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Euronext's core profit stable on lower costs
February 15, 2017 / 6:50 AM / a year ago

Euronext's core profit stable on lower costs

Feb 15 (Reuters) - Euronext said its full-year core earnings stood stable, as the pan-European exchange group’s reduced costs offset a drop in listing and trading volumes that it blamed on uncertainty following Britain’s vote to leave the European Union.

Euronext, which has agreed to buy London Stock Exchange Group’s French clearing business for 510 million euros ($539.6 million), said earnings before interest, tax, depreciation and amortisation (EBITDA) was stable at 283.9 million euros for 2016.

Analysts on average had expected EBITDA of 276.6 million euros, according to Thomson Reuters I/B/E/S.

The company, which operates bourses in Paris, Amsterdam, Brussels, London and Lisbon, said third-party revenue fell to 496.4 million euros from 518.5 million euros in the year.

Operating expenses for the year fell 9.4 percent to 212.5 million euros from 234.7 million euros a year earlier. ($1 = 0.9452 euros) (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Gopakumar Warrier)

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