By Elena Vardon
TP ICAP said it is on track to meet market views for the year after U.S. trade tariffs uncertainty boosted its first-quarter results but prompted it to put U.S. listing plans for its data business on ice.
The interdealer brokerage on Wednesday reported a 10% increase in total revenue for the three months ended March 31 to 629 million pounds ($836.9 million), its best quarter ever, it said.
The London-listed group is comfortable with current market expectations for its 2025 adjusted earnings before interest and taxes, which stand at 346 million pounds, according to a company-compiled consensus. This is despite the recent weakness of the U.S. dollar, as 60% of its revenue and 40% of its costs are dollar-denominated, it noted.
TP ICAP in March said it planned to float a minority listing of Parameta Solutions in the U.S. as early as the second quarter. Due to the recent market turbulence, the board is now reviewing the appropriate timing to move forward, it said.
Write to Elena Vardon at elena.vardon@wsj.com
(END) Dow Jones Newswires
May 14, 2025 03:17 ET (07:17 GMT)
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