Highlights

• TP ICAP grew third-quarter Revenue 11% at constant currency to £620m in the three months to September.

• Global Broking revenue climbed 16% in the quarter, with growth across every Asset Class so far this year.

• Year-to-date group revenue reached £1,912m, up 9% at constant currency and 7% at actual rates.

• The board remains comfortable with full-year 2026 market expectations for adjusted EBIT, subject to currency movements.

Volatile markets are good for Business when your Job is to match buyers and sellers. TP ICAP (LSE:TCAP) told the market on Tuesday that revenue for the third quarter rose 11% at constant currency to £620m, powered by a 16% surge at its Global Broking arm. Year-to-date revenue now stands at £1,912m, and the board said it remains comfortable with full-year profit expectations. Beneath the headline, though, the FTSE 250 interdealer broker painted a mixed picture, with Oil Futures and Equity block trading both running cool.

What TP ICAP announced

The trading statement covers the three months to 30 September 2026. Group revenue grew 11% both at constant currency and at actual exchange rates. Over the first nine months, revenue rose 9% at constant currency and 7% at actual rates to £1,912m. The acceleration stands out against the same period last year, when third-quarter revenue of about £560m was up just 1% at constant currency and growth had slowed from the first half.

The board said it "remains comfortable with full year 2026 market expectations for adjusted EBIT", a view that is "subject to foreign exchange movements". Analysts' consensus for 2026 adjusted EBIT stands at £367m, based on seven forecasts compiled as of 30 October, ranging from £357m to £378m.

Global Broking does the heavy lifting

Global Broking, the group's largest business, grew revenue 16% in the quarter and 12% year to date, both at constant currency. The company reported "growth in all asset classes YTD", led by Equities and Rates. That performance compares with 15% growth in the division during the first quarter.

Mixed signals elsewhere

Energy & Commodities grew 7% at constant currency in the third quarter, or 9% at actual rates, taking year-to-date growth to 3%. The company pointed to "depressed levels of activity in global Oil futures markets" as a drag on the division, which had grown 13% in the first quarter.

Liquidnet slipped 1% in the quarter and was up 1% year to date at constant currency. "The equities block trading market was subdued," the company said.

Parameta Solutions, the data and analytics arm, posted flat third-quarter revenue at constant currency, down 2% at actual rates, while year-to-date revenue rose 4%. Annual Recurring Revenue increased 5% year on year, and the business signed its largest new US Buy-Side client.

Reshaping the divisions

TP ICAP is moving Liquidnet's COEX business, Listed Derivatives and the Energy & Commodities digital Assets desk into Global Broking. The company said the change is not expected to have a material impact on reported results.

Risks and what investors may watch next

Broking revenue depends heavily on market activity, so calmer conditions could slow the momentum seen in Global Broking. Weakness in oil futures and equity block trading shows how quickly individual desks can cool, and the outlook remains exposed to currency swings given the group's international footprint.

Full-year results are due on 11 March 2027. Investors are likely to focus on adjusted EBIT against the £367m consensus, whether Energy & Commodities and Liquidnet regain momentum, and how the reorganised Global Broking division reports its first numbers.

Broking momentum into the final quarter

The update shows TP ICAP leaning on its core broking Franchise while its smaller divisions face tougher trading conditions. With nine months of growth banked and guidance intact, the group heads into the final quarter with its largest business firing and the rest of the portfolio working through a quieter patch on the UK stock market.