London Stock Exchange in ‘strong financial position’, CEO Schwimmer says

imageStock Markets4 minutes ago (Jul 02, 2021 08:46AM ET)

(C) Reuters. FILE PHOTO: The London Stock Exchange Group offices are seen in the City of London, Britain, December 29, 2017. REUTERS/Toby Melville

LONDON (Reuters) -The London Stock Exchange Group (LON:LSEG) is in a strong financial position with integration of the $27 billion Refinitiv data and analytics company it bought in January on track, Chief Executive David Schwimmer said on Friday.

“We’re in a strong financial position,” Schwimmer told an online investor event. “We remain confident in achieving financial targets that we set out when we announced the transaction.”

So far “run rate” savings of 40 million pounds ($55 million) have been made as integration remains on track, and leverage has been cut by 4 billion pounds, he said.

LSEG was continuing an investment programme in Refinitiv and its terminals begun by Blackstone (NYSE:BX), he said of the exchange’s previous owner.

“We have a high level of confidence that we will deliver revenue growth across data and analytics of 4-6% per annum over the medium term,” Schwimmer said.

Costs and capital expenditure will be updated next month when the exchange reports results.

Thomson Reuters (NYSE:TRI), the parent company of Reuters News, holds a minority stake in the LSE following the Refinitiv deal.

($1 = 0.7273 pounds)

London Stock Exchange in ‘strong financial position’, CEO Schwimmer says

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