Irish Stock Exchange gives boost to Euronext

PARIS-BASED Euronext, which took over the Irish Stock Exchange earlier this year, has reported a 14.6pc increase in revenue to €157.3m in the three months to June 30.

The performance was helped by the consolidation of Euronext Dublin and a continued focus on costs, the company said in its second-quarter results yesterday.

Euronext Dublin was acquired in a deal valued at €137m in March. It contributed €8.7m to the group’s revenue during the three months to the end of June.

Earnings before interest, taxation, depreciation, and amortisation at the group were €88.6m for the three months, a 12pc increase on the same period last year. However the group’s earnings margin, at 56.3pc, was down slightly on the second quarter of 2017.

Group costs increased due to acquisitions, including Euronext Dublin and FastMatch, as well as transaction costs, the company said.

Overall however, Euronext’s core business costs were down.

“The second quarter saw the first contribution from Euronext Dublin, that diversifies our revenue profile, strengthens our listing franchise and positions Euronext as the world leading listing venue for debt,” Stéphane Boujnah, CEO and chair of Euronext, said.

“Our teams are now working on the integration that is progressing as planned.”

Although relatively obscure, compared to share trading, there are more than 36,700 individual securities from 90 countries listed in Ireland, making it of European – and even global – relevance, while the stock exchange itself is heavily weighted to the domestic market.