TP ICAP Sees 15% YoY Increase in Total Revenue During H1 2022

TP ICAP GROUP plc (TP ICAP), a leading global markets infrastructure and data solutions provider, has released its financial and interim management report for the six months ended 30 June 2022, showing an 15% increase from £936 million to £1.08 billion in total revenue on YoY basis.

In the first half of the year, the company's global broking revenue reached £636 million, an increase of 11% compared with £575 million in the H1 2021. The revenue of energy and commodities rose 5% to £197 million from £189 million a year earlier. Total agency execution's revenue was £168 million, up 63% from £103 million on YoY basis.

Compared with the prior-year period, adjusted EBIT was £142 million, rising 21% from £117 million. While adjusted EBIT margin was 13.1%, up 0.6 pts from a year earlier.

Adjusted profit before tax during the six months rose 32% YoY to £116 million from £88 million.

Adjusted basic EPS was £12.8, increasing 25% from £10.2 in H1 2021.

Interim dividend reached £4.50 per share, up 13% from £4.00 per share in the first half of 2021.

"We have delivered high single digit revenue growth. We have also grown revenue across all our asset classes and increased our market share," said Nicolas Breteau, CEO of TP ICAP.

"We are committed to delivering capital efficiencies for the Group as a strategic priority. In the first phase of a review we are conducting following our Jersey redomicile, we have identified around £100 million of cash that will be generated or freed up by the end of 2023 and used to repay debt. Following that, and as part of the ongoing assessment of the Group's balance sheet and investment requirements, the Board is committed to identifying and returning any resultant surplus capital to shareholders. 

"Volatility has continued across many markets. Our core franchise, the depth of our liquidity pools, and our ongoing focus on our transformation mean we are well positioned in these market conditions."