London Stock Exchange underlying income rises


London Stock Exchange Group PLC said Wednesday that pro forma total income for the first quarter rose on an underlying basis, and that its integration of data provider Refinitiv is well under way.

The stock-exchange and financial-information company said pro forma total income–excluding recoveries–for the first three months of the year was 1.68 billion pounds ($2.34 billion) compared with GBP1.70 billion for the same period last year. On a constant-currency basis and adjusting for deferred revenue, total income rose 3.9%.

The company said it delivered a strong underlying performance across all divisions, driven by new business growth and strong customer retention.

LSEG said around GBP40 million of cost synergies from the Refinitiv deal–which was completed at the end of January–have already been realized, and that it expects to close its divestment of Borsa Italiana Group shortly in the second quarter.

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