LONDON (dpa-AFX) - While issuing a trading update for the three months ended 30 September 2021, TP ICAP Group PLC (IAPLF.PK, IAPLY.PK, IAP.L) said it recorded revenue growth across all its divisions, with particular strength in Energy & Commodities. The Group noted that the favourable trends continued through October 2021 and it continues to expect full-year revenue, excluding Liquidnet, to be broadly in line with 2020 on a constant currency basis.
On a reported basis, third quarter Group total revenue was 447 million pounds, compared to 388 million pounds, last year, up 15%. On a constant currency basis, revenue growth was 20%, for the quarter. Agency Execution revenue were up 353% largely due to the inclusion of Liquidnet.
For the nine months to 30 September 2021, revenue was 1.38 billion pounds, up 5% from prior year in constant currency, and in line on a reported basis. Excluding Liquidnet post acquisition revenue of 106 million pounds, revenue was 3% lower than the prior year in constant currency, and 7% lower on a reported basis.
The Group noted that it now expects Liquidnet post-acquisition revenue for 2021 to be at the lower end of previously guided range of 160 million pounds to 180 million pounds due to lower equity market volumes globally during October.
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