TP ICAP Group PLC

Latest Results (06.12.2025):

TP ICAP Group PLC – results for the six months ended 30 June 2025 (H1 / Q2 2025): Group revenue rose 9% in constant currency to £1,224m, adjusted EBIT increased 10% to £184m (adjusted EBIT margin 15.0%), adjusted basic EPS was 17.6p, and reported attributable earnings were £99m. The Board increased the interim dividend to 5.2p (+8%) and launched a further £30m buyback (the fifth in 24 months). Management completed the Neptune Networks acquisition to build a full-service credit platform, is continuing a potential US minority listing of Parameta Solutions (timing under review), and expects to generate in excess of £200m of organic surplus cash across 2026–27.

Financial results (H1 2025)

TP ICAP Group PLC – H1 2025: Revenue £1,224m (+9% constant currency, +7% reported), adjusted EBIT £184m (+10% constant currency), adjusted EBITDA £220m, adjusted basic EPS 17.6p (reported basic EPS 13.4p). Reported profit before tax £123m and attributable earnings £99m. Adjusted results exclude significant items; statutory reported EBIT was £140m.

Divisional performance

TP ICAP Group PLC – H1 2025: Global Broking revenue +12% (adjusted EBIT £131m, +19% cc), Liquidnet revenue +15% with adjusted EBIT up 38% to £33m, Parameta Solutions revenue +5% (ARR +5%, 98% subscription), Energy & Commodities down 2% vs a strong prior year. Non-broking businesses (Liquidnet + Parameta) contributed c.38% of adjusted EBIT.

Capital returns & balance sheet

TP ICAP Group PLC – H1 2025: Announced another £30m buyback (bringing buybacks to £150m announced/completed over 24 months), interim dividend 5.2p (+8%), issued a new £250m 2032 bond (nearly 4x subscribed) and tendered the 2026 bond (c.£231m tendered). Leverage stable at c.1.6x. Management expects to generate >£200m of surplus cash organically across 2026–27 (including at least £50m from legal-entity consolidation) to fund investment and shareholder returns.

Acquisition & strategic initiatives

TP ICAP Group PLC – H1 2025: Completed acquisition of Neptune Networks to combine with Liquidnet Fixed Income and create a full-service credit platform (Neptune: 34 sell-side contributors, 250k+ axes daily, >$1.2tn notional). Nine major banks will hold a 30% stake in the new venture at launch, aligning dealer and buy-side interests.

Parameta Solutions listing

TP ICAP Group PLC – H1 2025: Board continues to review timing for a potential minority listing of Parameta Solutions in the US while retaining majority ownership. Management states that, if the listing proceeds, most proceeds would be expected to be returned to TP ICAP shareholders.

Costs, efficiencies & technology

TP ICAP Group PLC – H1 2025: Management & support costs rose ~3% (below UK CPI) despite inflation and NI increases. The three‑year efficiency programme is on track to deliver ~£25m annualised savings in 2025 and at least £50m by 2027; legal‑entity consolidation targeted to release ≥£50m cash. Strategic AWS partnership advancing Fusion platform, cloud migration (27 environments live; target 80% by end‑2026) and AI tools to boost developer productivity.

Outlook

TP ICAP Group PLC – H1 2025: Board maintains 2025 guidance subject to macro and FX movements; expects market volatility to broadly support H2 2025. The Group flags material USD exposure (≈60% of revenue) and says FX movements, particularly a weaker USD vs GBP, are a consideration for full‑year adjusted EBIT expectations.