Euronext records record revenue and improves its cost forecasts

FILE PHOTO: The Euronext logo is seen in the financial and business district of La Defense, amid the outbreak of the coronavirus disease (COVID-19), in Paris, France, November 10, 2020. REUTERS/ Benoit Tessier

May 17 (Reuters) – Euronext (ENX.PA) reported record quarterly revenue on Tuesday as the pan-European exchange benefited from high market volatility amid the international crisis and improved cost control.

“Including the consolidation of the Borsa Italiana Group, Euronext recorded over 50% year-on-year growth in reported revenue, adjusted EBITDA (earnings before interest, tax, depreciation and amortization ) and adjusted net income,” chief executive Stéphane Boujnah said in a statement.

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

The acquisition also led Euronext to realize €15.2 million in cumulative annual synergies and to bear €31.4 million in cumulative implementation costs at the end of the quarter.

The group, which manages the Paris and Amsterdam stock exchanges, among other things, achieved a turnover of 395.7 million euros in the first quarter, against 370.1 million in the previous quarter and an increase of 58.8 % over one year.

Its adjusted EBITDA also increased by 66.8% to 252.2 million euros compared to last year.

($1 = 0.9489 euros)

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

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