City broker TP Icap unveils revenue and profit growth

City broker TP Icap has reported an increase in revenue and profit for the first half of 2017.

The figures

Revenue rose to £925m in the six months to 30 June, up from £828m for the same period of last year.

Operating profit was £144m, compared with £117m, while profit before tax grew from £111m to £129m.

Basic earnings per share rose to 18.3p from 16.1p.

Why it's interesting

These are the first half year results reported by TP Icap since it was formed out of the combination of Tullett Prebon and Icap late last year. The £1.3bn takeover of Icap was first announced by Tullett Prebon in November 2015.

In May, the company avoided a potential shareholder revolt over pay at its annual general meeting, having been told by investors to rethink its reward plans earlier in the year.

Today, the group said integration was proceeding well: "We have a new management team drawn from both heritage organisations. Our organisation structure, committees and governance are confirmed and bedded down."

What TP Icap said

"The first six months of 2017 marked the beginning of our journey as TP Icap and I'm pleased to note that our integration is fully under way and progressing to plan," said John Phizackerley, the group's chief executive.

"The group has delivered a solid set of results and a resilient performance throughout the first half, despite a mixed environment.

"We are focused on meeting our integration and synergy targets as we harmonise and simplify our systems, processes and structures. We continue to build and diversify our global presence and use our enhanced technological capabilities and data to develop and deploy new products across the group."

He added: "Looking ahead to the rest of the year, although short-term uncertainty remains, we are confident that our clear strategy and focus on operational excellence will ensure we remain well-positioned for future growth. We intend to build on our position as the world's largest interdealer broker and most trusted source of liquidity in the OTC markets, consistently delivering the very best for all our stakeholders."

Full story: City broker TP Icap unveils revenue and profit growth: City A.M.

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