London Stock Exchange Group reports higher first-half income

London Stock Exchange Group reports higher first-half income

LONDON: London Stock Exchange Group reported first-half total income of 4.179 billion pounds ($5.31 billion) on Thursday, up 11.9% from a year earlier, and said revenue growth for the year is expected to be near the top end of its 6-8% guidance range.

LSEG said first-half growth in data and analytics was 7.6%, helping to reassure investors that a multi-year integration plan for data company Refinitv is progressing without hitches after a bumpy start.

The exchange bought Refinitiv for $27 billion in 2021 and data and analytics makes up the bulk of LSEG's income.

"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," Chief Executive David Schwimmer said in an earnings statement.

Basic earnings per share fell 21.2% to 77.2 pence, hit by a higher effective tax rate. Profit before tax was down 17.6% at 662 million pounds, and dividends per share rose 12.6% to 35.7 pence, with an interim dividend up 12.6%.

LSEG said in December 2022 that Microsoft would buy a 4%stake worth $2 billion in the group, making available the exchange's data and analytics through Microsoft Teams for those customers who want it.

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