LONDON (ShareCast) - (Sharecast News) - Interdealer broker TP ICAP lifted its dividend on Tuesday as it reported a jump in full-year profit, boosted by increased market volatility.
In the year to the end of December 2022, adjusted pre-tax profit rose to £226m from £177m the year before, on revenues of £2.1bn, up from £1.9bn. The total dividend per share was hiked to 12.4p from 9.5p.

On a statutory basis, pre-tax profit increased to £113m from £24m.

TP ICAP said its global broking division benefited from increased volatility across a range of asset classes. This was driven by events in Ukraine, substantiative monetary policy tightening, and a marked slowdown in economic growth. ICAP said that all global broking asset classes reported high single-digit growth.

Chief executive Nicolas Breteau said: "We delivered a strong performance: high single-digit revenue growth and an increase in profitability. Significant monetary tightening in many economies benefited Rates, our largest business."

Looking forward, the company noted that global interest rates are expected to remain elevated this year.

"We expect that volumes will continue to be solid, but moderated from the peaks at the beginning of the war in Ukraine," it said. "The recent decline in the European gas price has supported a more liquid, and stable, market so far this year. A sustained recovery continues to depend on geopolitical developments."

At 0835 GMT, the share were down 5.5% at 168.60p.

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