The largest inter-dealer broker in the world, TP ICAP Group released its financial reports for the first half of the year ended June 30, 2021, today. The total revenue reported for the first half of the year is £936 million and it reduced by 9% when compared by the figure recorded in the same period last year – £990 million.
Based on the official results, the adjusted profit of the group before taxation in the first half of the year is about £88 million, which signified a drastic reduction from the amount recorded in the first half of the previous year. The group earlier this year completed the acquisition of Liquidnet in a deal worth $700 million.
During the first half of the year, the global broking revenue of the group fell by 7% constantly and 11% as reported. The revenue from the Commodities and Energies reduced by 9% constantly in H1 2021.
The CEO of TP ICAP Group Plc, Nicolas Breteau passing his comments on the recent financial reports, said, “comparing the markets, the revenue of the overall company fell by 1% and 7% outside the acquired Liquidnet. The revenues outside Liquidnet were mainly in line with the first half of 2019, which has more stable trading conditions when compared to high volumes recorded in Q1 2020. All through this period, our cost discipline was intact, and we are focused on achieving the £35 million annual cost savings at the end of the year.”
The acquisition of Liquidnet recently had a huge impact on the revenue of the agency as the figure increased by 84%. The CEO added, “We are working round the clock to ensure the seamless integration of Liquidnet to the Execution division of our Agency and the cost synergies is around £20 million. We are working on plans to develop and implement growth for both Credit and Equities. Parameta Solutions is still on its growth curve, and it is giving us a double-digit revenue increase in the Analytics and Data Business.”
The Group announced in July 2021 the launch of a brand called SpotMatch, a platform for advanced and automated Spot FX matching, to meet the increasing demand.