TP ICAP : Interim Results 2023 - Replacement

9 August 2023

REPLACEMENT

The following amendments have been made to the 'Half-year Report' announcement released on 09 August 2023 at 07:00 under RNS No 7192I.

In the previous version of the announcement:

• Under 'Dynamic capital management: reducing debt, interim dividend up 7%, launching a £30m buyback programme', on page 3:
  'An interim dividend per share of 4.8 pence, up 7% (H1 2022: 4.5 pence), will be paid on 3
  November 2023, to shareholders on the register at close of business on 27 September
  2023.'
  has been replaced with:
  'An interim dividend per share of 4.8 pence, up 7% (H1 2022: 4.5 pence), will be paid on 3 November 2023.'
• Under 'Dividend' on page 18:
  'An interim dividend of 4.8 pence per share, up 7%, (H1 2022: 4.5 pence) will be paid on 3 November 2023 to shareholders on the register, at close of business on 27 September 2023.'
  has been replaced with:
  'An interim dividend per share of 4.8 pence, up 7% (H1 2022: 4.5 pence), will be paid on 3
  November 2023 with the following timetable:

• Under Note '11 Dividends' on page 43:
  'An interim dividend of 4.8 pence per share will be paid on 3 November 2023 to all shareholders on the Register of Members on 27 September 2023.'
  has been replaced with:
  'An interim dividend per share of 4.8 pence will be paid on 3 November 2023.'

All other details remain unchanged.

The full amended text is shown below.

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9 August 2023

TP ICAP Group plc

Interim management report for the 6 months ended 30 June 2023

Nicolas Breteau, CEO of the Group, said:

"Our focus on productivity, contribution, and tight cost management, generated an uplift in profit and EBIT margin. Energy & Commodities delivered a strong performance, as energy markets normalised. Overall, Group revenue increased by 1%, following a strong performance last year, when the revenue base was up 7% (excluding the Liquidnet acquisition).

Our transformation, and diversification, initiatives are going well. The rollout of Fusion, our award-winning electronic platform, is on track, with an increasing focus on client adoption. Liquidnet now has two major banks connected to the Dealer-to-Client Credit proposition, with a third in the final stages. Parameta Solutions has launched energy-related indices, in partnership with General Index, a leader in this sector. Energy & Commodities is growing in Environmentals; there are more opportunities in the provision of energy-related data to Parameta Solutions, and voluntary and mandatory carbon credits.

Dynamic capital management is a key element of our strategy. The £100m of cash we targeted in the first half last year has been freed up 6 months ahead of schedule; it will be used to pay down debt. We are also announcing, starting today, a share buyback programme of £30m, and will continue to assess opportunities to free up cash to further invest in the business, pay down more debt, and/or return more capital to shareholders. An interim dividend of 4.8 pence per share, up 7%, will be paid to shareholders on 3 November 2023."

Results for the Period

Statutory results:

A table reconciling Reported to Adjusted figures is included in the Financial and Operating Review on page 123.

The percentage movements referred to in the highlights, CEO Review, and Financial and Operating Review below, are in constant currency (unless stated otherwise), to reflect the underlying performance of the business, before the impact of foreign exchange movements year-on-year. Constant currency refers to prior year comparatives being retranslated at current year foreign exchange rates. Approximately 60% of the Group's revenue and approximately 40% of costs are US Dollar denominated.

Financial highlights

Resilient revenues and tight cost management

• Group revenue up 1% (+5% in reported currency), following strong performance in H1 2022 when revenue base, excluding Liquidnet acquisition, grew 7%;
• Following a strong H1 2022 comparator, Global Broking (GB) revenue down 1%. FX & Money Markets generated low single digit growth; Rates marginally declined;
• GB revenue per broker increased 6%, GB contribution per broker up 24% (+9% excluding H1 2022 Russian provisions): headcount reduction and focus on contribution;
• Energy & Commodities (E&C) revenue up 12% as markets normalised. Strong performances across Oil, Gas and Power;
• Parameta Solutions revenue increased by 5%. Liquified Natural Gas (LNG) indices launched in partnership with General Index;
• Liquidnet division revenue reduced by 6%. Cash equities revenue down 22%, in line with decline in block market volumes; mitigated by strong growth in rest of division (e.g. Relative Value), with revenue up 22%;
• Delivered £38m (annualised) Liquidnet integration cost synergies (target of at least £30m), six months ahead of schedule.

Increased margins and profitability

• Adjusted EBIT up 7% (+15% in reported currency) to £163m (H1 2022: £153m). Focus on contribution in GB, tight cost management, and strong E&C performance;
• Reported EBIT increased 10% to £109m (H1 2022: £99m);
• Adjusted EBIT margin increased to 14.4% (H1 2022: 13.6%).

