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London Stock Exchange says Refinitiv integration is on track

The offices of the London Stock Exchange Group are seen in the City of London, Britain December 29, 2017. REUTERS/Toby Melville

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LONDON, April 27 (Reuters) – The London Stock Exchange Group said on Wednesday it was on track to meet its financial targets as it continued to integrate its $27 billion acquisition of the data company and analysis Refinitiv.

LSEG said total revenue for the first quarter increased 6.3% with good growth across all divisions, and 6.8% after adjusting for the measures taken by the group in response to the invasion of the Ukraine by Russia, which led the exchange to stop trading its Russian listings. Read more

The exchange also suspended all products and services for customers in Russia and halted distribution of news and commentary in the country.

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LSEG bought Refinitiv in January 2021, turning the exchange into a major data player, but the move raised concerns among investors that it had bitten off more than it could chew, especially after outages.

Since then, nerves have calmed down as LSEG made progress in integrating the new company and meeting savings targets.

LSEG said on Wednesday that 25 million pounds ($31 million) of “operating rate” revenue synergies had been realized by the end of March and said it was “on track to achieve all financial goals.

“Our ability to invest for growth, make strategic acquisitions and return capital to shareholders demonstrates the strength of the group and its high quality recurring revenue,” LSEG chief executive David Schwimmer said in a statement.

“The group is well positioned and we look forward to further progress over the remainder of 2022,” he added.

LSEG said a significant portion of the net proceeds from its $1.1 billion divestiture of its BETA+ wealth management back-office unit will be returned to shareholders via a share buyback, which is expected to begin in the third quarter of this year. Read more

LSEG distributes Reuters news and commentary as part of its products. Thomson Reuters (TRI.TO), the parent company of Reuters News, has a minority stake in the LSE after the exchange bought Refinitiv from it.

($1 = 0.7946 pounds)

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Reporting by Huw Jones; Editing by Andrew Heavens and Edmund Blair

Our standards: The Thomson Reuters Trust Principles.