The company reported higher-than-expected revenue and EBIT for H1 2023.
As a result, the company's shares surged Wednesday morning.
Shares of
the world's largest inter-dealer TP ICAP (LSE: TCAP), soared at the start of today's
(Wednesday's) session by over 16%. This is investors' response to the
better-than-expected report for H1 2023, in which the company's
revenue stood at £1.13 billion. The company also launched a new share buyback
program valued at £30 million.
TP ICAP Reports Strong
Financials in H1 2023
According
to TP ICAP's interim report for the six months ending 30 June 2023, the overall
revenue increased 1%, following a strong H1 2022, where the revenue base
grew 7%. Adjusted EBIT rose 7%, settling at £163 million compared to £153
million in H1 2022. As a result, the basic earnings per share (EPS) stood at
£0.15, above analysts' expectations as in the same period
a year earlier it reported EPS at £0.128.
The results of the entire H1 confirm that in the first quarter, when the group's total revenue was £606 million, it grew 2% year-on-year. In
addition, TP ICAP has announced an interim dividend of £0.048 per share, which
is an increase of 7% from the previous year, payable on 3 November 2023.
"Our
focus on productivity, contribution, and tight cost management uplifted profit
and EBIT margin. Energy & Commodities delivered a strong performance as
energy markets normalized," Nicolas Breteau, the CEO of TP ICAP,
commented.
Even though
Global Broking revenue experienced a slight decrease of 1%, the Energy & Commodities
division observed notable growth of 12%.
Regarding
the future outlook, the company remains optimistic about the upcoming months.
With central banks focusing on inflation control and normalization of
energy markets, TP ICAP's Global Broking and Energy & Commodities divisions
are set to benefit.
Asset Purchase Program
Worth £30 Million
The company announced today that it is also launching a share buyback program of ordinary
shares at 25 pence each, for a maximum of £30 million. The aim is to reduce the
company's capital and meet obligations under employee share schemes. On top of that, TP ICAP released £100 million in cash to reduce its debt six months ahead of
schedule.
"The
buyback is being funded by a range of initiatives following the Jersey
re-domiciliation and cash generation. In commencing the buyback program, we
believe we have struck the appropriate balance between our continued and
substantial investment in our organic prospects," Breteau added.
In response
to strong financial results and information about the share buyback from the
market, TP ICAP reacted with a solid price increase on the London Stock
Exchange.
At the
start of Wednesday's session, TP ICAP shares gained over 16% and tested the frontier of £180, which is its highest price since April. For the company, this is one of the strongest
intraday movements seen in the chart over the past three years.
In addition, Swissquote, another financial company, published financial results for H1 2023 today. The total operating profit reached CHF 124.87 million, growing by more than CHF 34.2 million compared to the same period a year earlier.
Shares of
the world's largest inter-dealer TP ICAP (LSE: TCAP), soared at the start of today's
(Wednesday's) session by over 16%. This is investors' response to the
better-than-expected report for H1 2023, in which the company's
revenue stood at £1.13 billion. The company also launched a new share buyback
program valued at £30 million.
TP ICAP Reports Strong
Financials in H1 2023
According
to TP ICAP's interim report for the six months ending 30 June 2023, the overall
revenue increased 1%, following a strong H1 2022, where the revenue base
grew 7%. Adjusted EBIT rose 7%, settling at £163 million compared to £153
million in H1 2022. As a result, the basic earnings per share (EPS) stood at
£0.15, above analysts' expectations as in the same period
a year earlier it reported EPS at £0.128.
The results of the entire H1 confirm that in the first quarter, when the group's total revenue was £606 million, it grew 2% year-on-year. In
addition, TP ICAP has announced an interim dividend of £0.048 per share, which
is an increase of 7% from the previous year, payable on 3 November 2023.
"Our
focus on productivity, contribution, and tight cost management uplifted profit
and EBIT margin. Energy & Commodities delivered a strong performance as
energy markets normalized," Nicolas Breteau, the CEO of TP ICAP,
commented.
Even though
Global Broking revenue experienced a slight decrease of 1%, the Energy & Commodities
division observed notable growth of 12%.
Regarding
the future outlook, the company remains optimistic about the upcoming months.
With central banks focusing on inflation control and normalization of
energy markets, TP ICAP's Global Broking and Energy & Commodities divisions
are set to benefit.
Asset Purchase Program
Worth £30 Million
The company announced today that it is also launching a share buyback program of ordinary
shares at 25 pence each, for a maximum of £30 million. The aim is to reduce the
company's capital and meet obligations under employee share schemes. On top of that, TP ICAP released £100 million in cash to reduce its debt six months ahead of
schedule.
"The
buyback is being funded by a range of initiatives following the Jersey
re-domiciliation and cash generation. In commencing the buyback program, we
believe we have struck the appropriate balance between our continued and
substantial investment in our organic prospects," Breteau added.
In response
to strong financial results and information about the share buyback from the
market, TP ICAP reacted with a solid price increase on the London Stock
Exchange.
At the
start of Wednesday's session, TP ICAP shares gained over 16% and tested the frontier of £180, which is its highest price since April. For the company, this is one of the strongest
intraday movements seen in the chart over the past three years.
In addition, Swissquote, another financial company, published financial results for H1 2023 today. The total operating profit reached CHF 124.87 million, growing by more than CHF 34.2 million compared to the same period a year earlier.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
After 28 Years, This Market Veteran Became Euroclear UK & International CEO
Hannelé De Necker, CEO, IFX Brokers | FMAS:24
Hannelé De Necker, CEO, IFX Brokers | FMAS:24
1 week to go until FMAS:24 kicks off and we couldn't skip our interviews with some of this year's sponsors 🤩 Starting off strong with Hannelé De Necker, CEO OF IFX Brokers.
See you there!
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See you there!
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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FMAS:24 | Sneak Peak
FMAS:24 | Sneak Peak
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa