TP ICAP Group PLC on Wednesday reported a rise in revenue for the first quarter of 2022, as market volatility allowed for growth in Global Broking and Energy & Commodities.
For the three months ended March 31, the interdealer broker posted total revenue at £556 million, a 15% increase from £483 million the same period a year before, and rose 14% on a constant currency basis.
By division, Global Broking revenue grew 3.5% to £322 million through increased market volatility, leading to a stronger performance in Rates, Credit and FX & Money Markets, but a flat result in Equities.
The Energy & Commodities segment reported a 5.9% revenue rise to £107 million, mainly on growth in the US in Oil and Power & Gas, more than offsetting lower volumes in Europe.
Over the quarter, TP ICAP noted varied market conditions, but still achieved an increased overall market share throughout the period.
Shares in TP ICAP were up 3.6% at 117.80 pence on Wednesday in London.
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