LSE expects progress in 2024, says outlook for IPOs ' encouraging'

(Sharecast News) - The London Stock Exchange Group posted modest profit growth for the year just ended and sounded a confident note on the outlook, including for initial public offerings. "2023 was another strong year for LSEG. We continued our track record of broad-based growth, despite an uncertain environment, and delivered on all the targets we set at the time of the Refinitiv acquisition," said chief executive officer David Schwimmer.

"We also significantly improved our products and services, further strengthened our leadership team and made great progress on creating a high-performance culture throughout the organisation."

For the year ending on 31 December, the group said that total income jumped by 8.1% at constant currencies to reach approximately £8.38bn.

Profit before tax on a reported basis was down by 3.7% to £1.2bn, but adjusted earnings before interest, taxes, depreciation and amortisation were ahead by 6.4% to £3.8bn.

Adjusted earnings per share edged up 1.9% to 323.9p.

Scwimmer also said that the financial infrastructure and data provider was collaborating more closely with Tradeweb in Capital Markets and seeing an "encouraging" pipeline of IPOs for the LSE.

"We look forward to further progress in 2024. Our model - global, multi-asset class, and operating across the entire trade lifecycle - is proven to thrive regardless of market conditions, and we will continue to invest to deliver the best possible services for our customers and returns for our shareholders."

As of 0903 GMT, shares of LSE Group were off by 2.13% to 8,722.0p.