Dynamic capital management: reducing debt, interim dividend up 7%, launching a £30m buyback programme

Reducing debt by £100m

• Targeted £100m of cash, generated by opportunities following Jersey re-domiciliation, freed up six months ahead of schedule; being used to reduce debt and other financing obligations. Decreases future net finance costs, increases investment grade rating headroom. Cash being used, for example, to pay the Liquidnet Vendor Loan Note (c. £40m);

Interim dividend increases by 7%

• Group is cash generative with a prudent capital management framework. Buyback sits alongside a clear dividend policy: 50% pay-out ratio of adjusted post-tax earnings for year as a whole;
• An interim dividend per share of 4.8 pence, up 7% (H1 2022: 4.5 pence), will be paid on 3 November 2023, to shareholders on the register at close of business on 27 September 2023.

£30m buyback programme:

• Group announcing, starting today, a share buyback programme of £30m. Buyback funded by a range of initiatives, following Jersey re-domiciliation, as well as cash generation;
• Alongside ongoing investment opportunities, continue to assess opportunities to free up cash to pay down more debt, and/or return further capital to shareholders.

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Strategic highlights

Transforming: Fusion on track

• Fusion implemented on 44% of in-scope GB desks; dedicated focus on client adoption - number of unique client logins (Rates) up 43% in 12 months;

Diversification: Energy & Commodities, Parameta Solutions, Liquidnet

Energy & Commodities

• Environmentals:

1. Environmentals a significant diversification opportunity as Energy Transition progresses; first

carbon credit trade executed in Brazil;

• 1. Greater collaboration with Parameta Solutions to bring more Energy & Commodities data solutions to market, including real-time pricing.
• Digital Assets:
• 1. Fusion Digital Assets, institutional trading venue for spot crypto assets, live in May. First Bitcoin/USD pairs trade successfully completed.

Parameta Solutions:

• Approved by European Securities and Markets Authority (ESMA) as a recognised benchmark administrator. First inter-dealer broker to administer OTC benchmarks and indices across UK/Europe;
• Launched liquified natural gas (LNG) indices, in partnership with General Index;
• Consolidation of Parameta Solutions companies well progressed: will enable Parameta to pursue a broader range of commercial options, including more external data partnerships.

Liquidnet:

• Diversifying Equities franchise: algorithmic, programme and inter-region trading. Algorithmic trading capability now includes alerts to traders of incremental block trading opportunities;
• Two major banks connected to the Dealer-to-Client (D2C) Credit proposition; Third major bank in final stages.

Outlook

Our market-leading businesses are well positioned. Central banks are committed to deploying monetary policy to combat inflation; energy markets are normalising. These trends benefit our Global Broking and Energy & Commodities divisions. Demand for Parameta Solutions' high-quality OTC data is growing. The Liquidnet division, which broke even at the half year, will continue to diversify its equities franchise and roll out the credit proposition to more major banks. More broadly, current foreign exchange effects, particularly the recent appreciation of Sterling against the US Dollar, could continue in the second half: approximately 60% of our revenues are denominated in US Dollars.

We are on track to deliver our 2023 Capital Markets Day targets, in line with our full year 2022 guidance. We will continue to seek to free up more cash to pay down more debt, and/or return capital to shareholders, subject to our balance sheet requirements and investment opportunities.

In July, in constant currency, there was strong single-digit growth in Group revenue, when compared with the corresponding period last year.

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H1 2023 results presentation

The Group will hold an in-person presentation and Q&A at 09:00 BST today in the Peel Hunt auditorium at 100 Liverpool Street, London, EC2M 2AT. For those unable to attend in person, the presentation will also be broadcast via a live video webcast. Please use the following details to attend the presentation virtually:

Webcast link: https://streamstudio.world-television.com/854-1116-36619/en

Joining by telephone

United Kingdom (Toll Free): +44 800 358 1035

United Kingdom Toll: +44 20 4587 0498

United States (Toll Free): +1 855 979 6654

United States (Toll): +1 646 787 9445

Participant access code: 044967

Participants will be greeted by an operator who will register their details.

Attendees via the webcast will be able to ask questions on the phone or by typing them into the online platform.

A recording of the presentation will also available via playback on our website after the event at https://tpicap.com/tpicap/investors/reports-and-presentations.

Forward looking statements

This document contains forward looking statements with respect to the financial condition, results and business of the Company. By their nature, forward looking statements involve risk and uncertainty and there may be subsequent variations to estimates. The Company's actual future results may differ materially from the results expressed or implied in these forward-looking statements.

Enquiries:

Analysts and investors

Dominic Lagan

Direct: +44 (0) 20 3933 0447

Email: dominic.lagan@tpicap.com

Media

Richard Newman

Direct: +44 (0) 7469 039 307

Email: richard.newman@tpicap.com

About TP ICAP

• TP ICAP connects buyers and sellers in global financial, energy and commodities markets.
• We are the world's leading wholesale market intermediary, with a portfolio of businesses that provide broking services, data & analytics and market intelligence, trusted by clients around the world.
• We operate from more than 60 offices across 28 countries, supporting brokers with award-winning and market-leading technology.

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