TP Icap Group (TCAP)

Sector:

Financials

Index:

FTSE 250

225.20p
   
  • Change Today:
      0.80p
  • 52 Week High: 227.06
  • 52 Week Low: 141.00
  • Currency: UK Pounds
  • Shares Issued: 769.43m
  • Volume: 1,477,431
  • Market Cap: £1,732.75m

TP ICAP pleased with strategic progress

By Josh White

Date: Tuesday 10 Mar 2020

LONDON (ShareCast) - (Sharecast News) - TP ICAP reported a 4% improvement in revenue on a reported basis to ?1.83bn in its final results on Tuesday, or 1% at constant currency.
The FTSE 250 company said it improved its underlying and reported operating profitability, with its operating profit rising to ?279m for the year ended 31 December, from ?276m in the prior year, although its operating margin slipped to ?230m from ?245m.

Underlying profit before tax was ?230m, falling from ?245m, while basic earnings per share were down to 33.8p from 34.2p.

Statutory operating profit was ?142m, up from ?93m, while statutory profit before tax rose to ?93m from ?62m and statutory basic earnings per share totalled 12p, compared to 5.7p.

TP ICAP said its global broking revenue fell 1% on a reported basis, or 3% at constant currency, as resilient rates operations were offset by weaker credit and equities divisions.

Its energy and commodities revenue increased 15% on a reported basis, or 11% at constant currency, thanks to "strong" organic growth, strategic hires, Axiom acquisition and favourable markets.

Institutional services revenue was 23% higher on a reported basis, or 21% at constant currency, while data and analytics revenue improved 15% on a reported basis, or 11% at constant currency.

On the strategic front, TP ICAP noted that it successfully completed the three-year ICAP integration programme during the year, generating ?80m in synergy savings.

It increased its earnings diversification through growth in its non-broking businesses, and said it built a new executive leadership structure to streamline the generation of revenue.

TP ICAP also evolved medium-term strategic themes during the year, focusing on aggregation, electronification and diversification.

The company's board declared an interim dividend of 5.6p per share, which was paid on 8 November, and said on Monday that it was recommending a final dividend of 11.25p per share to be paid on 19 May.

"These results mark an important inflexion point for TP ICAP," said chief executive officer Nicolas Breteau.

"We have completed the three-year integration programme of the ICAP business that we acquired at the end of 2016 and achieved the planned commercial and cost synergies, emerging as the world's leading inter-dealer broker.

"We also spent last year strengthening our management team, enhancing our risk framework and developing our growth strategy based on aggregation, electronification and diversification."

Breteau said the company had a "powerful" market position in global broking, and three "exciting" growth businesses, which the board was aiming to "develop strongly" in the coming years.

"The overall macroeconomic backdrop remains uncertain driven largely by Covid-19, global growth and ongoing Brexit negotiations.

"While this environment impacts our clients' activity, the resulting volatility also creates market opportunities that give us confidence for the future."

At 0821 GMT, shares in TP ICAP were down 1.21% at 350.3p.

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TP Icap Group Market Data

Currency UK Pounds
Share Price 225.20p
Change Today 0.80p
% Change 0.36 %
52 Week High 227.06
52 Week Low 141.00
Volume 1,477,431
Shares Issued 769.43m
Market Cap £1,732.75m

TP Icap Group Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
75.66% above the market average75.66% above the market average75.66% above the market average75.66% above the market average75.66% above the market average
14.29% above the sector average14.29% above the sector average14.29% above the sector average14.29% above the sector average14.29% above the sector average
Price Trend
90.51% above the market average90.51% above the market average90.51% above the market average90.51% above the market average90.51% above the market average
84.48% above the sector average84.48% above the sector average84.48% above the sector average84.48% above the sector average84.48% above the sector average
Income
89.91% above the market average89.91% above the market average89.91% above the market average89.91% above the market average89.91% above the market average
81.82% above the sector average81.82% above the sector average81.82% above the sector average81.82% above the sector average81.82% above the sector average
Growth
3.61% below the market average3.61% below the market average3.61% below the market average3.61% below the market average3.61% below the market average
9.26% above the sector average9.26% above the sector average9.26% above the sector average9.26% above the sector average9.26% above the sector average

What The Brokers Say

Strong Buy 3
Buy 3
Neutral 1
Sell 0
Strong Sell 0
Total 7
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

TP Icap Group Dividends

  Latest Previous
  Final Interim
Ex-Div 11-Apr-24 28-Sep-23
Paid 24-May-24 03-Nov-23
Amount 10.00p 4.80p

Trades for 28-Mar-2024

Time Volume / Share Price
16:35 518,047 @ 225.20p
16:35 52 @ 225.20p
16:35 3,168 @ 225.20p
16:35 3,503 @ 225.20p
16:35 599 @ 225.20p

TP Icap Group Key Personnel

CEO Nicolas Breteau
CFO Robin Stewart
Chair Richard Berliand

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