London Stock Exchange Group reports higher H1 income
LONDON Stock Exchange Group reported first-half total income of £4.179 billion (S$7.13 billion) on Thursday (Aug 3), up 11.9 per cent from a year earlier, and said revenue growth for the year is expected to be near the top end of its 6-8 per cent guidance range.
LSEG said first-half growth in data and analytics was 7.6 per cent, helping to reassure investors that a multi-year integration plan for data company Refinitiv is progressing without hitches after a bumpy start.
The exchange bought Refinitiv for US$27 billion in 2021 and data and analytics makes up the bulk of LSEG’s income.
“Data & Analytics is growing faster than it has for many years, with the ongoing improvements to our offering and strengthened customer relationships increasingly reflected in financial performance,” chief executive David Schwimmer said in an earnings statement.
Shares in LSEG fell 5.3 per cent in opening trading.
Basic earnings per share fell 21.2 per cent to 77.2 pence, hit by a higher effective tax rate. Profit before tax was down 17.6 per cent at £662 million, and dividends per share rose 12.6 per cent to 35.7 pence, with an interim dividend up 12.6 per cent.
LSEG said in December 2022 that Microsoft would buy a 4 per cent stake worth US$2 billion in the group, making available the exchange’s data and analytics through Microsoft Teams for those customers who want it.
“We are progressing well with the implementation phase of our transformational strategic partnership with Microsoft, with customers beginning to see the benefits from next year,” Schwimmer said.
Total income excluding recoveries rose 7.9 per cent to £3.99 billion, with adjusted operating profit up 4.1 per cent at £1.41 billion. REUTERS
Share with us your feedback on BT's products and services
