Progress on the proposed acquisition of Refinitiv was said to be going well and on course for completion in the first quarter of next year, with most regulatory clearances achieved around the world but management continuing to “engage constructively” with the European Commission, where the €4.3bn sale of Bolsa Italiana during the quarter is expected to help things.
Total revenue of £600mln in the past three months means, for the year to date, the company is 6% ahead of where it was last year at £1.8bn.
The Post Trade arm grew turnover 5% to £259mln for the third quarter, slowing from the 9% in the first half of the year.
Information Services was up 1% to £223mln, down from 5% in the first half amid lower levels of passive fund AUM in the prior quarter, even though assets benchmarked against ETF products continued to rise.
Underlying Capital Markets revenues were flat year on year at £102mln, having risen 12% in the first half, excluding the one-off benefit of an IFRS 15 adjustment in the prior year.
Primary markets revenue was higher, with continued levels of good further issuance activity, even though equities trading revenues were lower as a result of reduced market activity.
After paying its interim dividend, the company had £757mln of headroom on its lending facilities as of September 30.