In the first half of 2025, TP ICAP Group announced a notable increase in revenues, reaching £1,224 million, which is a 7% rise from the previous year. When adjusted for constant currency, this figure rose by 9%. Several factors contributed to this growth, particularly the performance of the Global Broking and Liquidnet divisions, which thrived in a context of heightened market volatility and strong client demand linked to complex geopolitical and macroeconomic factors.
The Global Broking segment played a significant role, accounting for 58% of total revenues and achieving a double-digit growth of 10% (12% in constant currency). This growth was underpinned by excellent contributions from various asset classes, benefiting from favorable market conditions. Conversely, the Energy & Commodities sector experienced a slight revenue decline of 2% (also 2% in constant currency) in comparison to a record performance in the first half of 2024, which reflects the ongoing competition for talent in the industry.
Liquidnet saw an impressive revenue increase of 14% (15% in constant currency), leading to a total of £195 million in revenue. This growth is attributed to the consistent rise in Multi-Asset Agency Execution and advancements in Equity markets. Additionally, Parameta Solutions reported a 3% revenue growth (5% in constant currency), bolstered by a subscription-based model that ensures stable revenue streams. This segment showed promise as Annual Recurring Revenue (ARR) grew by 5%, benefitting from a decision to moderate price increases to promote sustainable development amidst longer sales cycles currently observed.
Operationally, the Group demonstrated strong leverage, enhanced by prudent cost management and improved broker productivity, with an average revenue per broker climbing 6%. This efficiency led to a slight increase in the Group’s adjusted EBIT margin, which expanded to 15.0% from 14.9% in the prior year. Adjusted EBIT also saw an 8% increase (10% in constant currency), totaling £184 million, up from £170 million in H1 2024. Reported EBIT climbed to £140 million, a 7% growth from £131 million, while reported earnings increased by 9%, reaching £99 million compared to £91 million in the previous year.
Significant items included in the financial performance, with around 35% being non-cash expenses, comprised planned investments aimed at enhancing operational efficiency and ongoing costs tied to the potential minority listing of Parameta Solutions in the U.S.
The Group remains committed to maintaining capital discipline, announcing an additional £30 million share buyback, which brings the total buybacks to £150 million over the past 24 months. During the same period, dividends amounting to £250 million have been declared, including the interim dividend proclaimed on the same day, alongside the allocation of £100 million intended to reduce debt.
A three-year operational efficiency program initiated in the second half of 2024 aims to generate £50 million in surplus cash through legal entity consolidations while targeting annual cost savings of £50 million by 2027. The Group anticipates generating over £200 million in surplus cash organically during 2026 and 2027, which will encompass £50 million saved from legal entity consolidations, providing vital resources for reinvestment and shareholder returns.
In alignment with the established dividend policy, an interim dividend of 5.2 pence per share has been proposed, marking an 8% increase compared to previous payouts.
Overall, TP ICAP’s performance in the first half of 2025 reflects a strategic approach to navigating market complexities and leveraging operational efficiencies to foster sustainable growth.