TP ICAP Group, a London-listed interdealer brokerage, revealed its plans to launch a share buyback program of up to £30 million ($38.2 million). The company also reported impressive first-half results, showcasing growth and meeting full-year targets.
- Robust Profit Growth: TP ICAP Group’s pretax profit for the six months ended June 30 amounted to £91 million, a significant increase from £72 million during the same period last year.
- Revenue Growth: The company’s revenue inched up from £1.08 billion to £1.13 billion. While global broking and rates slightly declined, foreign exchange and money markets experienced single-digit growth. Additionally, revenue from energy and commodities rose by 12% as markets continued to normalize.
- Dividend Increase: The board declared an interim dividend of 4.8 pence per share, indicating growth compared to the previous year’s 4.5 pence.
TP ICAP Group expressed confidence in achieving its 2023 capital markets day targets in accordance with its full-year 2022 guidance. These positive developments reflect the company’s commitment to delivering value to its shareholders.