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Euronext says profits stable on higher trading volumes

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Paris (AFP)

European stock market operator Euronext said Wednesday that profits held steady in the third quarter as trading volumes and the number of new stock exchange listings increased.

Euronext -- which operates the Paris, Amsterdam, Brussels and Lisbon stock exchanges -- said in a statement that net profit amounted to 38.3 million euros ($44 million) in the period from July to September, an increase of 0.6 percent over the same period a year earlier.

Revenues were up 14.1 percent at 128.7 million euros.

"Euronext's results for the third quarter of 2017 were driven by the improvement of volume in a stabilised macro environment and by the first contributions of our new acquisitions," said chief executive, Stephane Boujnah.

Nevertheless, the group said its bottom line was hit by one-off factors, including a 5.0-million-euro break-up fee for the termination of an agreement on derivatives clearing with US exchange, ICE.

Underlying or operating profit grew by 13.3 percent to 69.5 million euros.

By division, sales generated from new stock exchange listings jumped by 46.6 percent to 20.2 million euros and revenues from trading were up 16.4 percent at 57.2 million euros, with average daily volume for cash trading up by 19.5 percent at 6.9 billion euros.

"The improvement in volume resulted from a more stable political outlook in France, favourable economic conditions and improved corporate earnings across the eurozone," Euronext said.

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