The stock exchange operator, Euronext, has released its financial results for the first quarter of 2018. The company saw a significant increase in revenue, with inflows from trading and market data services both up.
Commenting on the results, Stephane Boujnah, Euronext’s CEO, said: “The first quarter of 2018 marked a strong start to the year, with very high revenue capture from trading activities in a volatile environment and good performance from our market data and indices businesses.”
Euronext finished the first quarter of 2018 with 126.6 million euros ($150.99 million) in revenue. This year, that figure increased to 146.7 million euros ($174.97 million), representing 15.9 percent year on year growth.
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Growing revenues were, fortunately for the company, not matched by parallel growth in operational expenses. These did increase by 4.3 percent, from 56.1 million euros ($66.9 million) to 58.5 million euros ($69.77 million), but this was substantially lower than the increase in total revenues.
This meant the firm was able to finish this year’s first quarter with increased year-on-year profit. Operational expenditure, added to depreciation and amortization costs, meant the firm finished the quarter with 57.3 million euros in post-tax profit. This was a 30.6 percent increase on last year when the firm ended March with 43.9 million euros in post-tax profit.
One of Euronext’s newest acquisitions, FastMatch, also saw increased revenues. The FX electronic communication network, which Euronext took a 90 percent stake in last May, saw increased revenues of 5.2 million euros – up from 4.4 million euros the previous quarter.
Average daily trading volumes on FastMatch also grew from $17.7 billion at the end of the firm’s last quarter to $20.2 billion this quarter. This represented a 14.3 percent increase.