LSEG Reports Marginal Increase in Q3 Income

The Group is expecting to close the Refinitiv acquisition by Q1 2021.

The London Stock Exchange Group (LON:LSE) has published its financials for the third quarter of 2020, ending on September 30, reporting a 2 percent year-on-year income increase.

The Group generated £600 million as income in the quarter, while for the first nine months of the year, the total income remained £1.835 billion, a 6 percent increase year-to-date.

Join your industry leaders at the Finance Magnates Virtual Summit 2020: Register and vote for the FMLS awards

“The Group delivered a resilient performance in the quarter against a challenging market backdrop while we continue to execute our strategic plans across our business,” LSEG CEO, David Schwimmer said on the numbers.

The total revenue for the Group came from three business segments: information services, post-trade, and capital markets. The revenue for the first increased by 1 percent in the quarter to £223 million and up 4 percent on an organic and constant currency basis.

Suggested articles

Can You Trade Cryptos Like Any Other Currency?Go to article >>

Income from post-trades jumped 5 percent to £259 million, while quarterly revenues from the capital markets remained flat compared to the previous year at £102 million.

Proposed Acquisition of Refinitiv Making Progress

Meanwhile, the stock exchange operator is in the middle of its landmark $27 billion acquisition deal of Refinitiv. To receive regulatory clearance for the deal, the Group also agreed to sell Borsa Italiana to Euronext for $5 billion.

The Refinitiv deal is expected to see closure in the first quarter of next year.

“We are making good progress on the highly attractive Refinitiv transaction, having secured further regulatory approvals around the world,” Schwimmer added. “We continue to engage constructively with the European Commission and believe the potential divestment of the Borsa Italiana group will contribute significantly to addressing the EU’s competition concerns.”

Got a news tip? Let Us Know