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London Stock Exchange launches 750 million share buyback after jump in profits

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The London Stock Exchange Group (LSEG) is due to return $750 million to shareholders over the next year after posting bumper profits.

The financial markets and data sector has confirmed its intention to return the funds to investors through a share buyback after revealing that pre-tax profits jumped 73% to 803 million in the first half of 2022. , compared to the same period last year.

He said he was supported by stronger revenue growth and cost management as he showed good momentum early in the second half.

LSEG said profitability was also strong as it remained on track with cost and savings targets from the nearly $20 billion takeover of Refinitiv it sealed in 2020.

As a result, he remained firm on his financial targets for the rest of the year.

The company said it saw progress across all divisions during the six-month period, revealing a 23.7% increase in total revenue to 3.73 billion for the period.

Managing Director David Schwimmer said: LSEG delivered a strong first half performance with continued revenue growth across all of our businesses.

We are managing costs well and we continue to make progress in realizing synergies.

Our cash generation allows us to actively deploy capital in organic and inorganic investments, increase our dividend and initiate a share buyback program, creating additional value for our shareholders.

We are successfully executing our strategy, we have good momentum at the start of the second half and our objectives remain unchanged.

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2/ https://www.independent.co.uk/business/london-stock-exchange-starts-ps750m-shares-buyback-after-profits-jump-b2138767.html

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