TP ICAP Group, the world’s largest inter-dealer broker, released its financial results today for the six months ended 30 June 2021. The Group reported total revenue of £936 million in H1 of 2021, compared to £990 million during the same period in 2020.
According to the official results, TP ICAP’s adjusted profit before tax reached £88 million in the first half of 2021, which is substantially lower compared to £136 million in H1 of 2020. Earlier this year, TP ICAP completed the $700 million acquisition of Liquidnet.
During H1 of 2021, the Group’s global broking revenue decreased 7% on a constant currency basis and 11% on a reported basis. Energy and Commodities revenue declined 9% on a constant currency basis in the first half of 2021.
Commenting on the recent financial results, Nicolas Breteau, CEO of TP ICAP Group plc, said: "Reflecting subdued secondary markets, and against a very strong comparative period, overall Group revenue of £936m was down on a constant currency basis 1% and 7% excluding Liquidnet. Revenues excluding Liquidnet were broadly in line with the equivalent period of 2019, which saw more normal trading conditions compared to the exceptionally high volumes in Q1 2020. Throughout the period, we exercised cost discipline and are on track to achieve £35m of annualized cost savings by the year-end.”
Liquidnet
The recent acquisition of Liquidnet had a significant impact on the agency Execution revenue as the number increased 84% on a constant currency basis. “We are working at pace to integrate Liquidnet into our Agency Execution division and have identified approximately £20m of cost synergies. We have also developed and are implementing growth plans for both Equities and Credit. Parameta Solutions continues its growth trajectory, delivering a double-digit increase in revenues in its Data & Analytics business,” Breteau added.
In July 2021, ICAP, part of TP ICAP Group, announced the launch of SpotMatch, a brand new fully automated and advanced Spot FX matching platform, to meet the growing demand.
