On Thursday, London Stock Exchange Group (LSEG.L) disclosed full-year revenue for 2022 that was marginally higher than anticipated. The company also hailed the integration of Refinitiv as a success and revealed plans to increase its ownership of the data analytics company.
In its preliminary results for 2022, LSEG recorded total revenue of 7.743 billion pounds ($9.28 billion), just above the consensus estimate of 7.733 billion pounds provided by analysts. It announced basic profits per share of 141.8 pence and a dividend per share of 107 pence, both of which were higher than analysts had anticipated.
LSEG Chief Executive David Schwimmer said in a statement: “In addition to our current share buyback, we are today announcing intentions to seek shareholder approval for a buyback directed towards the Blackstone/Thomson Reuters consortium’s stake, which will help all shareholders.
Refinitiv was purchased by LSEG for $27 billion from the Blackstone/Thomson Reuters consortium in January 2021. By April 2024, LSEG expects the directed repurchase to be up to 750 million pounds, according to LSEG.
It stated that of a distinct 750 million pound share buyback, 300 million pounds were completed in 2022, with the remaining portion to be finished by July 2023.
As of January 31, LSEG shares were owned by Thomson Reuters, the parent firm of Reuters News, for about $5.6 billion.
Schwimmer claimed that the group is “shifting from integration to transformation” as a result of the acquisition of Refinitiv and a strategic $2 billion partnership revealed with Microsoft in December.
(1 dollar equals 0.8344 pounds)