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?
- Market share of 46% in listed peer group; #1 positions in Global Broking, Energy & Commodities and Parameta Solutions;
- Unrivalled connectivity and long-established relationships with top tier investment banks.
- Largest global inter-dealer broker with significant scale;
- Top 5 liquidity venue globally;
- Well advantaged as central banks withdraw liquidity, underlining the enduring relevance of TP ICAP’s role as a private sector liquidity provider.
- Well diversified business model – c. 65% of revenue generated outside the UK and c. 63% USD-denominated;
- Growing buyside connectivity provides diversification;
- Presence in key markets across 28 countries.
- High profit to cash conversion across the business with an attractive dividend yield for income investors.
- Group cash conversion was 144% in 2024, (2023: 124%).
- Broadening our client base, moving into different asset classes and geographies, and delivering more non-broking revenue and profits
- Strong track record of creating new scale businesses (e.g. Parameta Solutions);
- Well positioned for future growth opportunities - Environmentals (e.g. trading of emissions credits), Digital Assets (crypto assets and tokenisation), and Dealer-to-Client trading of credit instruments.
- Parameta Solutions is a substantial Data & Analytics business with high quality, high margin growth - 97% subscription-based revenues;
- 98% client renewal rate;
- Expanding through partnerships and new growth opportunities (e.g. benchmarks and indices).
- Progressing strategic options in relation to Parameta Solutions. Our focus is a potential listing in the United States (US) with the Group maintaining a long-term majority stake. Should we proceed, the potential listing could occur as early as Q2 2025. There is, of course, no certainty about a listing, or its location.
- Dynamic capital management – Freed up £100m of cash (end 2023) for debt reduction;
- Since August 2023, the Group has completed, or announced, £120m of buybacks, including another £30m buyback announced in March 2025.
- We are committed to releasing more cash for ongoing business investment, including targeted M&A, where appropriate, debt reduction and further capital returns.
Behind the numbers – our 2024 Full Year Results
- Revenue growing from a strong base. Group revenues up 5% (+3% in reported currency)
- Record profits:
- Adjusted EBIT up 12% to £324m (FY23: £289m); Adjusted EBIT Margin: 14.4% (FY23: 13.5%)
- Diversification delivering: Liquidnet and Parameta Solutions accounted for 42% of Group adjusted EBIT (2023: 29%)
- Strong cash conversion: 144% (2023: 124%). Averaged 141% over the last three years
- Increasing returns to shareholders:
- The Board is recommending a final dividend per share of 11.3 pence up 13% (2023: 10.0p); this would bring the total dividend to 16.1 pence per share, up 9% (2023: 14.8p).
- The final dividend will be paid to eligible shareholders on 23 May 2025, with an ex-dividend and record date of 10 April 2025 and 11 April 2025, respectively.
- Fourth £30m buyback announced. £120m of buybacks completed/announced in c.18 months
- c.£100m debt/financing obligations paydown; leverage ratio decreased from 1.9x to 1.6x
- Fourth £30m buyback announced. £120m of buybacks completed/announced in c.18 months
- Focus on productivity, contribution and balance sheet optimisation means the Group expects to generate substantial organic medium-term cash in addition to previously announced £50m
- Surplus cash to be allocated in line with our capital allocation framework: business investment, debt reduction, capital returns
[1] Total debt (excluding finance lease liabilities) divided by adjusted EBITDA as defined by our rating agency, Fitch.
- Revenue up 4%, strong H2 momentum (+7%); Revenue per broker up 4%; Contribution per broker up 2%
- ‘Global Inter Dealer Broker of the Year’ Global Capital; ‘World’s Best Foreign Exchange Broker’ Euromoney
- Transforming through technology: collaboration with Amazon Web Services to enhance development of flagship digital platform, Fusion, halving product development times and improving scalability
- Invest to grow: enhancing client coverage, filling gaps where not yet #1 or #2 in market
- Business is well positioned to capitalise on supportive market conditions
- Revenue up 2% following strong 2023. Revenue up 22% in last two years
- Expect energy and commodities market fundamentals to remain strong in 2025
- Continue to strengthen market-leading position in traditional asset classes: oil, power and gas
- Energy transition offers growth opportunity: working with AWS to co-develop sustainability-focused trading solutions; building capability in Battery Metals; meeting increasing client demand for Renewable Energy and Carbon Certificates
- Increased collaboration with Parameta Solutions to monetise E&C data
- Record revenues, up 15%, driven by strong Equities performance, up 18%. Multi-Asset Agency Brokerage up 10%
- Enhanced operational gearing: management and support costs down 31% in last two years
- Nearly six-fold increase in adjusted EBIT to £53m (margin of 15.0%)
- Block market share gains: Europe, up c.4 percentage points to ~40%. US, up 3.6 percentage points, to ~28%.
- Revenue up 8%
- Recurring, subscription-based revenue very strong at 97%. Net Revenue Retention rate of 104%, indicating ability to grow revenue from existing client base.
- Client base increasingly diversified: buy-side and corporate segments now 20% of revenue.
Innovative offerings (evidential data solutions, indices) account for 10% of division’s revenue (2023: 6%). - Growth in direct distribution: 22% of 2024 revenue (2023: 19%, 2022: 15%)
- New management team: CEO Silvina Aldeco-Martinez (previously Morningstar, S&P Global); CFO Chantal Wessels (previously Nasdaq, Thomson Reuters)
- Financial data market is large and projected to grow
