TP ICAP reported third-quarter revenue of £620 million on 3 November, up 11% year-on-year at both constant and actual exchange rates. Revenue for the first nine months reached £1.912 billion, up 9% at constant rates and 7% at actual rates. Global Broking led the quarter's growth, while Liquidnet declined and Parameta Solutions was flat on a constant-currency basis.[1]
Global Broking revenue rose 16% in the third quarter at both constant and actual exchange rates. TP ICAP pointed to equities and rates as contributors and said growth reflected stronger franchise performance as well as supportive market conditions.[1]
Energy & Commodities grew 7% at constant currency in the third quarter and 3% over nine months. Power trading helped offset subdued oil-futures activity. Oil futures account for more than half of the division's revenue, according to the group.[1]
Where TP ICAP growth actually came from
Liquidnet's third-quarter revenue fell 1% at constant currency amid subdued equity block trading. It launched Meridian, which combines algorithmic, liquidity, analytics, execution and AI tools, and SuperBlock TI during the quarter. Parameta's revenue was flat at constant currency, although annual recurring revenue rose 5% year-on-year; the group said a lower inter-division contribution partly offset underlying growth.[1]
The board said it remained comfortable with full-year adjusted EBIT expectations, subject to currency movements. The company-compiled consensus was £367 million, with a £357 million–£378 million range across seven analysts as at 30 October. This is an earnings forecast, rather than profit already reported for the nine-month period.[1]
Revenue growth at constant exchange rates
| Business | Q3 year-on-year | Nine months year-on-year |
|---|---|---|
| Global Broking | +16% | +12% |
| Energy & Commodities | +7% | +3% |
| Liquidnet | −1% | +1% |
| Parameta Solutions | 0% | +4% |
| Group | +11% | +9% |
TP ICAP plans to publish its 2026 preliminary results on 11 March 2027. Those results will show how the stronger brokerage revenue translates into earnings after costs.[1]
Sources & further reading
- Trading update for the nine months ended 30 September 2026 TP ICAP Group plc via London Stock Exchange · 3 Nov 2026 · Accessed 4 Nov 2026