Data and interest rates drive higher income at London Stock Exchange Group
The stock market and financial data firm told investors that total income grew by 11.9% to £4.18 billion over the six months to June 30.
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Your support makes all the difference.London Stock Exchange Group has revealed a jump in income following a boost from rising interest rates and growth in its data operation.
The stock market and financial data firm told investors that total income grew by 11.9% to £4.18 billion over the six months to June 30, against the same period last year.
As a result, it said revenue growth is on track to be at the upper end of its 6-8% range for 2023 as a whole.
LSEG said it benefited from 7.6% growth in its data and analytics business as it continues to benefit from the integration of Refinitiv, the data firm it bought in a 27 billion US dollar (£21 billion) deal in 2021.
The group has also expended its data operation since agreeing a deal last year for Microsoft to buy a 2.0 billion dollar (£1.6 billion) stake in the firm last year.
David Schwimmer, chief executive officer of the group, said: “LSEG delivered strong, broad-based growth in the first half.
“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.
“Through our multi-year investment programme we are delivering better solutions and higher customer satisfaction, and building a faster-growing, more scalable business.
“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.”
The company also revealed that operating profits were down 18.7% to £729 million for the past half-year.
Shares in the company were 3% lower in early trading on Thursday.