LSEG Pretax Profit Rises Boosted by Strong Growth Across All Its Divisions

By Najat Kantouar

London Stock Exchange Group posted an increase in pretax profit for the first half of the year, boosted by sustained growth across all its businesses.

The stock-exchange and financial-information company said Thursday that for the six-month period, pretax profit rose to 693 million pounds ($890.9 million) from GBP662 million for the same period a year earlier.

Total income--excluding recoveries--rose to GBP4.20 billion from GBP3.99 billion, ahead of company-compiled consensus of GBP4.195 billion.

Data and analytics revenue rose 4.3% in constant currency to GBP2.005 billion, capital markets revenue increased 17.4% to GBP880 million, and post trade segment revenue was stable at GBP596 million.

"Our high pace of innovation continues. We have made significant enhancements to Workspace, leading to several competitor displacements. We are building on our leadership in data, expanding our pricing and reference content substantially," Chief Executive David Schwimmer said.

The board declared an interim dividend of 41 pence a share, an increase from 35.7 pence a share a year earlier.

LSEG reiterated its medium-term guidance for the year of mid-to-high single digit organic revenue growth annually, accelerating after 2024. The company still expects its underlying earnings before interest, taxes, depreciation and amortization margin to increase over time, and capital expenditure to decline by a high single digit percentage of income excluding recoveries over time.

Write to Najat Kantouar at najat.kantouar@wsj.com

(END) Dow Jones Newswires

August 01, 2024 02:59 ET (06:59 GMT)

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