TP ICAP Group PLC on Tuesday said its broking businesses are ‘well positioned to capitalise on ongoing market volatility’, as the firm posted a significant improvement in profit for 2024.
The London-based interdealer broker connects clients trading in wholesale financial markets. It said that its data and analytics division, Parameta Solutions, could list in the US as soon as the next quarter, as TP ICAP looks to maximise the value of its strategic assets.
This follows the company’s announcement at its interim results in August last year that it was progressing strategic options in relation to the Parameta business.
It said its current focus is on a US listing and maintaining a majority stake in the long-term, ‘while keeping other options open’. TP ICAP said the listing of a minority stake in Parameta could take place as early as the second quarter this year.
TP ICAP made no mention of the alternative of listing Parameta in London. However, it noted that the division is a global business and its business model is very US-oriented, with approximately 93% of its revenue denominated in dollars.
TP ICAP added that as well as the US possessing the ‘deepest, most liquid public markets’, it is home to many of Parameta’s listed peers. It also cited a higher concentration of relevant research analysts in in the US as part of its rationale.
Most of the proceeds from the Parameta listing will be returned to shareholders, the company said.
TP ICAP said pretax profit for 2024 more than doubled to £214 million from a restated £96 million in 2023. Adjusted earnings before interest was £324 million, up 8.3% from £299 million a year before, and up 12% at constant currency.
Revenue advanced 2.8% to £2.25 billion in 2024 from a restated £2.19 billion in 2023. On a divisional basis, Global Broking improved 1.3% to £1.27 billion from £1.26 billion, while Energy & Commodities grew 0.7% to £461 million from £458 million.
Liquidnet revenue advanced 12% to £354 million from £315 million and Parameta Solutions grew 4.8% to £198 million from £189 million.
Shares were down 1.0% at 256.50 pence on Tuesday morning in London.
TP ICAP upped its final dividend by 13% to 11.3 pence from 10.0p. Its total dividend rose 8.8% as a result to 16.1p from 14.8p.
The company also launched a new £30 million share buyback programme. This follows the completion of its previous £30 million buyback scheme in January this year.
Chief Executive Nicolas Breteau said: ‘We delivered record profits in 2024...All divisions traded well...underlining the power of our diversified business, and the continued delivery of our strategy.
‘We look to the future with confidence. Our market-leading broking businesses are well positioned to capitalise on ongoing market volatility.’
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