Pan-European bourse Euronext posted a forecast-matching 25 per cent gain in first-half operating earnings today and stuck by its full-year outlook for a slight slowdown in the second half.
The operator of Europe's second biggest equity market, bornfrom the merger of the Amsterdam, Paris and Brussels exchanges, said the final six months of the year are traditionally weaker for stock exchanges.
Trading in July and August was down on the same period lastyear, and new company listings remain depressed, Euronext chief executive Mr Jean-Francois Theodore told a news conference in London.
First-half operating profit before goodwill rose to €159.5million from €127.8 million a year ago.
Euronext reiterated it expects a slight increase in itsfull-year revenues and a further increase in earnings beforeinterest, tax and amortisation (EBITA) in the second half, but not at the same rate as in the first six months.
"These numbers came in very much as we had expected, withstrong sales leading to the highest reported EBITA since thecompany started reporting quarterly," said Mr Manus Costello, an exchanges analyst at Merrill Lynch investment bank.
"We think that the business is well placed to deliver goodearnings growth both this year [+48 per cent] and next [+20per cent]," Mr Costello wrote in a research note.
The company's shares were down 0.17 per cent at €22.84 in Paris.