TP ICAP (LON: TCAP), a prominent inter-dealer broker, ended 2023 with a net statutory profit of £74 million, while the adjusted figure came in at £227 million. Although the first figure declined 28.1 percent, the adjusted one jumped 17 percent. Further, the company allocated £30 million to its buyback program.

Returning Value to Shareholders

“Dynamic capital management is a key priority,” said Nicolas Breteau, the CEO of the TP ICAP Group. “We continue to assess opportunities to free up more cash to pay down debt and/or return capital to shareholders, subject to our balance sheet needs.”

In addition to the buyback program, the company’s board recommended a final dividend of 10 pence per share, up 27 percent. This would bring the total dividend for the year to 14.8 pence, an increase of 19 percent.

A Rise in Revenue

In the results published today (Tuesday), the London-listed company reported a profit of £2.19 billion, a year-over-year increase of 3.8 percent. The adjusted EBITDA improved to £373 million from £357 million. Meanwhile, the adjusted EBIT came in at £300 million, up from £275 million, improving the margin to 13.7 percent from 13 percent.

Dissecting the revenue stream, the company detailed that its revenue from global broking business remained flat last year. Meanwhile, the revenue performance from energy and commodities increased 18 percent. Annual revenue from Parameta Solutions also improved 8 percent.

However, revenue from the Liquidnet division declined 1 percent. The group further highlighted that it had completed the integration of Liquidnet with an annualized cost-savings of £43 million, which exceeded the target of £30 million.

“Our transformation is progressing well,” the CEO added. “We have met, or exceeded, the majority of our revised 2023 targets… We are committed to creating sustainable shareholder value by investing for growth in our market-leading businesses, maximizing the value of our strategic assets, and delivering strong cash generation and dynamic capital management.”