Highlights

  • TCAP’s group revenue up 7% in constant currency to GBP 1.78bn in nine months neded 30 September 2025.
  • Q3 revenue of TCAP reached GBP 560m.
  • Global Broking revenue increased 10%, driving overall performance, while E&C revenue declined 3%.
  • Parameta Solutions grew 5%, with a potential minority US listing under consideration.

TP ICAP Group plc (LSE:TCAP) announced its trading update for the nine months ended 30 September 2025, reporting group revenue growth of 7% in constant currency to GBP 1.78 billion. The update shows continued performance across Global Broking and Liquidnet, while Energy & Commodities revenue declined in line with expectations.

Global Broking Leads Revenue Growth

Global Broking remained the primary driver of group performance, with revenue up 10% in constant currency (8% reported). The division continued to benefit from favourable market conditions across asset classes through the third quarter, following its first half.

For the third quarter alone, Global Broking revenue rose 7% (+5% reported) year-on-year, building on momentum achieved earlier in the year. The division’s performance supported the Group’s overall quarterly revenue of GBP 560 million, which increased 3% (+1% reported) compared with the same period in 2024.

The company noted that Global Broking continues to capitalise on market activity levels, particularly within rates, credit, and foreign exchange products.

Energy & Commodities Declines but Recovery Pipeline in Place

Energy & Commodities (E&C) revenue decreased 3% in constant currency (5% reported) for the nine-month period. In the third quarter, revenue declined 7% (-9% reported), which the Group said was consistent with its expectations following competition for experienced broking talent earlier in the year.

TP ICAP confirmed that the division has implemented a robust hiring pipeline, with new appointments expected to support revenue recovery and growth from 2026 onwards.

Growth Continues at Liquidnet and Parameta Solutions

Liquidnet revenue increased 9% (+8% reported) for the nine-month period, driven by stable client engagement and activity levels. The third quarter saw a slight decline of 2% (-4% reported) compared with Q3 2024, which had experienced growth of 28%.

Parameta Solutions, the Group’s data and analytics business, delivered 5% revenue growth (+3% reported) over the nine-month period and 4% (+2% reported) in the third quarter. The business continues to progress on its strategic plan, with the Board confirming that it remains focused on sustainable growth and will continue to assess the timing for a potential minority US listing.

Outlook and Financial Position

The Board stated it remains comfortable with full-year 2025 market expectations for adjusted EBIT, subject to currency fluctuations. Approximately 60% of Group revenues and 40% of Group costs are denominated in US dollars, leaving results sensitive to exchange rate movements.

TP ICAP confirmed that it will announce its Preliminary Results for 2025 on 12 March 2026. The Group reiterated its ongoing focus on growth opportunities across its core divisions, operational efficiency, and diversification into data and analytics.

TCAP's shares were trdaing at GBX 252.50 per sahre at the time of writing on 5 November 2025.