Operational highlights
Revenue growth delivered from diversified business portfolio in a mixed market environment
Strong performance in Rates business
Energy & Commodities buoyed by growth in oil despite challenging power and commodities markets
Further investment in regulatory, governance and strategic initiatives
Average revenue per broker increased in all regions
Integration highlights
Good progress on the integration of TP ICAP
£8m synergy savings delivered in the period, ahead of schedule
Headcount reduction of 175 in the period
New streamlined management team in place
Rationalisation of real estate under way
Financial highlights
Underlying prior year comparative numbers are shown on a pro forma basis1 only (i.e. including ICAP). Statutory prior year comparatives are also shown as reported by Tullett Prebon plc ("TP plc") on a standalone basis.
Underlying (before acquisition, disposal and integration costs, and exceptional items)
Revenue of £925m (2016: £828m)
Operating profit £144m (2016: £117m)
Operating margin 15.6% (2016: 14.1%)
Profit before tax £129m (2016: £111m)
Basic EPS 18.3p (2016: 16.1p)
Statutory (after acquisition, disposal and integration costs, and exceptional items)
Operating profit £86m (2016: £95m pro forma, £45m reported)
Operating margin 9.3% (2016: 11.5% pro forma, 10.5% reported)
Profit before tax £71m (2016: £86m pro forma, £35m reported)
Basic EPS 10.3p (2016: 12.1p pro forma, 11.9p reported)
A table showing Underlying and Statutory figures for each period, detailing the acquisition, disposal and integration costs, and exceptional items is included in the Financial Review.
The average number of shares used for the basic EPS calculation for the period is 552.4m.
Dividend
In previous years, the interim dividend has been set at a level equal to 50% of the final dividend paid for the previous year. This approach to setting the interim dividend is expected to continue, however we will base the interim dividend for 2017 on the second interim dividend paid in respect of 2016, as it replaced the final dividend. A 5.6p per share interim dividend will be paid on 10 November 2017 to shareholders on the register at close of business on 13 October 2017.
