LSEG launches new share buyback, Refinitiv integration on track

LONDON, Aug 4 (Reuters) – The London Stock Exchange Group said on Friday that cost and savings targets for the integration of data company Refinitiv, acquired for $27 billion (26, 38 billion euros), remain unchanged, and that it was launching a share buyback for an amount of 750 million pounds (891 million euros).

“We are managing costs well and continue to make progress in realizing synergies,” Chief Executive David Schwimmer said in a statement announcing the company’s half-year results.

LSEG acquired Refinitiv last year and transformed the business, emphasizing financial market analytics and data services, which are now larger than all of its other businesses combined. .

“We are successfully executing our strategy, we have good momentum for the second half and our objectives remain unchanged,” said David Schwimmer.

LSEG reported first-half gross profit of 3.231 billion pounds, slightly above analyst consensus of 3.229 billion pounds. It reported adjusted basic earnings per share of 167.4 pence, above analysts’ expectations of 149.6 pence.

LSEG will pay an interim dividend of 31.7p per share, up 27% on the same period last year.

The share buyback will be launched immediately and will take place over 12 months.

Thomson Reuters, which owns Reuters News, has a minority stake in LSEG. (Reportage Huw Jones, French version Augustin Turpin, edited by Kate Entringer)

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