TP ICAP Sees Sharp Decline in Q3 Global Broking Revenue

TP ICAP PLC (LON: TCAP), an interdealer broker, has published its Group financial results for the third quarter of 2020, showing a significant decline in its revenues coming from its global brokerage unit and its overall business.
The total quarterly revenue for the period ending on September 30, came in at £388 million. That was a year-on-year decline of 6 percent at a constant currency rate and 19 percent after exchange rate translations.
The Group’s global broking business remained the worst hit with a 19 percent decline in total revenue to £260 million, compared to last year’s £320 million. The energy and commodities unit of the company went down by 15 percent, while the institutional services slumped by 16 percent.
On the other hand, demand for data and analytics services increased by 9 percent with quarterly revenue of £36 million.
Considering the nine month’s numbers, TP ICAP’s declined marginally by 1 percent to £1,378. Its global broking business was the only unit with a decline in revenue for that period with a 5 percent decrease on a constant currency basis.
The demand for institutional services jumped the most with a 28 percent yearly increase in a nine month period, while energy and commodities, and data and analytics units gained 5 percent and 8 percent respectively.