TP ICAP’s profits were dented after the interdealer broker booked a £65 million one-off charge related to the writedown of assets as it announced that it has put in place contingency plans for a no-deal Brexit. TP ICAP’s profits were dented after the interdealer broker booked a £65 million one-off charge related to the writedown of assets as it announced that it has put in place contingency plans for a no-deal Brexit. Pre-tax profits at TP ICAP fell to £62 million in 2018 from £72 million the year earlier. Nonetheless share rose 6.8% to 324.1p in early trade as underlying pre-tax profits – before acquisition, disposal and integration costs, and one-off charges – increased to £245 million from £233 million. In his first set of full-year results since taking over the group last July, boss Nicolas Breteau said TP ICAP delivered “resilient” earnings and that his key priority has been to complete the Tullett Prebon and ICAP integration.

Source: Irish Independent March 19, 2019 12:45 UTC