TP ICAP Shares Jump – Cavendish Says Results Strengthen Re-Rating Case

TP ICAP (LON: TCAP) shares surged more than 10% on Thursday to their highest level since October 2025 after the interdealer broker posted a stronger-than-expected set of full-year results.

Analysts at Cavendish said the update reinforces the firm’s investment case, even as questions linger over the timing of a long-awaited IPO for its data unit, Parameta Solutions.

Cavendish described the figures as “a good set of results,” highlighting adjusted EPS up 5% to 32.2p and adjusted EBIT rising 7% year-on-year to £348m, modestly ahead of consensus.

Revenue grew 4.4% to £2.35bn, helped by an 8% jump in Global Broking, the company’s largest division.

The broker was particularly encouraged by the operational momentum, noting that TP ICAP delivered these numbers while keeping other operating expenses 1.8% lower and announcing an £80m share buyback.

Cavendish reiterated its Buy rating, saying the business maintains supportive market conditions and expects adjusted EBIT for 2026 to land in line with market forecasts despite a £9–10m foreign exchange drag.

But the firm also pointed to the sparse update on Parameta Solutions as an area of disappointment.

Cavendish said the ongoing lack of visibility over value crystallisation “does not drive confidence of an imminent solution,” especially with top-line growth in the unit running below expectations at around 2%.

Even so, Cavendish believes the broader performance, particularly in Global Broking, underscores TP ICAP’s improving fundamentals. With shares now rebounding sharply, the firm expects investor attention to remain focused on any further detail around Parameta and the outlook for capital returns.