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Euronext second quarter results show 14.6 per cent increase in revenue


Pan-European exchange Euronext has announced its results for the second quarter of 2018.

The figures show an increase in revenue to EUR157.3 million (+14.6 per cent) with a listing revenue of EUR28.4 million up +20.3 per cent, resulting from the consolidation of Euronext Dublin and improved primary markets, offsetting a moderate activity in secondary markets.
Cash trading revenue at EUR53.9 million was up +7.1 per cent, thanks to a sustained market share, at 66.1 per cent, efficient yield management, at 0.51bps, and stable volumes (Cash ADV at EUR8.4bn, down -2.5 per cent).
Market data and indices revenue of EUR29.4 million was up +12.9 per cent. There was also a growing contribution to the Group’s revenue from revenue diversification initiatives with Euronext Dublin contributing EUR8.7 million, FastMatch EUR5.6 million and Agility for Growth initiatives EUR4.0 million
EBITDA was up, at EUR88.6 million (+11.9 per cent), with a 56.3 per cent margin (-1.4pts). EBITDA margin for core business and Agility for Growth, excluding clearing, at 60.0 per cent[3] (up +1.2pts compared to Q2 2017).
Euronext writes that there was a EUR18.8 million of cumulated core business gross efficiencies achieved since Q2 2016 thanks to continued cost discipline.
Group costs were up due to recent acquisitions (Euronext Dublin and FastMatch) and transactions costs, while core business costs were down.
Growth in EPS (basic) to EUR0.81 (+4.9 per cent). Adjusted EPS at EUR0.90[4] (+13.8 per cent). Net income, share of the Group, at EUR56.6 million up +5.0 per cent: strong cost discipline and incremental contribution from LCH SA equity stake offsetting higher exceptional costs.
First half of 2018 EBITDA up, at EUR176.7 million (+18.1 per cent) and EBITDA margin at 58.1 per cent (+1.4pts compared to H1 2017).
The exchange writes that it has also secured a successful migration of Euronext cash markets to Optiq, the new proprietary trading platform brings a tenfold increase in capacity, cutting-edge performance in terms of latency and optimised hardware footprint. The migration follows the implementation of the Market Data Gateway in July 2017 and the migration of fixed-income instruments to the platform in April 2018

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