TP ICAP Q3 Revenues Down 19%; Sees FY Year Revenue In Line With 2019 On CC Basis

TP ICAP plc (IAPLF.PK,IAPLY.PK,IAP.L) reported that its third-quarter revenues declined 19% to 388 million pounds from 478 million pounds last year, while quarterly revenues declined 16% at constant exchange rates.

Revenue from broking businesses was 18% lower in the quarter at constant exchange rates or 20% lower at reported basis.

Revenue in Data & Analytics, which is mainly subscription based, was 9% higher than the prior year at constant exchange rates as growth accelerated towards the year end as a result of investments made in the business. It was up 3% at reported basis.

Revenue for the first nine months was 1.378 billion pounds and 1% lower than the prior year on a constant currency basis or 2% lower as reported, which demonstrates the resilience of the TP ICAP franchise and the benefit of diversification strategy.

The company expects its full year revenue to be in line with 2019 on a constant currency basis, citing market volatility that it anticipates resulting from the US elections and Brexit.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Cove Appliance Inc. is recalling about 42,000 units of built-in dishwashers citing fire risk, the U.S. Consumer Product Safety Commission said. The recall involves Cove Appliance 24-inch built-in residential dishwashers model numbers DW2450 and DW2450WS. The recalled dishwashers have serial numbers 20000100 through 20044445. Mallinckrodt plc announced Wednesday that the U.S. Food and Drug Administration or FDA has approved StrataGraft (allogeneic cultured keratinocytes and dermal fibroblasts in murine collagen - dsat) for the treatment of adult patients with thermal burns containing intact dermal elements for which surgical intervention is clinically indicated. Worldwide 5G mobile subscriptions are estimated to exceed 580 million by the end of 2021, according to the Ericsson Mobility Report. With subscriptions increasing at a rate of about a million per day, 5G remains on track to become the fastest adopted mobile generation in history. The growth in subscriptions is being lead by China, North America and the Gulf Cooperation Council markets.
Follow RTT