LSE first half profits flat

Source: LSE

Announcement of interim results for the six months ended 30 September 2012.

  • Strong financial performance in challenging markets with good contribution from the Group's Information Services, Post Trade Services and Technology businesses
  • FTSE performing well, with major US and European client wins announced; range of new services and initiatives launched; further successful roll out of MillenniumIT platforms; and continued success of UK and Italian retail bond markets
  • Total income up 10 per cent at £423.7 million (H1 FY 2012: £386.5 million)
  • Revenue up 7 per cent to £349.8 million (H1 FY 2012: £328.1 million)
  • Adjusted operating profit(1) up 1 per cent at £217.2 million (H1 FY 2012: £214.3 million); operating profit of £186.8 million (H1 FY 2012: £192.5 million)
  • Adjusted basic EPS1 up 9 per cent at 51.8 pence (H1 FY 2012: 47.6 pence); basic EPS broadly stable at 43.0 pence (H1 FY 2012: 43.1 pence)
  • Interim dividend up 4 per cent to 9.7 pence per share (H1 FY 2012: 9.3 pence per share)
  • Successful inaugural retail bond on Group's ORB platform - increases facility headroom and extends maturity of financing through a £300 million, 4.75 per cent 9 year bond
  • Strong net cash inflow from operating activities of £172.5 million; operating net debt to adjusted EBITDA was 1.4 times, in line with the position at the start of the year
  • Regulatory and anti-trust processes are progressing in respect of the acquisition of up to 60 per cent of LCH.Clearnet, with approval received from French lead regulator; the Group remains in discussions to explore options regarding potential implications of increased capital requirements for LCH.Clearnet


Commenting on performance of the Group, Xavier Rolet, Chief Executive said: "We have delivered a strong first half financial performance. The 10 per cent uplift in total income highlights the benefits of our increasingly diversified internatiotional Group and reflects growth from our Information, Post Trade and Technology businesses.

"Good performances, business wins and development of new initiatives have characterised another busy period for the Group. FTSE's recent significant US and European client wins, the continued progress of our retail bond platforms in Italy and the UK, the development of our International Board and the successful migration to MillenniumIT trading systems, are all particular highlights.

"We remain focused on realising operational and integration efficiencies, developing growth opportunities and progressing our transaction with LCH.Clearnet. We continue to adapt to an evolving regulatory landscape and market conditions remain challenging in some areas, notably in Capital Markets, but we remain strongly placed to benefit from market improvements and the opportunities presented by industry changes."

1 before amortisation of purchased intangibles and non-recurring items

All comparisons are against the same corresponding period in the previous year unless stated otherwise 

Read the full statement here

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