London Stock Exchange revenues continue to climb

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The London Stock Exchange Group meets its targets in its quarterly update. Photo: Toby Melville/Reuters

The London Stock Exchange Group (LSEG.L) reported a 16.2% rise in third-quarter revenue, with growth across all divisions.

The stock exchange and financial information company said it was “well positioned” for continued growth, and there were no changes in direction or targets, after third-quarter earnings rose 16.2% – or 5.9% at constant exchange rates – to £1.91 billion ($2.13 billion). The figure was ahead of forecasts by around £1.88billion.

The group’s shares were down 2.6% in early trading after Friday’s announcement.

“Our strategy is working, driving growth and increasing efficiency,” LSEG chief executive David Schwimmer said in a statement.

Gross profit in the third quarter reached £1.696 billion.

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Data and analytics led the gains with an increase to £1.27bn from £1.10bn, while capital markets rose to £369m from £309m.

“We delivered another strong quarter, with good growth across all businesses. The consistency of delivery over recent quarters demonstrates the strength of our business model, generating quality recurring revenue from a range of services highly valued by our customers,” added Schwimmer. .

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Annualized subscription value (ASV) increased 5.8% in the quarter and 280 basis points since acquiring Refinitiv in early 2021. LSEG bought the data analytics company for $27 billion of pounds sterling.

It also said it returned £235m in the third quarter as part of its £750m share buyback scheme.

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