LONDON, March 12, 2026, 16:53 GMT
- After the bell, shares settled 24 pence up at 269p/269.5p—an increase of 9.8% from the prior close. 1
- TP ICAP posted 2025 revenue of £2.353 billion, with pretax profit reaching £230 million. The company also set out an £80 million share buyback.
- Parameta is still weighing a possible minority U.S. listing; as it stands, prevailing dollar rates suggest a £9 million-£10 million drag on 2026 adjusted EBIT—TP ICAP’s metric for operating profit. 2
Shares of TP ICAP surged Thursday, with the FTSE 250 broker posting record full-year numbers and outlining a larger cash return for investors. The stock closed up 24 pence, finishing at 269p/269.5p after ending the previous session at 245.5p. 1
The reaction is worth watching: TP ICAP’s results suggest it’s able to generate growth from turbulent markets and pay out to shareholders, even though the much-talked-about Parameta float hasn’t advanced. The company’s management kept the door open, saying a U.S. listing is “under review,” but added that the market backdrop for a successful listing is still tough. 3
TP ICAP, which brokers trades for clients in rates, FX, credit, and commodities, posted revenue of £2.353 billion for 2025 — that’s a 4% lift on the headline figure. Pretax profit moved up to £230 million from £214 million. Adjusted EBIT, the firm’s chosen profit metric, reached £348 million, topping the company’s own market consensus. 4
Chief executive Nicolas Breteau said the company had “maintained strict cost control.” Finance chief Robin Stewart told analysts the group remains comfortable with the current 2026 adjusted EBIT consensus of £361 million—even if today’s dollar rates knock off roughly £9 million to £10 million from that figure.
Global Broking, the largest arm at TP ICAP, notched a record £1.376 billion in revenue, thanks largely to robust activity across rates, credit, and equities. Liquidnet—the group’s electronic trading platform—reported a 3% uptick in revenue to £365 million. Parameta came in with a 2% increase, hitting £202 million, and of that, 97% came from subscriptions, locking in recurring contract sales.
The company announced an £80 million buyback alongside its results, and put forward a final dividend of 11.6 pence per share. That brings the total payout for the year to 16.8 pence. TP ICAP sees roughly £150 million in surplus cash for investment and shareholder returns across 2026 and 2027, on top of the £50 million it already advanced from a legal-entity simplification program.
But a clear timeline for Parameta? That’s still missing. TP ICAP had floated the idea last year—minority U.S. listing as soon as Q2 2025. Now, management is simply saying the move is “under review.” Shore Capital’s Vivek Raja, back in August 2024, argued that U.S. investors grasp data analytics businesses more readily, which goes some way toward explaining why TP ICAP hasn’t closed the door on the plan. 3
That cross-Atlantic strategy? The company isn’t the only one betting on it. TP ICAP goes head-to-head with BGC Group—listed in the U.S.—in both brokerage and market-data. Marex, another name with London ties, also picked Nasdaq for its 2024 listing. 5
Still, one area lagged. Energy & Commodities revenue slipped 3% to £449 million, coming off a record year. Adjusted EBIT for the segment tumbled 27%, with TP ICAP ramping up broker pay and recruitment in a tight labor market. According to management, those additions aren’t expected to make a real impact until 2026 and 2027.
The company noted trading at the start of 2026 has remained supportive so far. But risks persist: a softer dollar, more holdups on Parameta, or energy hires taking longer to pay off could undercut the profit boost that sent shares higher Thursday. 2
