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TCAP - TP ICAP News Story

339.1p -3.3  -1.0%

Last Trade - 10:55am

Sector
Financials
Size
Mid Cap
Market Cap £1.93bn
Enterprise Value £2.04bn
Revenue £1.78bn
Position in Universe 295th / 1830

BUZZ-TP ICAP: 5-star ranked Peel Hunt ups to "buy"

Mon 6th August, 2018 8:37am
** TP ICAP TCAPI.L , the world's largest interdealer broker, +4.3 pct after Peel Hunt raises to "buy" from "reduce" ** Peel Hunt says renewed focus on delivery of realistic cost saving and investment will allow investors to "focus once again on the core attractions – a strong market position and cash generation" ** TP ICAP fired its CEO in July and warned rising costs would see profit fall short of expectations this year. Co also cut its cost saving target. urn:newsml:reuters.com:*:nL4N1U62O6 ** Criticism against CEO was that he was not able to juggle day to day operations, leading to poor results and creeping costs from MiFID II and Brexit ** Peel Hunt expects profits in FY19 to be below those generated in 2017 and those forecast in 2018. Co reports its first-half results on Tuesday ** "It is clear that the new management team has recognised the need to balance cost reduction with re-investment in the business to stimulate future growth," Peel Hunt analyst says ** Stock down 33 pct since market close on July 9, day before profit warning <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ TP ICAP trails tech focused NEX Group https://tmsnrt.rs/2M6Faz9 ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> ((Reuters Messaging: noor.hussain.thomsonreuters.com@reuters.net))
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