TP ICAP Group (LSE:TCAP), the interdealer broker and market data provider, reported revenue up 8% at constant currency to £1.3 billion for the six months to 30 June, against £1.22 billion a year earlier.
Adjusted EBIT rose 9% at constant currency to £196 million, with the adjusted margin improving to 15.2% from 15.0%.
Global Broking, the largest division, drove the result with revenue up 11% to £783 million and adjusted EBIT up 22% to £159 million, lifting its margin to 20.3% from 18.4%. Energy & Commodities lagged, with revenue down 2% at actual rates to £233 million after a sharp fall in oil futures volumes in the second quarter following disruption to physical oil flows, and divisional adjusted EBIT nearly halved to £12 million from £27 million.
Reported profit before tax rose 10% to £135 million, with basic earnings per share up 7% to 14.3p.
Net cash stood at £652 million at period end, down from £903 million at 31 December, largely reflecting a temporary £174 million swing in settlement balances that reversed after the period end.
The board declared an interim dividend of 5.6p, up 8% year on year, and approved a £30 million share buyback, taking total buybacks and dividends since 2023 to approximately £660 million.
"We delivered a strong first half," said Group CEO Nicolas Breteau, adding the transformation programme now expects to deliver at least £50 million of annualised savings by the end of 2026, a year ahead of schedule.
The Board said it remains confident in the outlook for 2026 and expects adjusted EBIT in line with current market expectations, subject to foreign exchange movements.
News Intelligence what this means for the company
TP ICAP's H1 revenue grew 8% to £1.3 billion with adjusted EBIT up 9% to £196 million, driven by Global Broking's 22% EBIT surge and margin expansion to 20.3%. The company accelerated its cost-transformation programme to deliver at least £50 million in annualised savings by end-2026—a year ahead of schedule—and returned capital via an 8% dividend increase and a £30 million buyback, signalling confidence despite Energy & Commodities headwinds from oil market disruption.
The result demonstrates operational leverage in the core broking business and disciplined cost management, offsetting cyclical weakness in energy trading. With net cash of £652 million (adjusted for a temporary £174 million settlement swing) and management guiding to 2026 EBIT in line with market expectations, the company has room to sustain shareholder returns while investing in transformation, though FX headwinds and energy market volatility remain material risks.
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