TP ICAP’s H1 Revenue and Profit Surge Open Door to New £30 Million Buyback

TP ICAP (LON: TCAP), the largest interdealer broker, ended the first six months of 2025 with net earnings of £130 million on revenue of £1.22 billion and has launched another £30 million buyback programme.

Although half-year revenue jumped by 7 per cent, the £595 million figure for the second quarter of the year only rose by 4 per cent. The company's growth was mostly driven by the £629 million revenue between January and March.

The company ended the six months with £167 million in adjusted pre-tax profits, a 4 per cent year-on-year increase. Meanwhile, net attributable earnings rose by 6 per cent.

Read more: Electronic Trading War Heats Up with TP ICAP's Latest $1.2 Trillion Move

Primary Businesses Stay Strong

Revenue from Global Broking, the group's largest division, grew 12 per cent, while broker productivity increased by 11 per cent. However, energy and commodities revenue fell by 2 per cent.

Liquidnet, the dark pool operator acquired by TP ICAP in 2021, brought in 15 per cent higher revenue, driven by strong equities platform performance along with a “very strong” multi-asset agency brokerage.

Its data and analytics division, Parameta Solutions, added 5 per cent to revenue even after moderating this year’s price hikes. Its subscription-based revenue almost doubled, while recurring revenue rose by 5 per cent. Liquidnet and Parameta Solutions together contributed 38 per cent of adjusted EBIT, up from 37 per cent in H1 2024.

“We continue to look to the future with confidence,” said Nicolas Breteau, Group CEO at TP ICAP. “Our strategy — centred on transformation, diversification, and dynamic capital management — is delivering results.”

Meanwhile, the management remains “comfortable” with 2025 earnings expectations despite sterling strength and a less frenetic trading backdrop. With 60 per cent of revenue in dollars and continued geopolitical tension, TP ICAP says volatility should remain supportive into H2.

Related: TP ICAP Posts £325.8M Revenue, £39.5M Comprehensive Income in 2024

Fifth Share Buyback Programme

The company also commenced its fifth buyback programme, allocating a maximum of £30 million to “reduce the capital… and/or meet obligations under employee share scheme.”

TP ICAP recently completed four consecutive share buyback programmes, each valued at £30 million, collectively returning £120 million to shareholders. These schemes cumulatively reduced the group's share count by over 57 million shares.