TP ICAP Group PLC

Latest Results (18.01.2026):

TP ICAP Group PLC — Interim results for the six months ended 30 June 2025 (covering Q1–Q2 2025 / H1 2025): the Group delivered record first‑half growth with Group revenue of £1,224m (+9% in constant currency) and Group adjusted EBIT of £184m (+10% in constant currency). Adjusted basic EPS was 17.6p (+9% cc). Reported (statutory) EBIT was £140m and reported attributable earnings were £99m. The Board increased the interim dividend to 5.2p (up 8%) and launched a further £30m buyback (the fifth in 24 months).

Key financials

Group revenue £1,224m (+9% cc), adjusted EBIT £184m (+10% cc), adjusted profit before tax £167m, adjusted basic EPS 17.6p (+9% cc). Statutory profit before tax £123m; reported basic EPS 13.4p. Adjusted EBIT margin improved to 15.0% (H1 2025).

Divisional performance

Global Broking: strong trading performance — revenue +12% and adjusted EBIT £131m (up 19% cc); broker productivity up (average revenue per broker +11% cited). Liquidnet: revenue +15% and adjusted EBIT £33m (up 38% cc) with growth in equities algorithmic (+22%) and multi‑asset agency (+29%). Parameta Solutions: revenue +5% (ARR +5%; 98% subscription revenue) and adjusted EBIT £36m. Energy & Commodities: revenue down 2% versus a strong prior period, contributing £27m adjusted EBIT.

Capital returns & balance sheet

Announced another £30m share buyback (fifth in 24 months) — total buybacks announced/completed now £150m; interim dividend 5.2p (up 8%). Successfully issued a new £250m 2032 bond (nearly 4x oversubscribed) and tendered >90% of the £250m 2026 bond. Group leverage maintained at ~1.6x; Board expects to generate >£200m of organic surplus cash across 2026–2027 (including at least £50m from legal entity consolidation).

Strategic moves & M&A

Completed acquisition of Neptune Networks to help build a full‑service credit platform (Neptune provides extensive bond pre‑trade data; new venture to launch with nine major banks collectively holding a 30% stake). Board is keeping under review timing of a potential minority US listing of Parameta Solutions; if it proceeds, the Group expects to return most proceeds to shareholders.

Cost discipline & transformation

Management and support costs rose modestly (+3% vs. H1 2024), below UK inflation; Group is on track to deliver c.£25m annualised savings in 2025 and at least £50m by 2027 from an operational efficiency programme. Significant items reflect peak‑year investment in transformation and Parameta strategic work.

Technology & data initiatives

Strategic collaboration with AWS accelerating cloud migration and Fusion platform development: 27 environments live (London, New York area, Sydney), target 80% of IT systems on cloud by end‑2026; AI tools being deployed (developer assistant rolled out; cited productivity gains). Parameta continuing product launches (15 new products in H1).

Outlook

Board expects H2 2025 to benefit from market volatility; remains comfortable with current 2025 adjusted EBIT expectations subject to macro and FX. Medium‑term focus remains transformation, diversification and dynamic capital management with anticipated substantial surplus cash available for investment and shareholder returns across 2026–2027.