TP ICAP Broking Limited reported a rise in profit and revenue for the year ended 31 December 2024. Profit after tax increased to £39.3 million, up from the previous year. Revenue also grew, reaching £325.8 million. Operating profit rose to £48.5 million. Administrative expenses stood at £276.5 million, up from £268.1 million, while other operating expenses dropped to £787,000 from £1.8 million.

TP ICAP Sees Growth in 2024

The company recorded higher interest income and reported no interest payable for the year. Profit before tax rose to £54.8 million. Income tax expenses also increased.

In addition to its profit, the company recorded £195,000 in other comprehensive income, mainly from foreign currency translation and asset revaluation. Total comprehensive income for the year reached £39.5 million.

You may find it interesting at FinanceMagnates.com: TP ICAP Revenue Hits Record $557 Million In Q3 2024 as Rate Trading Surges.

TP ICAP Expands with New Dubai Office

TP ICAP Group has expanded its presence in the Middle East with a new office in Dubai’s International Financial Centre (DIFC), increasing its physical footprint in the region.

Located in Central Park Towers, the office will act as a regional hub for the Group’s brands, including ICAP, Tullett Prebon, PVM, Parameta Solutions, and COEX. The Dubai office, regulated by the DFSA as a Category 3A firm, is intended to support clients across the MENA region and serve as a link between Asian and Middle Eastern markets, offering market data and broking services.

AWS Partners to Accelerate Digital Transformation

Meanwhile, TP ICAP has entered a seven-year strategic partnership with Amazon Web Services (AWS) to advance its digital transformation and enhance its electronic trading capabilities. The collaboration will focus on developing Fusion, TP ICAP’s cloud-based platform, with 45 AWS Professional Services engineers joining TP ICAP’s technology teams.

The goal is to reduce product development times by over 50% and increase the company’s AWS Cloud workload to more than 80% by 2026. The partnership will also establish an AI and Innovation Lab and co-develop sustainability-driven trading solutions, supporting Amazon’s net-zero carbon emissions goal by 2040.

This article was written by Tareq Sikder at www.financemagnates.com.Institutional FXRead More

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