TP ICAP Reports FY Pretax Profit of £214m Amid Revenue of £2.25bn

TP ICAP Group reported a FY pretax profit of £214 mln, with revenue at £2,253 mln. The company is progressing strategic options for Parameta Solutions and may list it as early as Q2 2025. TP ICAP also launched a £30 mln buyback and is comfortable with current 2025 market expectations for adjusted EBIT.

The TP ICAP Group, a leading global financial and energy institution, reported a strong finish to its fiscal year 2022, with a pretax profit of £214 million and revenue of £2,253 million [1]. This performance was driven by high single-digit revenue growth and increased profitability, particularly in the Rates business, which benefited from significant monetary tightening in many economies.

CEO Nicolas Breteau highlighted the company's progress in its transformation efforts, including the rollout of Fusion, its electronic platform, and the expansion of its Energy & Commodities business. Parameta Solutions, a growing division, is also making strides in expanding its client base, products, and distribution channels.

TP ICAP is exploring strategic options for Parameta Solutions, which could involve a potential listing as early as the second quarter of 2025 [1]. The company is also committed to capital management, having freed up over £30 million in the second half of 2022 and aiming to reduce debt and free up an additional £100 million by the end of 2023.

In addition to these strategic moves, TP ICAP is launching a £30 million buyback program and is comfortable with current market expectations for adjusted EBIT in 2025. The company's strong market positions in broking and deep liquidity pools make it well-positioned to navigate the ongoing withdrawal of liquidity and elevated interest rates by central banks.

References:
[1] TP ICAP Group plc. (2023, March 14). TP ICAP Preliminary Results 2022. Retrieved from https://www.marketscreener.com/quote/stock/TP-ICAP-GROUP-PLC-9590162/news/TP-ICAP-Preliminary-Results-2022-43236307/