London Stock Exchange beats expectations as it seeks to push through Deutsche Boerse merger
The London Stock Exchange Group has reported growing income in its third quarter, beating expectations, as it seeks to push through its merger with Deutsche Boerse.
The figures
In an interim management statement, the LSE said revenue from continuing operations was up 15 per cent to £376.2m for the three months to 30 September.
Read more: The EU has opened an in-depth probe into the LSE – Deutsche Borse merger
Capital markets revenues were up 16 per cent, or eight per cent at a constant currency rate, despite volatility.
Total income from continuing operations in the third quarter was up 19 per cent to £414.6m.
Analysts had expected the total income figure to come in at £397.2m, according to Thomson Reuters.
Why it’s interesting
At the end of last month, the EU Commission announced that the LSE’s merger with Deutsche Boerse would be subject to a phase two competition investigation.
The LSE made clear at the time that it was willing to explore the sale of its Paris-based clearing house, LCH SA, with Euronext thought to be interested.
The LSE and Deutsche Boerse agreed a £21bn merger deal in March.
Read more: London Stock Exchange merger would create "virtual monopoly", claims rival
What the company said
Chief executive Xavier Rolet:
This is another good performance, delivering growth across our core businesses while continuing to invest in a wide range of opportunities to drive future returns…
We remain focused on achieving the necessary regulatory approvals to complete the merger with Deutsche Boerse, creating a global markets infrastructure group, which we believe will generate significant value and benefits for customers and shareholders.