There’s a dearth of fresh stock market listings and UK equities are in the doldrums, but City trading house TP ICAP is powering on.
Today the group said it had record revenues for the year of £2.19 billion, up a bit on last year, thanks to strong energy and commodities trading.
Profit slipped from £113 million to £96 million, but the group is strong enough to up the dividend from 12.4p to 14.8p.
The group, formed from a merger of Tullett Prebon and Sir Michael Spencer’s ICAP in 2016, has just completed a £30 million share buyback.
It will begin another one for the same amount straight away. The shares jumped 22p to 221p, which leaves the business valued at £1.7 billion.
The firm will have separate a fast growing data arm, Parameta Solutions, under pressure from investors who want to see its true value realised.
That could be via a float, though it insists it will retain ownership of the asset.
Nicolas Breteau, CEO of the Group, said: “We have met, or exceeded, the majority of our revised 2023 targets. Since our Capital Markets Day in 2020, the Group is growing the top line, is more diversified, more profitable, and more cash generative. We are committed to creating sustainable shareholder value by investing for growth in our market-leading businesses, maximising the value of our strategic assets, and delivering strong cash generation and dynamic capital management."
The better trading in energy and commodities helped offset lower levels of business in equities and credit trading.
TP ICAP is best known for its annual charity trading day, which has raised many, many millions of pounds for good causes.
