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TP ICAP Group PLC on Wednesday said saw revenue grow across its asset classes in the first half, leading to a nice bump in dividend.
Shares were up 9.5% at 145.08 pence each on Wednesday morning in London.
For the six months that ended on June 30, the London-based financial services firm said pretax profit more than doubled to £72 million from £28 million. Revenue rose by 15% to £1.08 billion from £936 million, led by a strong performance in Rates.
Global broking revenue was at £636 million, up 8% from £589 million a year ago, with TP ICAP saying all asset classes generated revenue uplift. Global broking revenue per broker increased 14%.
Adjusted earnings before interest and tax rose by 15% during the period to £142 million from £123 million in constant currency.
Chief Executive Officer Nicolas Breteau said: ‘We have delivered high single digit revenue growth. We have also grown revenue across all our asset classes and increased our market share. A strong performance from Rates, helped deliver an uplift in profitability.’
TP ICAP upped its dividend by 13% to 4.5 pence per share from 4.0p a year prior.
Looking ahead, the interdealer broker said its July revenue was up 1.0% compared to a year ago at constant currency, adding: ‘Despite the uncertain backdrop, we are cautiously optimistic for the remainder of the year and we are well positioned.’
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