Investment Case

Investor Overview

Our vision is to be the world’s most trusted, and innovative, liquidity and data solutions specialist. To achieve this, we are focused on the delivery of three strategic priorities:

1.   Transforming our business;
2.   Diversification; and
3.   Dynamic capital management.

We aim to deliver sustainable shareholder value in the medium term. We have a clear strategic roadmap and a strong franchise to do so. We are well positioned for current market conditions through our developed business model, market-leading positions, major geographical presence, deep liquidity pools, and cutting-edge technology.

Why invest?

We are a world-leading provider of critical financial market infrastructure, sitting at the heart of global OTC markets.
Our markets benefit from structural and cyclical growth drivers.
Our scale, and the breadth of our offering across clients, products, and regions, are difficult for others to replicate and are major competitive differentiators.

We have a track record of creating innovative new growth businesses, such as Parameta Solutions, a leading data and analytics business.
We are also well placed to capture long-term growth opportunities in adjacent markets and asset classes. For example, in the energy transition, and emerging tokenisation and digital assets. .

Our business has four divisions with distinct revenue drivers and client bases – Global Broking, Energy & Commodities, Liquidnet, Parameta Solutions.
Supported by operations in 60 offices across 28 countries, we benefit from a diversified geographic footprint.

Technology is a strategic advantage for us and is key to client engagement.
Our partnership with AWS is helping us to accelerate product development and cloud migration. .

We maximise shareholder returns through a disciplined approach to capital allocation.
Our business has a consistent track record for converting a high proportion of profit into cash.
On average, over the last three years our free cash conversion ratio has been 113%, which measures the proportion of earnings that we convert to free cash flow.
We have delivered or announced almost £600m of dividends and share buybacks in the last three years.

Behind the numbers – our 2025 Full Year Results

Record Group revenue up 6% (+4% in reported currency)
Record Group adjusted EBIT, up 10% (+7% in reported currency) to £348m
The Board is recommending a final dividend per share of 11.6 pence, up 3% (2024: 11.3 pence).
Total full year dividend of 16.8 pence, up 4% (2024: 16.1 pence)
£80m shareholder distribution announced today via a share buyback – includes £50m delivered ahead of schedule from rationalising our legal entities
Total c.£588m of dividends and share buybacks completed or announced in the last three years

Record Global Broking revenue growth up 10% (+8% reported); strong performance across all asset classes
Acquisition of Vantage Capital Markets (VCM), announced post period-end, strengthens Global Broking capabilities in equity derivatives and fixed income particularly across APAC, while enabling VCM to leverage TP ICAP’s extensive US footprint

Energy & Commodities revenue down 2% (-3% reported), in line with the Group’s expectations
Strong broker recruitment with majority of targeted hires secured and additional hires identified and in pipeline

Liquidnet revenue up 4% (+3% reported), following a record 2024. Strong performance across multi-asset agency brokerage up 10%, with equities platform delivering a stable year-on-year performance
Ongoing expansion across products and regions, with Algorithmic trading activity up 26%, APAC up 16% and Inter-region trading up 6%

Parameta Solutions revenue up 5% (+2% reported), with subscription-based revenue at 97%
Strong second-half progress in sales team recruitment and key products launches such as real-time oil data and Swap Rate Indices

Investment Case

Investor Overview

Why invest?

Behind the numbers – our 2025 Full Year Results

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