TP ICAP (LON: TCAP) released a trading update on Wednesday, reporting a total group revenue of £606 million for the first three months of 2023. The figure jumped 2 percent year-over-year in constant currencies and 9 percent in reported currencies.

Another Good Quarter for TP ICAP

Additionally, the company detailed that the quarterly revenue from its global broking business increased 3 percent, while, on a reported currency basis, the growth was over 9 percent. From its energy and commodities business, the company's revenue again went up 3 percent, backed by the improvements in "market conditions, and liquidity, in European Gas & Power."

"All asset classes generated low to mid-single digit growth," the trading update of TP ICAP stated. However, the revenue in oil was unchanged.

Revenue from Parameta Solutions, which is the London-based company's data and analytics division, saw a jump of 7 percent (15 percent in reported currencies). This division now targets 'double-digit' growth in constant currency for its adjusted EBIT.

Liquidnet Could Not Shine

Meanwhile, the revenue of Liquidnet, a dark pool operator acquired by TP ICAP in 2021, witnessed a decline of 3 percent. "There was a strong performance from the relative value business, while cash equities revenue declined in line with block market volumes," the trading update explained about the slump in Liquidnet revenue.

"We remain well positioned and expect interest rates to remain at elevated levels throughout the year; at the same time, the benefit of the recent strong US Dollar is now moderating," TP ICAP added.

The training update after the company ended 2022 with a revenue of over £2.1 billion and a pre-tax profit of £113 million, which is a significant jump from the previous year and also above market expectations. Its global broking business generated £1.25 billion, while Parameta and Liquidnet brought in £177 million and £325 million, respectively.

TP ICAP is also enhancing the breadth of Liquidnet's business, and its Parameta division became an ESMA-authorised benchmark administrator, making it the first data provider to administer OTC benchmarks and indices across Europe and the UK.

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