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TP Icap hit by weaker trading volumes in third quarter

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TP ICAP PLC (LON:TCAP) reported a weaker performance in the third quarter of 2020 as broking revenue dropped off after a strong first half.

Revenue for the FTSE 250-listed interdealer broker in the third quarter was down 19% on the prior year, though it reported “good progress in executing on its three strategic pillars of electronification, liquidity aggregation and diversification”.

Group revenue of £1.4bn for the first nine months of 2020 is 2% lower than the prior year, having been up 7% at the half-year stage.

Looking at the performance by division, the core Global Broking arm saw revenue fall 18% in the past quarter and so for the nine months to end-September was down 6% year on year after a 2% rise in the first half.

The broker said this reflected “weaker trading volumes” in the past quarter against a strong third quarter in 2019 and followed the “unprecedented” strength of performance in the first half that was fuelled by volatility from the COVID-19 pandemic.

Energy & Commodities revenue for the nine-month period was up 4%, having been 15% higher in the first half.

As for the smaller arms, Institutional Services revenue was 28% higher, softening from 50% in the first half, with market conditions less supportive in the third quarter, while Data & Analytics was up 7% compared to 8% in the first half.

Chief executive Nicolas Breteau said: “Over a nine-month period of substantial economic dislocation, TP Icap’s business has been resilient. We have implemented a targeted cost efficiency programme that will provide further support to our earnings power in an operating environment that remains uncertain.”

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