LSEG London Stock Exchange Group Plc

By Ian Walker

London Stock Exchange Group has reported an 8% rise in total income, excluding recoveries, on strong, broad-based growth across the business, and backed its full-year total income guidance.

The stock-exchange and financial-information company said Thursday that total income excluding recoveries--a key metric for the company--was 1.97 billion pounds ($2.39 billion) compared with GBP1.905 billion for the comparative period a year earlier.

Within this, data & analytics income grew 7.2% to GBP1.30 billion and capital markets income rose 6.2% to GBP375 million, although equities income fell 8.3% reflecting subdued market volumes. Post trade income grew 17% to GBP286 million.

Recoveries mainly relate to fees for third-party content, such as exchange data, that is distributed directly to customers.

LSEG said it expects 2023 total income excluding recoveries to grow toward the upper end of the previously guided range of 6% to 8%. It also backed its earnings before interest, taxes, depreciation and amortization margin target of around 48% and still sees capital expenditure of around GBP750 million.

"LSEG delivered another quarter of strong, broad-based growth. By building compelling solutions that meet customers' evolving business needs we have established a consistent track-record of growth in our data & analytics business," Chief Executive David Schwimmer said.

"Our capital markets revenues accelerated in the third quarter, with ongoing innovation increasing Tradeweb's share of global credit trading. Our post trade businesses also continue to grow strongly as customers look to our risk management services in an uncertain macro environment."

Write to Ian Walker at ian.walker@wsj.com

(END) Dow Jones Newswires

October 19, 2023 03:02 ET (07:02 GMT)

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