Salem Radio Network News Thursday, July 7, 2022

Business

Euronext hikes costs guidance as trading profits soar

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

The group said in a statement that progress on the integration of Borsa Italiana, which it bought last year in a 4.4-billion-euro ($4.64 billion) deal, allowed it to slightly raise its costs guidance by an overall 20 million euros.

“Throughout this first quarter, we pursued a strong momentum in our integration plan and in the realisation of targeted EBITDA (earnings before interest, taxes, depreciation and amortisation) synergies,” the group said in a statement.

Euronext, which runs the stock markets of Paris and Amsterdam among others, posted first-quarter revenues 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)

(This story corrects to fix spelling of “Borsa Italiana” in 2nd paragraph)

(Reporting by Juliette Portala, editing by Tassilo Hummel)

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