During this period, TP ICAP recorded £990 million in statutory revenue. That is revenue after the acquisition, disposition and integration costs, and exceptional items. When measuring this against the first half of 2019, revenue showed an increase of 7.4 per cent.
Statutory operating profit, however, actually declined by 5.7 per cent, falling from £107 million down to £101 million. On the other hand, the underlying profit slightly increased by 0.6 per cent or £1 million, reaching £159 million and is up from £158 million.
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Additionally, statutory profit before tax came in at £78 million. This is 6.0 per cent lower than the £83 million profit before tax that was posted in the first half of last year. However, the underlying profit had a marginal increase of 1.5 per cent, hitting £136 million in the first half of 2020.
TP ICAP Incurs £10m Charge Due to Annual Leave
According to the company’s statement this Friday, TP ICAP managed to increase its underlying profit in H1 of 2020 even though it incurred a £10 million charge, due to an increase in unused annual leave as of 30th June 2020. This charge will reverse in the second half of 2020 inline with the company’s holiday policy and carry-forward policy.
Commenting on the financial results, Nicolas Breteau, the CEO of TP ICAP plc, said in the statement: “Against the COVID-19 backdrop, our primary focus has been to protect the wellbeing of our staff and ensure continuity of service excellence for our clients. We achieved this by deploying new technology and workflows that enabled the majority of our staff to work from home while maintaining seamless, global client coverage.
“Despite the challenges posed by the pandemic, we have grown revenues and underlying profitability whilst advancing our strategic priorities of aggregating liquidity across our brands, increasing electronification and diversifying our revenue streams. We paid our full year dividend and have declared an interim dividend. Our performance is a testament to our operational strength, scale and diversified business portfolio, as well as the hard work and dedication of our teams.”