TP ICAP Registers 3% YoY Drop in Total Revenue for Q1 2024

TP ICAP Group,a world leading liquidity and data solutions specialist, has punlished its trading update for the first quarter of 2024, unveiling 3% decline in total revenue in constant currency compared to Q1 2023.

In April, however, the group experienced a strong rebound. Thus, in the first four months of 2024, group total revenue delivered an increase of 3%.

Specifically, the Global Broking division registered a 7% dip in revenue for Q1 2024. In April, the division booked strong double-digit growth.

The Energy & Commodities division achieved an 8% revenue rise for Q1 2024, contributed by buoyant market conditions. Over the past 12 months, the revenue from the division jumped by 20%.

Parameta Solutions, TP ICAP's OTC data provider, saw a 12% revenue increase in Q1, driven by sustained demand, new client acquisitions, and an emphasis on direct distribution.

"We continue to explore options to unlock the value of Parameta Solutions for shareholders, including a potential IPO of a majority stake in the business," TP ICAP noted in a statement.

In this quarter, TP ICAP has appointed new CEO of Parameta Solutions​. Besides, the unveiled its plan to acquire​ a New Zealand-based gas, power, and carbon brokerage firm, Aotearoa Energy.

The private trading operator Liquidnet, part of TP ICAP, reported 8% decline in constant currency in total revenue for Q1.