TP ICAP Group plc (TCAP.L), on Wednesday, announced a strong trading update for the first quarter of 2025, reporting a 10% increase in total revenue to £629 million. This growth was driven by heightened market volatility, largely influenced by uncertainty surrounding U.S. trade policies.
The Global Broking division performed well, with revenue rising 14%, benefiting from favorable market conditions across all asset classes. Liquidnet also delivered a robust quarter, achieving 16% revenue growth. Meanwhile, Energy & Commodities (E&C) revenue remained stable, aligning with expectations, as the competitive hiring market for brokers continued to shape the sector. Parameta Solutions saw a 6% revenue increase, following a record-breaking performance in Q1 2024, which included one-off revenue contributions.
Despite the recent weakening of the U.S. Dollar, the Board remains confident in meeting market expectations for 2025 adjusted EBIT, following a strong first-quarter performance. About 60% of Group revenues and 40% of costs are USD-denominated.
During its full-year 2024 results announcement on 11 March 2025, TP ICAP stated that a potential minority listing of Parameta Solutions could take place as early as Q2 2025. However, given recent market turbulence, the Board will continue to assess the timing of any such listing to ensure optimal conditions.
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