TP ICAP "comfortable" with full-year consensus as quarterly sales grow

TP ICAP Group PLC on Tuesday reported double-digit revenue growth in its third quarter as strong Global Broking revenue offset a more sluggish contribution from Liquidnet and Parameta Solutions.

The London-based interdealer broker said revenue rose 11% to £620 million in its third quarter at constant currency from the year prior, taking sales for the nine months ended September 30 to £1.91 billion, up 9%.

In the quarter, Global Broking sales increased 16% at constant currency, with Energy & Commodities up 7%, Liquidnet down 1% and Parameta Solutions flat.

Global Broking continued to see strong momentum, with growth in all asset classes year-to-date, notably from equities, and continued good growth in rates, the firm said.

E&C "remains well-positioned for a recovery" in its markets, with the division delivering growth year-to-date despite depressed levels of activity in global oil futures markets, which account for over half of revenue.

Liquidnet maintained its market position and delivered growth in its multi-asset business. But equities block trading market was subdued, as the Middle East conflict continued to weigh on market risk appetite and client trading behaviour, the firm added.

Underlying revenue growth in Parameta Solutions was partly offset by a decline in inter-division revenues in the quarter, reflecting a one-off benefit to the prior-year comparator. Subsequently, Parameta Solutions has closed its largest US buy-side new logo contract to date.

For 2026, TP ICAP said it remains comfortable with full-year market expectations for adjusted earnings before interest and tax of £367 million, subject to foreign exchange movements.

Shares in TP ICAP fell 1.7% to 316.40 pence each in London on Tuesday.

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