LONDON, April 25 (Reuters) – London Stock Exchange Group (LSEG.L), opens new tab said on Thursday its first quarter growth was in line with plans for the roll out of products from its partnership with Microsoft (MSFT.O), opens new tab, although the bourse’s shares briefly hit a five-month low.
LSEG was “confident of continued growth and improving profitability”, adding that it was on track to meet all the financial guidance it had given in November 2023.
Shares in LSEG hit lows last seen in November before edging higher after analysts digested explanations for a drop in a closely-watched metric tracking recurring subscription revenue.
LSEG said total income, excluding recoveries, in the first quarter was 2.089 billion pounds ($2.61 billion), with gross profit of 1.893 billion pounds, in line with analysts’ consensus forecasts compiled by the company.
LSEG, which provides financial market data and analytics to banks and other financial institutions, said that organic annual subscription value (ASV) growth, came in at 6% in the first quarter, short of some analysts’ expectations, and a drop on the prior quarter.
Source: REUTER
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