Shares in London Stock Exchange Group (LON:LSE) have climbed higher this morning as the blue-chip company posted a rise in third-quarter revenues. The group further announced that it had increased its holding in clearing house LCH.
As of 10:24 BST, London Stock Exchange’s share price had gained 0.65 percent to 4,314.00p, outperforming the broader UK market, with the benchmark FTSE 100 index currently standing 0.08 percent lower at 7,021.03 points. The group’s shares have added more than 11 percent to their value over the past year, as compared with about a 6.6-percent dip in the Footsie.
LSE posts third-quarter results
London Stock Exchange announced in a statement this morning that its reported revenue had climbed five percent in the third quarter of the year, while its total income had surged eight percent to £522 million on a like-for-like basis.
“The Q3 results show continued momentum across the Group, reflecting another period of operational execution and investment in the business,” the group’s new chief executive David Schwimmer commented in the statement. He joined the company in August following former CEO Xavier Rolet’s stormy departure.
Group hikes holding in LCH
The company announced in a separate statement that it was in the process of acquiring up to a further 15.1 percent in LCH Group’s share capital, with the move expected to take its holding in the clearing house to over 80 percent. The total cash consideration payable by the FTSE 100 group will be up to a maximum of €438 million (£384 million).
The Times quoted Russ Mould, the investment director at AJ Bell, as commenting that he had been waiting for LSE’s new chief executive to communicate his strategy for the business.
“While the latest results don’t give the full game plan, it is interesting to [see] the acquisition of another 15.1 per cent stake in LCH Group,” Mould pointed out.