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FTSE 100: London Stock Exchange revenues continue to climb

People walk past the London Stock Exchange Group offices in the City of London, Britain, December 29, 2017. REUTERS/Toby Melville
London Stock Exchange Group sticks with targets in quarterly update. Photo: Toby Melville/Reuters

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

The stock exchange and financial information company said it was "well positioned" for further growth, and that there was no change to guidance or targets, after third-quarter income rose by 16.2% — or by 5.9% on a constant currency basis — to £1.91bn ($2.13bn). The figure was ahead of forecasts for around £1.88bn.

The group's shares were down 2.6% in early trading after the announcement on Friday.

"Our strategy is working, delivering growth and increasing efficiency," LSEG chief executive David Schwimmer said in a statement.

Gross profit in the third quarter rose to £1.696bn.

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

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

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Annualised subscription value (ASV) rose 5.8% in the quarter, and is up 280 basis points since the Refinitiv acquisition in early 2021. LSEG bought the data analytics company for £27bn.

It also said it returned £235m in the third quarter under its £750m share buyback programme.

Watch: LSEG CEO: Europe has a ‘greater sensitivity’ to recession risks