We saw a notable improvement in activity in the second quarter.
Energy & Commodities revenue decreased 9% on a constant currency basis (14% down on a reported basis) as client activity decreased significantly compared with the exceptionally strong prior period. Equities revenues grew significantly, benefiting from a higher volumes in equity derivatives and the inclusion of the Louis Capital Markets ('LCM') acquisition that was completed on 31 July 2020. 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. Nicolas Breteau, CEO of TP ICAP Group plc, said:
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