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Investing.com -- Shares of TP ICAP (LON:NXGN) edged down 0.5% following the company’s announcement of a significant increase in pretax profit and the launch of a share buyback program. Despite the positive financial results, the slight decline in stock price may reflect investors’ cautious sentiment.
The London-based interdealer brokerage reported a substantial rise in pretax profit to 214 million pounds ($275.6 million) in 2024, up from 96 million pounds in the previous year. The firm also noted a 12% increase in adjusted pretax profit, reaching 303 million pounds, and a 3% rise in reported currency revenue to 2.25 billion pounds.
The adjusted earnings before interest and taxes (EBIT) also saw a 12% increase, amounting to 324 million pounds. TP ICAP expressed confidence in meeting the current market expectations for 2025, with adjusted EBIT projected to climb to 345 million pounds.
In addition to these financial milestones, TP ICAP announced its ongoing plans to list Parameta Solutions in the U.S., with the potential listing slated for as early as the second quarter. The company anticipates that the listing will enable Parameta to pursue growth independently, while TP ICAP retains a majority stake.
The firm also initiated its fourth share buyback program, committing up to 30 million pounds, which began immediately.
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