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LONDON (Reuters) - The London Stock Exchange Group reported a 3.9% rise in income in the first quarter and said savings from integrating its $27 billion acquisition of data and analytics company Refinitiv were on target.
FILE PHOTO: The London Stock Exchange Group offices are seen in the City of London, Britain, December 29, 2017. REUTERS/Toby Melville/File Photo/File Photo
About 40 million pounds ($55.5 million) of savings in combined operating costs from the Refinitiv takeover had been realised and new products had been launched, the group said.
It said it was on track to achieve 25% of the announced 350 million pounds savings target by the end of 2021, in line with previous guidance.
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Provided by Dow Jones By Joe Hoppe London Stock Exchange Group PLC said Friday that 2020 pretax profit rose 5.2% on the back of higher revenue, and declared an increased dividend. The stock exchange and financial-information company said pretax profit rose to 685 million pounds ($951.7 million) from GBP651 million a year before. Total revenue rose to GBP2.12 billion from GBP2.06 billion a year prior. It said the rise in revenue was driven in particular by growth in its information services and its post trade services divisions, offsetting a slight slip in technology services revenue. Adjusted earnings before interest, taxes, depreciation and amortization a metric that strips out exceptional and other one-off items rose to GBP1.33 billion from GBP1.27 billion a year before.