Half Year Results 

TP Icap manages expectations

TP Icap manages expectations

To say TP Icap’s (TCAP) integration of the voice broking acquisition has not gone smoothly would be an understatement. After the annual synergy target was reduced by a quarter to £75m last month, management revealed it had secured £65m in run-rate savings and should achieve the remainder by the end of 2019. However, the cost of the integration was £101m during the first half and management expects to incur a further £60m by the end of next year, which will be recognised as exceptional charges over the next 18 months.   

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