London Stock Exchange Group eyes bumper year despite sluggish IPO market
The London Stock Exchange Group said it was on track to hit the top end of its forecasts for the year, after income ticked up over the summer despite a slump at its flagship exchange.
LSEG, the owner of the London Stock Exchange, said its total income had jumped eight per cent in the three quarters to the end of September.
Bosses said the firm was now on track to hit the top of its guidance of six to eight per cent growth for the year on the back of a bump in growth in its data and analytics divisions, pst-trade and capital markets business.
“LSEG delivered another quarter of strong, broad-based growth. By building compelling solutions that meet customers’ evolving business needs we have established a consistent track-record of growth in our Data & Analytics business,” said chief David Schwimmer in a statement.
“Our Capital Markets revenues accelerated in the third quarter, with ongoing innovation increasing Tradeweb’s share of global credit trading.”
The group’s data division saw growth of 7.2 per cent while its capital markets business saw growth of 6.2 per cent.
LSEG rounded off a £750m share buyback in the quarterand said this morning it had now put £1.5bn back in shareholders’ pockets since August 2022.
The jump in growth comes despite a lacklustre performance in its flagship equities business as fresh listings and secondary share sales remain subdued.
The group has been forced onto a reform offensive to try and firms to market over the past two years.
However, just 23 firms have listed in the UK in the first three quarters of this year, raising £953m, compared to 34 IPOs raising £1.16bn over the same period of an already quiet 2022, according to figures from EY.