Irish stock exchange takeover boosts Euronext profits
Pan-European bourse operator Euronext on Friday said its net profits jumped 5 percent in the second quarter, thanks chiefly to its acquisition of the Irish Stock Exchange.
Euronext in November last year announced its takeover of the Irish Stock Exchange, adding Dublin to its eurozone portfolio that includes Paris, Amsterdam, Brussels and Lisbon.
The acquisition was completed in March this year, for 137 million euros ($159 million).
The takeover came as Ireland looks for ways to deepen financial ties with Europe as neighbouring Britain heads for Brexit.
Euronext's net income from April to June hit 56.6 million euros, falling just short of analysts' expectations.
The operator in a statement said revenue from listings was up 20.3 percent to 28.4 million euros. That jump, it said, was the result of "the consolidation of Euronext Dublin and improved primary markets".
Underlying profit -- as measured by earnings before interest, taxes, depreciation and amortisation (EBITDA) -- meanwhile rose by 11.9 percent from last year, exceeding analysts' expectations.
Euronext also attributed its strong performance to "continued cost discipline".
© 2018 AFP