London Stock Exchange earnings: London Stock Exchange Group announced on Thursday that its full-year earnings for 2023 were at the upper end of its projected guidance, reaffirming its intention to repurchase £1 billion in shares this year directly from Blackstone and Thomson Reuters.

Having reached the third anniversary of its acquisition of Refinitiv for $27 billion from Blackstone and Thomson Reuters, London Stock Exchange Group has transformed into a formidable financial market data entity, with data now constituting 70 per cent of the group's turnover, aiming to compete more effectively with the industry leader Bloomberg.

David Schwimmer, CEO of LSEG, expressed satisfaction with the company's performance, stating, “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. We look forward to further progress in 2024.”

LSEG reported total income, excluding recoveries, of £8 billion, marking a 7.8 per cent increase from 2022, and falling within the forecasted range of 6-8 per cent. 

The figure slightly exceeded the consensus provided by LSEG and was slightly above analysts' expectations.

Earnings per share rose to 323.9 pence, representing a 1.9 per cent increase from the previous year but slightly below the analysts' consensus of 328.2 pence.

Thomson Reuters, the owner of Reuters News, holds a minority stake in LSEG following the Refinitiv deal. Additionally, LSEG pays Reuters for news services.

(With Reuters Inputs)