m, up 10% year-over-year in constant currency.

• Nine-month Group revenue reached £1,701m, up 5% in constant currency, with all divisions performing well.

• Board remains comfortable with FY 2024 adjusted EBIT expectations, subject to FX impacts, especially USD/GBP.

Financial highlights

• Global Broking Q3 revenue up 9% year-over-year, with Rates growing 14% due to interest rate volatility.

• Liquidnet Q3 revenue surged 28%, driven by Equities (+24%) and multi-asset agency brokerage (+33%).

• Energy & Commodities Q3 revenue up 3%, following a record prior year quarter.

• Parameta Solutions Q3 revenue increased 9% year-over-year.

Outlook and guidance

• Board expects to meet FY 2024 adjusted EBIT market expectations, with FX, especially USD/GBP, as a key variable.