LONDON (Reuters) -London Stock Exchange Group said on Thursday that its income rose a better-than-expected 9.5% in the third quarter versus a year earlier, helped by higher annual subscription value.
LSEG’s total income, excluding recoveries, came in at 2.12 billion pounds ($2.74 billion) in the three months to September 30 on a constant currency basis, topping a company-compiled analysts’ consensus of 2.10 billion pounds.
Annual subscription value (ASV), which reflects recurring revenue and is closely watched by analysts, increased 6% in the quarter and the company said it expected ASV growth to remain around 6% for the rest of this year.
However, LSEG said it saw a small impact from cancellations related to Swiss bank Credit Suisse in the period.
In its first quarter, LSEG had said its annual subscription value was hit by UBS’s forced takeover last year of Credit Suisse, which reduced demand for LSEG products, but that the full impact of the deal was still to come.
Reuters provides news for LSEG’s news and data Workspace terminal.
($1 = 0.7735 pounds)