10th Mar 2020 08:55
(Alliance News) - Interdealer broker TP ICAP PLC on Tuesday expressed confidence going forward as its performance improved in 2019.
The FTSE 250-listed company said pretax profit increased by 50% to GBP93 million in 2019 compared to GBP62 million a year earlier, as revenue grew by 4% to GBP1.83 billion from GBP1.76 billion. On a constant currency basis, revenue rose by 1%.
Profit was also boosted by lower impairment charges, which fell to GBP24 million from GBP65 million.
TP ICAP declared a final dividend of 11.25 pence a share, taking the total payout to 16.85p, unchanged year-on-year.
By division, TP ICAP said Global Broking revenue decreased 1% on a reported basis, but grew by 3% at constant currency, amid weak Credit and Equities businesses.
In the Energy & Commodities unit, revenue increased by 15% on a reported basis and by 11% at constant currency, with strong organic growth, strategic hires, Axiom acquisition and favourable markets.
Institutional Services revenue increased 23% on a reported basis and 21% at constant currency, while Data & Analytics revenue increased 15% on a reported basis and 11% at constant currency.
"The overall macroeconomic backdrop remains uncertain driven largely by Covid-19, global growth and ongoing Brexit negotiations," said Chief Executive Nicolas Breteau.
"While this environment impacts our clients' activity, the resulting volatility also creates market opportunities that gives us confidence for the future," added Breteau.
TP ICAP shares were trading 0.8% lower in London on Tuesday at 351.90 pence each.
By Evelina Grecenko; [email protected]
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