AGL 38.50 Increased By ▲ 0.93 (2.48%)
AIRLINK 131.40 Decreased By ▼ -1.10 (-0.83%)
BOP 5.60 Decreased By ▼ -0.04 (-0.71%)
CNERGY 3.83 Increased By ▲ 0.06 (1.59%)
DCL 8.65 Decreased By ▼ -0.22 (-2.48%)
DFML 40.80 Decreased By ▼ -0.20 (-0.49%)
DGKC 89.05 Decreased By ▼ -1.11 (-1.23%)
FCCL 35.28 Increased By ▲ 0.20 (0.57%)
FFBL 66.45 Decreased By ▼ -0.05 (-0.08%)
FFL 10.45 Increased By ▲ 0.30 (2.96%)
HUBC 109.70 Increased By ▲ 3.30 (3.1%)
HUMNL 14.66 Increased By ▲ 1.26 (9.4%)
KEL 4.82 Decreased By ▼ -0.04 (-0.82%)
KOSM 7.05 Increased By ▲ 0.20 (2.92%)
MLCF 42.35 Increased By ▲ 0.55 (1.32%)
NBP 59.06 Increased By ▲ 0.48 (0.82%)
OGDC 183.78 Increased By ▲ 2.53 (1.4%)
PAEL 25.55 Decreased By ▼ -0.15 (-0.58%)
PIBTL 5.90 Increased By ▲ 0.07 (1.2%)
PPL 147.32 Decreased By ▼ -1.08 (-0.73%)
PRL 23.54 Increased By ▲ 0.32 (1.38%)
PTC 16.63 Increased By ▲ 1.39 (9.12%)
SEARL 69.40 Increased By ▲ 0.61 (0.89%)
TELE 7.21 Decreased By ▼ -0.03 (-0.41%)
TOMCL 35.70 Decreased By ▼ -0.30 (-0.83%)
TPLP 7.51 Increased By ▲ 0.11 (1.49%)
TREET 14.15 Decreased By ▼ -0.09 (-0.63%)
TRG 50.75 Decreased By ▼ -0.10 (-0.2%)
UNITY 26.87 Increased By ▲ 0.47 (1.78%)
WTL 1.22 Increased By ▲ 0.01 (0.83%)
BR100 9,810 Increased By 42.5 (0.43%)
BR30 29,784 Increased By 384.5 (1.31%)
KSE100 92,291 Increased By 352.8 (0.38%)
KSE30 28,821 Increased By 77.7 (0.27%)

London Stock Exchange Group posted a 2.1% rise in revenue in the third quarter and said it was on track to achieve cost savings from the integration of data platform Refinitiv.

The exchange said pro forma underlying income was 1.78 billion pounds ($2.46 billion) in the three months to the end of September, compared with 1.75 billion pounds a year ago, helped by a strong showing from its capital markets business.

"We are making excellent progress on the integration of Refinitiv and are comfortably on track to achieve 125 million pounds of cost synergies in 2021, ahead of our original phasing," Chief Executive David Schwimmer said in a statement.

LSEG shares fell as much as 4.2% and were last down 3.7% - losses which, if sustained, would be their worst daily drop for seven and a half months.

LSEG said it expected year to April income to grow between 4-5%, but for income in the fourth quarter to not grow as fast as it did in third quarter on a constant currency basis.

There was no change to previous cost or capital expenditure, though supply chain pressures could impact the timing of some of its spending on technology, it said, without giving further details.

London Stock Exchange sales rise as pushes on with Refinitiv integration

Refinitiv was carved out from Thomson Reuters, parent of Reuters News, in 2018 by a consortium led by Blackstone before being bought by LSEG in a $27 billion deal finalised in January 2021.

With the takeover, Schwimmer is trying to transform LSEG into a one-stop shop for data, trading and analytics, though the costs of absorbing the data provider have worried some investors.

LSEG's shares are down around 17% since the start of March, when they slid on comments about the costs of the Refinitiv integration that spooked investors.

Comments

Comments are closed.