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TP ICAP plc (the "Company") today announces its preliminary statement of results for the year ended 31 December 2017.
Strategic and Operational highlights
- A resilient performance in a low volatility environment
- Successful delivery of regulatory requirements under MiFID II
- Average revenue and contribution per broker increased in all regions
Integration highlights
- £27m synergy savings1 delivered in the year, ahead of schedule (original 2017 target £10m)
- £52m of annualised run rate synergy savings achieved
- Costs to achieve synergies of £79m (original 2017 target £40m)
- Headcount reduction of 295 in the period
- Focus on non-compensation expenses
- Property and infrastructure rationalisation under way
- We reiterate our £100m synergy saving target by 2020
Financial highlights
Underlying prior year comparative numbers are shown on a pro forma basis only (i.e. including ICAP). Statutory prior year comparatives are also shown as reported by Tullett Prebon plc ("TP plc") on a standalone basis.
Underlying (before acquisition, disposal and integration costs, and exceptional items)2
- Revenue of £1,757m (2016: £1,687m)
- Operating profit £263m (2016: £240m)
- Operating margin 15.0% (2016: 14.2%)
- Profit before tax £233m (2016: £232m)
- Basic EPS 33.3p (2016: 34.0p)
Statutory (after acquisition, disposal and integration costs, and exceptional items)
- Operating profit £102m (2016: £181m pro forma, £73m reported)
- Operating margin 5.8% (2016: 10.7% pro forma, 8.2% reported)
- Profit before tax £72m (2016: £167m pro forma, £57m reported)
- Basic EPS 15.8p (2016: 23.2p pro forma, 17.8p reported)
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