Mixed picture at the London Stock Exchange
The London Stock Exchange today posted a first-quarter revenue fall of 8% to £161.9 million as trading declined, but said there is light at the end of the tunnel with the latest figures up 5% on the preceding quarter.
Stripping out the effects of currency movements, the Exchange, which also runs the Milan bourse, saw revenue for the three months to June 30 rise 7% on its last quarterly results.
The LSE's new chief executive, former-Lehman Brothers banker Xavier Rolet, said: "The Group has delivered a good overall quarter-on-quarter performance, though down on Q1 last year. Cash equities trading picked up in Italy and was broadly resilient in the UK in terms of value traded."
In the UK, the LSE saw a 43% plunge in year-on-year average daily value traded in June, following a 37% fall in May and a 36% decline in April.
Rolet admitted market conditions will remain "challenging" in the near term, but said the firm is in good shape. Rolet added: "New trading tariffs for UK cash equities trading have been announced, and work continues to ensure the Group is well placed to capture market opportunities."
The LSE's annual general meeting this afternoon will be Dame Clara Furse's last formal role. Furse, one of the few female chief executives in the City, stepped down from the post in February.
