Euronext posts record revenue, improves cost guidance – Metro US

Euronext posts record revenue, improves cost guidance

The coronavirus disease (COVID-19) outbreak, in Paris
The coronavirus disease (COVID-19) outbreak, in Paris

(Reuters) -Euronext reported on Tuesday record quarterly revenue as the pan-European stock exchange profited from high market volatility during a time of international crises, and improved cost control.

“Including the consolidation of the Borsa Italiana Group, Euronext delivered more than 50% growth year on year in reported revenue, adjusted EBITDA (earnings before interest, taxes, depreciation and amortisation) and adjusted net income,” Chief Executive Officer Stephane Boujnah said in a statement.

As the integration of the Milan bourse, which Euronext bought in a 4.4 billion euro ($4.6 billion) deal last year, progressed, the stock exchange operator reduced 2022 underlying costs expectations to 612 million euros and the amount of 2024 cumulated implementation costs to 150 million.

The acquisition also led Euronext to achieve 15.2 million euros cumulated run-rate annual synergies and incur 31.4 million of cumulated implementation costs at the end of the quarter.

The group, which runs the stock markets of Paris and Amsterdam among others, posted first-quarter revenue of 395.7 million euros, up from 370.1 million in the previous quarter and a 58.8% year-on-year increase.

Its adjusted EBITDA also grew by 66.8% to 252.2 million euros from last year.

($1 = 0.9489 euros)

(Reporting by Juliette Portala, editing by Tassilo Hummel and David Evans)