LONDON (dpa-AFX) - TP ICAP plc (IAPLF.PK, IAPLY.PK, IAP.L) reported that its third-quarter revenues declined 19% to 388 million pounds from 478 million pounds last year, while quarterly revenues declined 16% at constant exchange rates.
Revenue from broking businesses was 18% lower in the quarter at constant exchange rates or 20% lower at reported basis.
Revenue in Data & Analytics, which is mainly subscription based, was 9% higher than the prior year at constant exchange rates as growth accelerated towards the year end as a result of investments made in the business. It was up 3% at reported basis.
Revenue for the first nine months was 1.378 billion pounds and 1% lower than the prior year on a constant currency basis or 2% lower as reported, which demonstrates the resilience of the TP ICAP franchise and the benefit of diversification strategy.
The company expects its full year revenue to be in line with 2019 on a constant currency basis, citing market volatility that it anticipates resulting from the US elections and Brexit.
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