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FTSE-Russell boosts London Stock Exchange H1 earnings

05 August 2015  |  2035 views  |  0 Source: London Stock Exchange

London Stock Exchange has announced interim results for the 6 months ended 30 June 2015.

Unless otherwise stated, all figures below refer to the six months ended 30 June 2015. Comparative figures are for the six months ended 30 June 2014 (H1 2014).

  • Continued delivery of strategy - good financial performance driven by contribution from Russell as well as from underlying growth in Capital Markets, Information Services, OTC clearing at LCH.Clearnet and Italian Post Trade operations
  • Revenue up 90% to £1,164.9 million (H1 2014: £611.5 million); on a continuing operations basis, revenue up 9% and up 14% after adjusting for the loss of LME business
  • Total income up 83% to £1,208.7 million (H1 2014: £661.2 million)
  • Operating expenses of £842.5 million, up 4% on an organic and constant currency basis as the Group invests in growth initiatives, and flat after excluding cost of sales
  • Adjusted operating profit up 27% at £366.1 million (H1 2014: £ 288.8 million); operating profit of £239.4 million (H1 2014: £205.7 million); profit after tax of £165.1 million (H1 2014 £136.0 million)
  • Adjusted EPS up 14% at 65.5 pence (H1 2014: 57.3 pence); basic EPS1 of 43.4 pence (H1 2014: 40.5 pence)
  • Interim dividend increased 11% to 10.8 pence per share (6 months to 30 September 2014: 9.7 pence per share), reflecting good performance and confidence in future prospects as investment for growth continues
  • Good progress with integration and development of global indexes business, FTSE Russell, and with the sale of Russell Investment Management
  • Open access is delivering - agreement with CME to launch US futures contracts on FTSE Russell indexes; Turquoise entered exclusive discussions with Plato Partnership, to collaborate on market structure initiatives in Europe
  • Commenting on performance for the period, Xavier Rolet, Group Chief Executive, said:

“The Group has delivered good operational and financial performance in the period. Our global indexes business, FTSE Russell, has shown strong growth, and there have been positive underlying results in other Information Services products, as well as Capital Markets and Italian Post Trade. LCH.Clearnet has made further solid progress in the development of its OTC clearing services. Despite currency headwinds, our diversified global business has delivered good returns.

“As a leading international, open access market infrastructure business we continue to see attractive opportunities for growth in a changing regulatory and competitive landscape. Reflecting both the good first half performance and the confidence in our prospects as we invest in growth initiatives, we have raised the interim dividend by 11 per cent.”

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