Gross profit rose 13.9% to 1.8 billion pounds. "In data & analytics, we saw a further acceleration in annual subscription value (ASV) growth, reflecting the investments we have made in our services and stronger customer engagement," Schwimmer said. Banks are major customers of LSEG and Schwimmer said sector consolidation from the forced takeover of Credit Suisse by UBS will have no impact on the company this year. "We may see a very very modest impact in 2024 and 2025, just as UBS works through that," Schwimmer told an analysts call. Jefferies said that ASV growth was "highly impressive" and ahead of market expectations. LSEG shares were down 0.2% at 0821 GMT. ($1 = 0.8015 pounds) (Reporting by Chandini Monnappa in Bengaluru and Huw Jones in London Editing by Dhanya Ann Thoppil, Sinead Cruise and David Goodman)
(Adds Schwimmer comment on Credit Suisse, change story
identifier to LSE-TRADINGSTATEMENT/)
By Huw Jones
LONDON, April 27 (Reuters) - London Stock Exchange Group on Thursday reaffirmed financial targets for the year
before it seeks shareholder approval for a previously announced
buyback of shares from the Blackstone/Thomson Reuters consortium.
LSEG bought data and analytics company Refinitiv for $27
billion from the consortium in January 2021. The group's
traditional exchange activities date back more than 300 years.
"As we continue our shift from integration to
transformation, we are confident of making further progress
through the rest of the year," LSEG Chief Executive David
Schwimmer said in a first-quarter trading update.
The company said it has also made further progress with an
on-market 750 million pound buyback programme, completing the
second 250 million pound tranche in March, with the final
tranche expected to be completed by July.
The exchange group holds its annual meeting in London later
on Thursday.
"In addition, at today's AGM, we are seeking shareholder
approval for a directed buyback from the Blackstone/Thomson
Reuters consortium, expected to be up to 750 million pounds by
April 2024," the company said.
Thomson Reuters holds a minority stake in LSEG, which pays
Reuters for news.
LSEG said that first-quarter income from data and analytics
rose 14.6% year on year to 1.3 billion pounds.
Total income excluding recoveries rose 14.6% to 2 billion
pounds, 1% ahead of consensus according to Jefferies research.
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