London, UK - The London Stock Exchange Group has released its financial results for the first half of 2023, exceeding expectations and demonstrating strong growth. Let's take a closer look at the key highlights:
Total Income Excluding Recoveries
Total income excluding recoveries for the six months ended June 30 amounted to £3.99 billion ($5.07 billion). This figure surpassed the consensus estimate of £3.98 billion based on 12 analyst predictions. Furthermore, it showed significant growth compared to the same period in 2022 when total income was £3.57 billion.
Adjusted Pretax Profit
The FTSE 100-listed group reported adjusted pretax profit of £1.355 billion for the period. Although slightly lower than the consensus estimate of £1.39 billion, it marked an improvement from the previous year's figure of £1.33 billion. On a reported basis, pretax profit decreased to £622 million from £803 million.
Key Metrics to Watch
During the first half of 2023, certain metrics caught our attention:
ASV (Annual Subscription Value)
ASV witnessed a 6.9% growth by the end of June, slightly lower than the 7.6% growth at the end of the first quarter. However, this decline was attributed to short-term timing differences between cancellations and the on-boarding of contracted sales. The London Stock Exchange Group expects this temporary impact to reverse in the second half, ensuring sustained growth.
The adjusted EBITDA margin for the first half of the year stood at 46.9%, down from the previous year's 50.4%. This was primarily due to non-cash foreign exchange-related balance sheet adjustments. However, excluding these items, the London Stock Exchange Group remains on track to achieve its target margin of approximately 48% for the year.
London Stock Exchange Group has revised its total income guidance for 2023, now expecting it to fall towards the higher end of its initial 6% to 8% range.
These results demonstrate the strong performance and resilience of the London Stock Exchange Group. With robust financials and a positive outlook, the company is well-positioned for continued success in the second half of 2023 and beyond.
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