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TP ICAP HY Pre-tax Profit Down

TP ICAP plc (IAPLF.PK,IAPLY.PK,IAP.L) reported that its profit before tax for the six months ended 30 June 2020 declined to 78 million pounds from 83 million pounds in the prior year.

Earnings declined to 54 million pounds from 66 million pounds in the previous year. Basic earnings per share were 9.7 pence, down from 11.8 pence last year.

Basic underlying earnings per share were 19.9 pence, compared to 19.3 pence per share prior year.

Statutory operating profit was 101 million pounds, 6% lower than the prior year.

Underlying operating profit was 169 million pounds, up 7% year-on-year, excluding the 10 million pounds impact from unused annual leave.

Revenue grew by 7% year-on-year to 990 million pounds on a reported basis and 7% growth on a constant currency.

The company said 5.6 pence per share interim dividend will be paid on 6 November 2020 to shareholders on the register at close of business on 2 October 2020.

The company noted that July trading activity has slowed down and is materially lower than 2019 levels. The company's full year guidance of low single-digit revenue growth remains unchanged.

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