Broker TP ICAP Hikes Dividend As Annual Profit Surges On Market Volatility | Old North State Wealth News
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Broker TP ICAP hikes dividend as annual profit surges on market volatility



© Reuters. FILE PHOTO: A broker looks at a graph on his computer screen on the dealing floor at ICAP in London, Britain January 3, 2018. REUTERS/Simon Dawson/

(Reuters) – TP ICAP (LON:) hiked its dividend payout on Tuesday after the world’s biggest inter-deal broker reported a nearly five-fold rise in its annual profit, underpinned by volatile trading in stocks and foreign exchange and improved investor confidence.

Trading platforms such as TP ICAP, which match buyers and sellers in the financial, energy and commodity markets, saw a revival in volumes and client activity levels last year as the Ukraine war and risks of a recession due to tightening monetary policies kept financial markets volatile.

The company announced total dividend of 12.4 pence per share, up from 9.5 pence last year, and also saw sales at its largest and most profitable asset class Rates business rising by 11% on reported currency for the year ended Dec. 31.

The London-listed firm reported full-year pretax profit of 113 million pounds ($137.40 million), compared with a profit of 24 million pounds last year.

Analysts had expected pretax profit of 108 million pounds, according to a company-compiled consensus.

($1 = 0.8224 pounds)

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