Shares in TP ICAP PLC (LSE:TCAP), the world's largest interdealer broker, rose 5.7% to 260p after reporting a strong set of full-year results and announcing a fresh £80 million share buyback.
Underlying profit (EBIT) rose 7% to £348 million, ahead of analyst forecasts of £345 million, while reported revenues climbed 4% to £2.35 billion, or 6% higher on a constant-currency basis.
The group declared a full-year dividend of 16.8p per share, up 4%, as well as the share buyback, partly funded by £50 million of cash freed up from an internal restructuring of its legal entities.
The board added that a further £150 million of surplus cash is expected to be generated over the next two years and will be available for investment or further shareholder returns.
CEO Nicolas Breteau said the performance "continues the momentum we have built since 2021, with adjusted EBIT compounding at 9% annually".
He added: “We operate at the centre of the world’s most complex financial markets, which present significant long‑term opportunities. We remain confident in our outlook, supported by the strength of our diversified business and disciplined delivery of our strategy.”
Analysts at house broker Peel Hunt flagged further upside depending on the value eventually placed on Parameta, the group's data and analytics division, which the board is still considering listing separately.