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TP ICAP 2018 Pre-tax Profit Down

TP ICAP Plc. (TCAP.L) reported that its profit before tax for fiscal year 2018 declined to 62 million pounds from 72 million pounds in 2017.

Statutory profit after tax of 23 million pounds was lower than the 75 million pounds reported in 2017. Statutory profit after tax in 2018 included a 65 million pounds impairment of goodwill.

Statutory operating profit of 93 million pounds was 9% lower than in 2017. Statutory operating profit is after exceptional and integration, acquisition and disposal related items. Statutory earnings per share of 5.7 pence were 10.1 pence lower than in 2017, reflecting the impact of the 65 million pounds impairment of goodwill.

Underlying earnings per share for 2018 of 34.2 pence were 0.9 pence higher than for 2017.

Total revenue of 1.763 billion pounds in 2018 was 3% higher than 2017 at constant exchange rates, and in line as reported.

The Board declared an interim dividend of 5.6 pence per share paid on 9 November 2018 and is recommending a final dividend of 11.25 pence per share to be paid on 21 May 2019 (with a record date of 5 April 2019).

The Group's dividend policy is to maintain a full year dividend of 16.85 pence throughout the integration period.

Further to previous announcement dated 14 December 2018 in relation to Richard Berliand's intention to join the Board of TP ICAP plc as a Non-executive Director and Chairman designate during the first quarter of 2019, the Company confirmed Berliand's appointment as a Non-Executive Director and Chairman designate with immediate effect. As previously advised, Mr Berliand will become Chairman at the conclusion of the Annual General Meeting of the Company to be held on 15 May 2019.

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