TP Icap FY operating profits slip in 2020

(Sharecast News) - Broker TP Icap said on Tuesday that revenues and operating profits had slipped in 2020 amid the ongoing Covid-19 pandemic.
TP Icap said adjusted revenues had dipped 2% to £1.79bn, while operating profits and pre-tax profits both contracted 3% on an adjusted basis to £272.0m and £223.0m, respectively.

The FTSE 250-listed firm stated it had delivered a "solid financial performance" against a "difficult macroeconomic backdrop" in 2020, demonstrating the group's "strong operational capability" and the "growing success" of its diversification strategy.

As a result, TP Icap will recommend a final dividend per share of 2.0p, taking the group's full-year dividend to 6.0p - a 50% reduction to the prior year.

Turning to 2021, TP Icap said the first two months' revenue per trading day was "marginally higher" than the prior year but added that it expects full-year revenues to grow low-single digits at a constant currency basis.

Chief executive Nicolas Breteau said: "We delivered a robust 2020 financial performance demonstrating our enhanced operational strength and the benefits of our diversified business model.

"2020 was a transformational year for TP Icap. We set out a new strategy to deliver higher shareholder returns and made good progress in executing initiatives across all of our businesses to advance our strategic pillars of electronification, aggregation and diversification."

As of 0925 GMT, TP Icap shares were down 4.70% at 250.15p.