TP ICAP plc (LON: TCAP) has announced today its preliminary statement of final results for the year ended 31 December 2016. The issue that most influenced the performance of the firm was of course the acquisition of ICAP by Tullett Prebon.
John Phizackerley, Chief Executive of TP ICAP, said: “We achieved strong progress in our financial performance in 2016 against the backdrop of a challenging trading environment, but one which showed tentative signs of greater activity in the second half of the year. Revenue of £892m in 2016 was 4% higher than in 2015 at constant currency with underlying operating profit increasing by 22% to £132m. Underlying earnings per share for 2016 of 42.5p are 10.3p higher than for 2015.
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We completed the acquisition of ICAP’s Global Broking and Information Business on 30 December 2016, renaming the Group TP ICAP. The transaction creates the largest interdealer broker in the world. We play a pivotal role at the heart of the global financial system and are a vital source of pricing and liquidity in the OTC markets. We are now integrating the two businesses and extracting the considerable benefits of the combination.
We will continue to look for opportunities to deliver our strategic objective to build revenue and raise the quality and quantity of earnings through further diversification of our client base, investing in technology, expanding into new products, and building scale in the Americas and Asia Pacific, whilst preserving the business’s core franchises.”
Looking ahead, the report says that the merged company’s primary focus in 2017 is delivering synergies from the merger.