Nicolas Breteau, Group CEO, said:
“We delivered a strong first half. At constant currency, Group revenue grew 8% to £1.3 billion, with adjusted EBIT increasing by 9%, reflecting disciplined execution of our strategy. Global Broking delivered adjusted EBIT growth of 22%, demonstrating the strength of our franchise and the operating leverage we have built.
“We continued to make strategic and operational progress, innovating, adding talent and expanding geographically. We accelerated our transformation plan, exceeding our savings target and achieving it a year ahead of schedule. We completed the acquisition of Vantage Capital Markets and advanced our credit strategy with the launch of the RealQ brand.
“We are also pleased to announce a £30 million share buyback, reflecting the strength of our business. We remain confident in the outlook for the current year and are well positioned, with a diversified business, strong client relationships and disciplined execution.”
H1 2026 financial highlights:
- Group revenue up 8% to £1.3bn (H1 2025: £1.2bn) (+6% at actual rates).
- Global Broking revenue up 11% to £783m (H1 2025: £712m) (+10% at actual rates), with growth across all asset classes; strong Q2 performance highlights continued momentum; broker productivity up 7%3 (+6% at actual rates).
- Energy & Commodities revenue up 2% to £233m (H1 2025: £238m) (-2% at actual rates), with a particularly strong Q1 offset by a sharp reduction in Oil futures volumes in Q2 following disruption to physical oil flows.
- Liquidnet revenue up 1% to £194m (H1 2025: £195m) (-1% at actual rates), with growth in the equities platform (+6%) balanced by more muted multi-asset agency brokerage4 activity (-5%) against stronger comparatives.
- Parameta Solutions revenue up 6% to £102m (H1 2025: £100m) (+2% at actual rates), with continued commercial momentum and an acceleration in Q2 versus Q1.
- Group management and support costs are flat, despite inflation and accelerated investment in the business.
- Record Group adjusted EBIT of £196m (H1 2025: £184m), up 9% (+7% at actual rates), driven by Global Broking adjusted EBIT growth of 22% (+21% at actual rates) to £159m (H1 2025: £131m).
- Adjusted EBIT margin of 15.2% (H1 2025: 15.0%).
- £30m share buyback approved, taking total dividends and share buybacks approved since 2023 to c.£660m, including £110m of buybacks in 2026.
- Interim dividend increased by 8% at 5.6 pence (H1 2025: 5.2 pence), in line with policy
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