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

Reuters
·1 min read

Oct 22 (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)

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