LONDON (Alliance News) -TP ICAP PLC on Tuesday said first half profit halved due to doubling of costs associated with integration ICAP broking business.
The inter dealer broker, which was formed as a result of a combination between Tullett Prebon and ICAP Global Broking business, also said that it is implementing its plans to prepare for the UK's departure from the European Union and the company has chosen Paris as its European headquarters.
For the six months to June 30, the company's pretax profit dropped to GBP34 million from GBP71 million a year ago. Acquisition and integration costs totaled GBP101 million versus GBP53 million a year ago.
On an adjusted basis, excluding costs associated with acquisitions and exceptional items, pretax profit increased 7.8% to GBP139 million from GBP129 million a year ago.
First half revenue dipped to GBP910 million from GBP925 million recorded in the comparative year ago period.
In the six-month period, the company achieved GBP13 million of synergy savings and said it is targeting further GBP10 million by the end of 2019.
The company maintained its interim dividend at 5.6 pence per share. TP ICAP expects results for 2018 to be in line with current market expectations.
Shares in the company were trading 2.50% lower at 285.10p each on Tuesday.
TP ICAP (TCAP)