London Stock Exchange revenue up 12%, CFO David Warren to retire


London Stock Exchange Group PLC said Friday that total revenue rose 12% in the third quarter, and that the group’s chief financial officer, David Warren, intends to retire by the end of 2020.

The U.K. exchange operator

LSE, +2.33%

 , which has been offering stock trading for more than 200 years, said total revenue in the three months to Sept. 30 was 521 million pounds ($669 million), compared with GBP464 million in the third quarter of 2018.

LSE Group said its third-quarter gross profit also rose, climbing 14% to GBP529 million.

The company said the proposed acquisition of Refinitiv Holdings Ltd. is progressing.

In September, LSE dismissed Hong Kong Exchanges & Clearing Ltd.’s (0388.HK) near-$37 billion takeover attempt. The bid came less than two months after the LSE and its chief executive, David Schwimmer, agreed to acquire Refinitiv for $14.5 billion, with the intention of becoming a fully fledged financial data provider.

“This is a transformational transaction that accelerates our group’s strategy, positioning us in key areas of future growth as a global financial markets infrastructure leader,” Mr. Schwimmer said.

The Hong Kong exchange later tried to appeal directly to shareholders before ultimately dropping its pursuit of the U.K. operator.

LSE said that it will undertake a global search to replace Group Chief Financial Officer David Warren, who will continue in the role through 2020.

The board appointed David Shalders as chief integration officer, the company said. He will join as a member of the executive committee and report to the chief executive.

Source : MTV