TP ICAP plc reported unaudited consolidated earnings results for the six months ended June 30, 2018. For the period, the company reported revenue of £910 million compared to £925 million a year ago. Reported operating profit was £50 million compared to £86 million a year ago. Underlying operating profit was £155 million compared to £144 million a year ago. Profit before tax was £34 million against £71 million a year ago. Underlying profit before tax was £139 million against £129 million a year ago. Profit for the period attributable to equity holders of the parent was £13 million against £57 million a year ago. Underlying profit for the period attributable to equity holders of the parent was £107 million against £101 million a year ago. Diluted and basic earnings per share were 2.3 pence compared to 10.1 pence per diluted share a year ago. Diluted underlying earnings per share were 19.1 pence compared to 18.0 pence a year ago. Net cash used in operating activities was £1 million against net cash from operating activities of £8 million a year ago. EBITDA was £173 million against £164 million a year ago. Capital expenditure (net of disposals) was £48 million against £16 million a year ago. Capital expenditure has increased due to the impact of office moves in the US, London and Belfast.

The Board expects the 2018 year end result to be in line with current market expectations.  CapEx is likely to be in the range of GBP 80 million by the end of 2018.

The outlook for the underlying effective tax rate in 2019 is for a potential reduction of 1% to 25%, as the initial impact of measures broadening the tax base is expected to reduce. CapEx is likely to coming down to about GBP 70 million in 2019.