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London Stock Exchange posts better than expected figures

By Francis Jay

Income up nine per cent year to date, with strong performance from all divisions

London Stock Exchange posts better than expected figures

The London Stock Exchange (LSE) has posted better than expected results, with strong performances in all its divisions. Total income rose 12 per cent to £587 million ($755 million) for the third quarter of 2019, it said in a trading statement.

LSE Group reported that its proposed acquisition of financial markets data group Refinitiv continues to progress, adding that it would provide “substantial strategic and financial benefits to our shareholders, customers, employees and other stakeholders.”

The statement did not make reference to the unsuccessful £32 billion ($41 billion) approach by the Hong Kong Exchanges and Clearing (HKEX) group, to acquire LSE Group. The proposed bid was abandoned earlier this month after initial talks proved unfruitful.

On a nine-month year-to-date basis, total income was up nine per cent to £1,727 million. LSE group has appointed David Shalders as Chief Integration Officer and member of the LSEG Executive Committee, reporting to CEO David Schwimmer.

The company posted good performance in all divisionsl. Information Services revenues were up nine per cent to £230 million. FTSE Russell was up 10 per cent, with strong performance in subscription revenues.

The group’s subsidiary clearing house LCH posted income up 19 per cent to £197 million. The rise was driven by revenue growth of 22 per cent in OTC (derivatives) clearing. In Capital Markets revenues were up 14 per cent to £102 million. On a like-for-like basis, revenue increased five per cent, with growth in Primary Markets and in fixed income trading partly offset by subdued equity markets trading.

The statement also said that David Warren, Group CFO, had informed the Group of his intention to retire from the company and step down from the Board by the end of 2020.

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