TP ICAP Group plc announce an interim dividend of 4.8 pence per share, up 7%, (H1 2022: 4.5 pence) will be paid on 3 November 2023 to shareholders on the register, at close of business on 27 September 2023.
Other financial highlights include:
Resilient revenues and tight cost management:
Group revenue up 1% (+5% in reported currency), following strong performance in H1 2022 when revenue base, excluding Liquidnet acquisition, grew 7%;
Following a strong H1 2022 comparator, Global Broking (GB) revenue down 1%. FX & Money Markets generated low single digit growth; Rates marginally declined;
GB revenue per broker increased 6%, GB contribution per broker up 24% (+9% excluding H1 2022 Russian provisions): headcount reduction and focus on contribution;
Energy & Commodities (E&C) revenue up 12% as markets normalised. Strong performances across Oil, Gas and Power;
Parameta Solutions revenue increased by 5%. Liquified Natural Gas (LNG) indices launched in partnership with General Index;
Liquidnet division revenue reduced by 6%. Cash equities revenue down 22%, in line with decline in block market volumes; mitigated by strong growth in rest of division (e.g. Relative Value), with revenue up 22%;
Delivered £38m (annualised) Liquidnet integration cost synergies (target of at least £30m), six months ahead of schedule.
Increased margins and profitability:
Adjusted EBIT up 7% (+15% in reported currency) to £163m (H1 2022: £153m). Focus on contribution in GB, tight cost management, and strong E&C performance;
Reported EBIT increased 10% to £109m (H1 2022: £99m);
Adjusted EBIT margin increased to 14.4% (H1 2022: 13.6%).
