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London Stock Exchange income rises in Q1, led by growth in clearing segment

Wednesday, 1st May 2019
London Stock Exchange Group reported 'good' first quarter performance as income rose 5% despite a 'challenging market backdrop.'

For three months to 31 March, total income rose 5% year-on-year to £546m and total revenue rose 2% to £486m, led by double digit percentage growth in its clearing business.

Its Post Trade London Clearing House business saw income rise 17% to £182m, with 16% revenue growth in OTC following record volumes at SwapClear.

'LCH benefited from an updated SwapClear agreement with partner banks, with effect from the start of the year, estimated to deliver c.£30 million savings to cost of sales in 2019,' the company said.

Information services, the group's largest business segment by revenue, saw revenue rise 6% to £214m, with 7% growth at FTSE Russell.  

Capital Markets revenues were down 9% to £97m, mostly reflecting lower equity trading volumes, the company said. 'While equity markets were slower due to macroeconomic uncertainty, we have seen an improved listing environment in Q2,' it added.

'We continue to execute our strategy across our core businesses of Information Services, Post Trade and Capital Markets. In Post Trade, we acquired a stake in Euroclear, which shares our open access approach, and we updated our SwapClear agreement, which will deliver significant savings as we further develop the service,' said David Schwimmer, CEO.




Story provided by StockMarketWire.com

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