London Stock Exchange third quarter income climbs as CFO set to retire
London Stock Exchange today posted robust gains in its third quarter for its first set of results since rejecting a hostile £32bn takeover bid from Hong Kong.
Total income climbed 12 per cent year on year to £587m in the three months to the end of September.
Read more: Why Hong Kong’s bid for the London Stock Exchange was doomed from the start
Meanwhile the stock market said its purchase of Refinitiv is on track to complete midway through 2020.
Had Hong Kong Exchanges and Clearing (HKEX) been successful in wooing LSE shareholders, LSE would have been forced to call off its $27bn merger with the financial data powerhouse.
Refinitiv has the potential to allow LSE to challenge Bloomberg for dominance in financial data.
“The transaction offers substantial strategic and financial benefits to our shareholders, customers, employees and other stakeholders,” chief executive David Schwimmer said today.
Meanwhile, chief financial officer David Warren has announced he will retire and quit the board in mid-2020.
Schwimmer added: “David has been an outstanding contributor to the Group’s success. I’d like to thank him for his partnership during my first year at LSEG. I look forward to continuing to work closely with him to drive our core business and to deliver the Refinitiv transaction.”
As it is, information services revenue rose nine per cent to £230m while the FTSE Russell climbed 10 per cent year on year, chiefly thanks to subscription revenues.
Capital markets sales climbed 14 per cent to £102m, and five per cent on a like-for-like basis.
Read more: Hong Kong abandons £32bn bid for London Stock Exchange
“The group continues to perform well and has delivered a strong Q3 performance,” Schwimmer said.
“LCH’s OTC clearing services saw continued strong volumes during the period in both member and client clearing. Capital Markets also produced a good overall performance against a backdrop of continued challenging market conditions.”