24th Oct 2024 09:28
(Alliance News) - London Stock Exchange Group PLC on Thursday reported broad-based growth in the third quarter as it expressed confidence for 2025.
Total income, excluding recoveries, rose 7.7% to GBP2.18 billion in the third quarter from GBP1.97 billion a year prior, or by 8.7% at constant currency. This was ahead of company compiled consensus of GBP2.10 billion.
Gross profit climbed 8.5% to GBP1.92 billion from GBP1.77 billion, or 9.2% at constant currency. This was also above the GBP1.90 billion company compiled consensus.
The exchange operator and data provider said all divisions contributed to growth. Data & Analytics total income rose 4.6%, FTSE Russell grew 9.2%, Risk Intelligence increased 10%, Capital Markets climbed 22% and Post Trade gained 4.8%. All at constant currency.
Data & Analytics saw continued strong retention, good sales and a contribution from pricing consistent with the first half, the firm said. Workflows was up 3.2%, Data & Feeds up 6.1% and Analytics up 5.2%.
In FTSE Russell, subscription revenues remained strong, growing 13%, driven by demand for flagship equity indices and benchmarks. Growth in asset-based revenues, up 1.8%, slowed sequentially mainly due to adverse mix effects.
Capital Markets benefited from 27% growth in Fixed Income, Derivatives & Other, while Equities climbed 8.5%.
Annual subscription value growth was in-line with guidance at 6.0% and the firm continues to expect ASV growth to remain around 6% for the rest of the year.
Chief Executive David Schwimmer said: "We delivered a particularly strong quarter, with healthy growth in our subscriptions business and very strong performance in our high-quality volume-based businesses."
"We are executing successfully on our strategy, delivering multiple new products in the third quarter. The ongoing transformation of our business with faster product innovation and more powerful solutions is driving higher user engagement and better outcomes for our customers. Our partnership with Microsoft continues to make strong progress and our product timetable is on track."
"We are confident of continued growth as we look forward to 2025."
Shares in London Stock Exchange rose 2.5% to 10,645.00 pence each on Thursday morning.
By Jeremy Cutler, Alliance News reporter
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