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TP ICAP Group PLC on Wednesday reported a surge in interim profit and said it plans a share buyback. The London-based interdealer broker connects clients in wholesale financial markets. Pretax profit surged 32% to £120 million in the first half of 2024 from £91 million a year before. Revenue edged up to £1.14 billion from £1.13 billion a year earlier. Within this, the Liquidnet and Energy & Commodities businesses led, with revenue in both up 8%. TP ICAP noted a growing market share in the US and the Europe, Middle East & Africa region for Liquidnet, which provides institutional asset managers with liquidity solutions. The company left its interim dividend unchanged at 4.8p, and also announced a new £30 million share buy back. ‘The group is committed to generating more cash to return to shareholders, reduce debt, and invest in the business,’ it said. ‘As ever, our second half outlook is largely subject to market conditions. Ongoing geopolitical uncertainty should continue to drive volatility that is supportive for Global Broking and Energy & Commodities, while the prospect of some interest rate reductions should be positive for Liquidnet. Parameta Solutions will continue to benefit from the growing demand for OTC pricing data,’ TP ICAP added. TP ICAP said its is comfortable with current market expectations for its 2024 adjusted earnings before interest and tax. Shore Capital placed this consensus at £315 million, which would be up from £300 million in 2023. Shore’s own forecast is £310 million. In the first half of the year, TP ICAP said adjusted Ebit was £170 million, up 4.3% from £163 million. TP ICAP shares rose were up 5.7% to 223.00 pence each on Wednesday afternoon in London. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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