TP ICAP Group PLC

Latest Results (07.08.2024):

Revenue Growth

For the year ended 31 December 2023, TP ICAP Group PLC reported a 3% increase in Group revenue in constant currency, reaching £2,191 million. This growth builds on the previous year's strong performance, which saw a 7% increase in revenue. The Energy & Commodities division was a significant contributor, with an 18% rise in revenue.

Record Adjusted EBIT

TP ICAP Group PLC achieved a record level of adjusted EBIT, which increased by 8% to £300 million for the year ended 31 December 2023. This improvement was driven by a focus on productivity, contribution, and tight cost control. The adjusted EBIT margin also saw an increase, rising to 13.7% from 13.1% in the previous year.

Dividend Increase

The Board of TP ICAP Group PLC has recommended a final dividend of 10.0 pence per share, marking a 27% increase. This brings the total dividend for 2023 to 14.8 pence per share, up 19% from the previous year. The final dividend is scheduled to be paid to eligible shareholders on 24 May 2024.

Buyback Programme

TP ICAP Group PLC announced the initiation of a second buyback programme worth £30 million, following the completion of an initial £30 million buyback. This move is part of the Group's dynamic capital management strategy, which also includes assessing opportunities to free up more cash to pay down debt or return additional capital to shareholders.

Transformation and Diversification

TP ICAP Group PLC's transformation initiatives are progressing well, with the Fusion platform implemented on 44% of in-scope Global Broking desks. The Group has also consolidated its Credit activities under Global Broking to accelerate the delivery of its dealer-to-client proposition. Additionally, Parameta Solutions, the Group's data business, continues to grow, winning new clients and expanding its product suite.