Shares in TP ICAP PLC (LSE:TCAP), the interdealer broker, jumped 7.4% as it weighed in with a £30 million share buyback alongside interim results that surpassed City expectations.
Earnings before interest and tax (EBIT) were £163 million, up 13% and marginally ahead of the analysts' consensus of £158 million.
Shore Capital in a note reviewing the figures cited tight cost controls and the absence of the £32 million Russian hit it suffered in 2022 as swing factors.
As well as the buyback, investors will be rewarded with a 7% increase in the dividend to 4.8p.
Another positive development highlighted by Shore was the release of £100 million in trapped capital, achieved six months ahead of the anticipated timeline.
This cash will be channelled towards debt reduction, and the company is actively exploring additional avenues to liberate more cash.
Liquidnet, a recent acquisition by TP ICAP, has also made strides by connecting two major banks to its direct-to-consumer platform, with a third bank nearing the final stages of connection.
Shore repeated its 'buy' advice and 200p a share price target on the back of the results.
Mid-afternoon the stock was changing hands for 165.86p, up 11.36p.