28th Apr 2021 08:55
(Alliance News) - London Stock Exchange Group PLC on Wednesday reported a "good" first-quarter performance as it now progresses with integrating its Refinitiv unit after finally sealing the acquisition.
First quarter total income slipped 1.1% to GBP1.77 billion from GBP1.79 billion. On a constant currency basis it was up 2.4%. Gross profit came in 0.5% lower on a reported basis at GBP1.54 billion, from GBP1.55 billion, though it was up 2.6% at constant currency.
"LSEG has delivered good results in the first quarter, with strong underlying performance across all divisions," Chief Executive Officer David Schwimmer said.
The quarter was boosted by its Data & Analytics and Capital Markets, LSEG noted.
The acquisition of Refinitiv was completed at the end of January, and integration is going to plan with around GBP40 million of cost synergies already realised on a run-rate basis and new products arising from the combination now launched. The sale of Borsa Italiana is progressing well, LSEG added, and is expected to complete "shortly" this quarter.
"The successful re-financing of our bridge facilities with longer-term debt at the end of first quarter, together with the reduction in leverage with the proceeds from the expected completion of the divestment of Borsa Italiana, puts LSEG in a strong financial position. We look forward to further progress during the rest of 2021," Schwimmer added.
In addition, the company on Wednesday said it has added Tsega Gebreyes and Ashok Vaswani to its board as non-executive directors, effective June 1.
Gebreyes has held senior roles with Middle East and north Africa-focused telecommunications firm Zain Group. Vaswani is currently chief executive of Barclays PLC's Global Consumer Banking & Payments arm.
LSEG added it expects Jacques Aigrain and Stephen O'Connor to step down before the 2022 annual general meeting. By then, the duo would have served nine years on the company's board.
LSEG shares were 0.3% higher at 7,498.00 pence each in London on Wednesday morning.
By Eric Cunha; [email protected]
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