LSEG revenue in first quarter rises 5.4%, development in Microsoft JV By Reuters
Written by Huw Jones
LONDON (Reuters) – The London Stock Exchange Group reported first-half earnings above analysts' consensus on Thursday, as well as an increase in annual subscriptions, saying it was in line with guidance for medium-term earnings growth.
LSEG's net income excluding acquisitions in the first quarter of 2024 was 4.204 billion pounds ($5.40 billion), up 5.4% from the first quarter of 2023, and above analysts' consensus of 4.195 billion pounds.
Operating profit in the first quarter rose 9% to 1.563 billion pounds, with adjusted earnings per share of 174 pence, up 8.1% on the same period last year, both ahead of consensus estimates of analysts compiled by LSEG.
Annual subscription value (ASV), which reflects recurring revenue and is closely watched by analysts, rose 6.4% in June 2024, in line with guidance, up from 6% in the first quarter.
“We have also delivered improved efficiency, and improved margins year over year despite continued investment, and we expect this trend to continue,” LSEG CEO David Schwimmer said in a statement.
“We look forward to further progress in the second half of the year, and reiterate all of our medium-term guidance.”
LSEG said its partnership with Microsoft (NASDAQ: ) is “close to closing” with the first product becoming widely available by the end of the year.
The exchange, transformed into a data center after its $27 billion acquisition of Refinitiv in 2021, reiterated all mid-term indicators of high single-digit revenue growth annually, accelerating later this year.
LSEG said its recently announced content deal with Dow Jones creates a leading news offering across its platforms.
LSEG pays Reuters for stories.
($1 = 0.7785 pounds)
