TP ICAP Group PLC

Latest Results (04.03.2026):

TP ICAP Group PLC — Q4 2024 (reporting full year 2024) delivered record profits with Group adjusted EBIT of £324m (up 12% in constant currency) and reported EBIT of £236m (up 89%), on revenue of £2,253m (up 5% in constant currency). The year saw strong divisional performance (notably Liquidnet and Parameta Solutions), tight cost control, improved cash conversion and active capital returns while the Group progresses strategic options for Parameta including a potential US listing (while retaining a majority stake).

Financial headline

Revenue £2,253m (+5% constant currency). Adjusted EBIT £324m (+12% cc), adjusted EBIT margin 14.4%. Reported EBIT £236m (+89%). Adjusted profit before tax £303m; adjusted basic EPS 31.8p (reported basic EPS 22.1p). Cash conversion 144%.

Divisional performance

Global Broking revenue +4% (H2 momentum: +7%). Energy & Commodities +2% (revenue base up 22% over two years). Liquidnet revenue +15% with a turnaround to adjusted EBIT contribution of £53m (2023: £9m). Parameta Solutions revenue +8% and continues to diversify distribution and products.

Capital returns and dividend

Announced fourth £30m buyback (cumulative £120m completed/announced in ~18 months). Board recommends final dividend 11.3p (full year 16.1p, +9%). Management signals intent to return most proceeds to shareholders if a Parameta minority listing proceeds.

Balance sheet and cash

Strong cash generation: unrestricted cash +c.£70m in 2024 after buybacks and dividend increases. ~£100m debt/financing obligations paid down; leverage reduced from 1.9x to 1.6x. £350m RCF extended to May 2027 and Yen RCF increased/extended.

Strategic moves and transformation

Progressing strategic options for Parameta Solutions with a US-focused listing under consideration as early as Q2 2025 (no certainty). Fusion/AWS partnership to accelerate product development and cloud migration (>80% IT workload on cloud). Transformation targets: c.£50m surplus cash from legal entity consolidation and £50m annualised cost savings by 2027 (with ~£70m investment).

Operational & management updates

Tight fixed cost control (management & support costs broadly flat despite inflation). New senior hires at Parameta and broader bench-strengthening across divisions to support growth and the Energy Transition initiatives (e.g., Battery Metals desk).

Outlook

Board is comfortable with current 2025 market expectations for adjusted EBIT, while cautioning results remain sensitive to market volatility and FX (Sterling vs US Dollar). Management expects continued focus on transformation, diversification and dynamic capital management to drive medium-term shareholder value.