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TP ICAP Group plc (the “Company”) announces its group (the “Group”) results for the Period today. Nicolas Breteau, CEO of TP ICAP Group plc, said: “Our performance naturally reflects the unusually quiet secondary markets that we experienced in 2021, particularly in the first half of the year. However, as market conditions started to improve in the second half, TP ICAP recovered most of the ground and grew overall market share. We continued to deliver double-digit revenue growth in Data & Analytics.
“We took pre-emptive action to mitigate margin pressure, including greater operational efficiency, and delivered significant overall cost savings of £31 million. These measures helped to partly offset the impact of market conditions which shifted activity to lower margin asset classes within Global Broking. We are targeting a further £38m of incremental savings from 2022 to 2024.
“We also made substantial advances in our strategic transformation programme. One year into what is a five-year programme to shift our broking activity from high touch to more profitable low touch channels, 20% of in-scope Global Broking revenue is already live on Fusion, our award-winning electronic platform. We also achieved meaningful milestones in the build of Liquidnet’s Credit offering, and advanced our existing crypto offering, readying our wholesale digital assets spot platform for launch, pending regulatory approval.
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