TP ICAP PLC shares declined 4% after the interdealer broker reported mixed trading for the first nine months of 2025, with group revenue rising 7% to £1.78 billion on a constant-currency basis. Strong 10% growth in Global Broking, driven by market volatility, was largely offset by a 3% revenue fall in the Energy & Commodities division due to talent competition. Despite steady growth in Liquidnet and Parameta Solutions, and management reiterating comfort with full-year earnings and considering a minority US listing for Parameta, investors focused on the weakness in energy markets.
TP ICAP PLC (LSE:TCAP) shares declined 4% to 250p following the release of mixed trading results for the first nine months of 2025. Despite a 7% constant-currency group revenue increase to £1.78 billion, driven by robust performance in Global Broking, investor focus centered on divisional weakness. Global Broking revenue surged 10%, benefiting from elevated market volatility across asset classes. However, this strength was largely offset by a 3% revenue fall in the Energy & Commodities division, which the company attributed to competition for broking talent, with new hires expected to improve performance from 2026. Liquidnet saw 9% year-to-date growth but a 2% decline in Q3, while Parameta Solutions grew steadily by 5%. Management reiterated comfort with full-year earnings expectations, though they cautioned about sensitivity to currency fluctuations, particularly the US dollar. The group is also actively assessing the optimal timing for a potential minority US listing of its high-margin Parameta Solutions data business. Peel Hunt maintained a 'buy' rating and 337p target price, citing 'solid' trading against tough comparatives.
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Overall Sentiment
mixed
Sentiment Score
-0.15
