TP ICAP reports record profits and £80M share buyback plan
TP ICAP has posted record financial results, sending its shares up nearly 9%. The company also announced an £80 million share buyback, boosting investor confidence. Revenue and profits both rose, marking another strong year for the global brokerage firm.
The group reported revenue of almost £2.4 billion, a 4% increase from the previous year. Profit before tax climbed to £230 million, up from £214 million. CEO Nicolas Breteau credited the results to disciplined strategy execution and cost control.
Net management and support costs fell by 1% to £533 million, despite inflation and higher UK National Insurance contributions. The company also completed a legal entities rationalisation programme, freeing up £50 million for the share buyback. Parameta Solutions, the data business spun off in 2021, grew revenue to £202 million last year. However, TP ICAP is now reconsidering its planned IPO for the division due to difficult market conditions. With over 5,263 employees across 60 offices in 28 countries, TP ICAP continues to expand its technology-driven broking services. Shares have risen 5% since the start of the year, reflecting growing market optimism.
The £80 million share buyback and record profits highlight TP ICAP's financial strength. The company remains cautious about listing Parameta Solutions but maintains steady growth. Investors have responded positively, with shares climbing on the news.
