The London Stock Exchange Group reports a 73% jump in profits.

The London Stock Exchange Group reported on August 5 a significant increase in pre-tax profit for the first half of 2022 and said it was launching a share buyback program with an aggregate value of up to 750 million of pounds ($911.9 million).

The listed company made a pre-tax profit of £803m compared to £463m in the same period a year earlier.

Total revenue including recoveries rose to £3.74bn from £3.02bn in the year-ago period.

TO READ The head of the London Stock Exchange: “It should not be easier to invest in crypto than capital markets”

The board declared an interim dividend of 31.7 pence per share, up from 25.0 pence a year earlier.

David Schwimmer, CEO, said the group was managing costs well and continues to make progress in achieving synergies.

“We deliver solutions to solve critical problems for our clients, with a high proportion of recurring subscription revenue and transactional revenue in structural growth that benefits from volatility. Our cash generation enables us to actively deploy capital in organic investments and inorganics, increase our dividend and initiate a share buyback program, generating more value for our shareholders. We are successfully executing our strategy, have good momentum in the second half and our targets remain unchanged.”

This article was published by Dow Jones Newswires


Source link

You May Also Like

About the Author: Chaz Cutler

My name is Chasity. I love to follow the stock market and financial news!