Global Broking revenue declined 7% on a constant currency basis (11% on a reported basis), against a backdrop of market-wide lower volumes experienced across most asset classes.Reported and Adjusted EBIT margin was 4.1%pts and 3.6%pts lower primarily due to lower revenues, exacerbated by the negative impact of FX.Excluding Liquidnet's post-acquisition revenue of £55m (from the 23 March to 30 June period), the Group's revenue in the Period was 7% lower on a constant currency basis (11% lower on a reported basis).Revenue of £936m was 1% lower on a constant currency basis (down 5% on a reported basis).The Group's performance reflects the challenging trading conditions caused by the combination of quiet secondary markets and ongoing disruption caused by COVID-19.The weighted average number of shares used for the basic H1 2021 EPS calculation for the Period is 737.7m (H1 2020: 625.3m, after restatement for the bonus element of the 2021 rights issue). Definitions of the Alternative Performance Measures used by the Group, including Constant Currency, are set out in the Glossary. Attributable to equity holders of the parentĪ table reconciling Reported to Adjusted figures, detailing significant items, is included in the Financial Review. EBIT = Earnings before interest and taxationĢ. "Looking ahead, we will continue the systematic execution of our strategy so that we remain well placed to meet the needs of our clients and create value for our shareholders."ġ.
Throughout the period, we exercised cost discipline and are on track to achieve £35m of annualised cost savings by the year end.
Revenues excluding Liquidnet were broadly in line with the equivalent period of 2019, which saw more normal trading conditions compared to the exceptionally high volumes in Q1 2020. "Reflecting subdued secondary markets, and against a very strong comparative period, overall Group revenue of £936m was down on a constant currency basis 1%, and 7% excluding Liquidnet. Parameta Solutions continues its growth trajectory, delivering a double-digit increase in revenues in its Data & Analytics business. We have also developed and are implementing growth plans for both Equities and Credit. We are working at pace to integrate Liquidnet into our Agency Execution division and have identified approximately £20m of cost synergies. In Global Broking and Energy & Commodities, we achieved notable deliveries in our hub strategy. "In the first half we made good progress executing our strategy to better position the Group to drive sustainable earnings growth. London Stock Exchange, the London Stock Exchange coat of arm device are trademarks of London Stock Exchange plc.Nicolas Breteau, CEO of TP ICAP Group plc, said: We accept no liability for the result of any action taken on the basis of the Information or for any loss from use of this webpage. No action should be taken or omitted to be taken in reliance upon information on this webpage. No responsibility is accepted by or on behalf of the LSE for any errors, omissions, or inaccurate Information on this webpage. LSE does not guarantee the accuracy, timeliness, completeness, performance or fitness for a particular purpose of the webpage or any of the Information on it. Information on this webpage may or may not have been prepared by LSE but is made available without responsibility on the part of LSE. some of which is connected with London Stock Exchange plc("LSE")(the "LSE Information") and some of which is connected with (and has been made available on LSE's platform by the company that this particular webpage is dedicated to (the "company Information"), LSE attempts to ensure the LSE information is accurate, but has not and does not in any way review the Company Information and both sets of information are provided for information purpose only and are provided "AS IS" and on an "AS AVAILABLE" basis and may not be accurate or up to date. This website contains text, data, graphics, photographs, artworks, names, logos, trademarks and information ("Information").