London Stock Exchange Q3 revenue up 2%, says Refinitiv savings on track

Tajammul Pangarkar
Tajammul Pangarkar

Updated · Oct 22, 2021

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October 22, 2021

(Reuters) – London Stock Exchange Group posted a 2.1% rise in revenue in the third quarter and said it was on track to achieve its cost savings from the integration of data platform Refinitiv.

The exchange said its total income on a pro forma underlying basis was 1.78 billion pounds ($2.46 billion) in the three months to the end of September, compared with 1.75 billion pounds a year ago.

“We are making excellent progress on the integration of Refinitiv and are comfortably on-track to achieve 125 million pounds of cost synergies in 2021, ahead of our original phasing,” chief executive David Schwimmer said in a statement.

Refinitiv was carved out from Thomson Reuters, parent of Reuters News, in 2018 by a consortium led by Blackstone before being bought by LSEG in a $27 billion deal finalised in January 2021.

Thomson Reuters now holds a minority stake in LSEG and Refinitiv pays Thomson Reuters for news it distributes.

($1 = 0.7249 pounds)

(Reporting by Rachel Armstrong; editing by Tom Wilson)

Source Link London Stock Exchange Q3 revenue up 2%, says Refinitiv savings on track

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Tajammul Pangarkar

Tajammul Pangarkar

Tajammul Pangarkar is a CMO at Prudour Pvt Ltd. Tajammul longstanding experience in the fields of mobile technology and industry research is often reflected in his insightful body of work. His interest lies in understanding tech trends, dissecting mobile applications, and raising general awareness of technical know-how. He frequently contributes to numerous industry-specific magazines and forums. When he’s not ruminating about various happenings in the tech world, he can usually be found indulging in his next favorite interest - table tennis.

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