Amsterdam, Brussels, Lisbon, London and Paris – 6 November 2014 – Euronext today announced its results for the third quarter of 2014.
- Third party quarterly revenue increased by +10.3% on an adjusted basis to €112.3 million (Q3 2013 adjusted: €101.9 million), or +24% on a reported basis (Q3 2013 reported: €90.6 million)
- Robust cost discipline continues with quarterly operational expenses excluding depreciation and amortization decreasing by -8.2% compared to Q3 2013 adjusted1(increase by+0.6% compared to Q3 2013 reported)
- EBITDA margin of 44.1% in Q3 2014; EBITDA margin year-to-date of 45.4%
- Growth driven by ongoing strong cash trading, market data businesses, sustained listing activity and first benefits of initiatives
- Execution of strategic roadmap on track
- €30 million of efficiencies already achieved on an adjusted basis - commitment to deliver €60 million efficiencies by end of H1 2015 on a run-rate basis, 18 months ahead of schedule
“Euronext continues to execute on its ambitious development strategy. Our revenue shows solid growth, the €60 million of efficiencies previously committed will be delivered 18 months ahead of schedule and our EBITDA target of 45% has therefore been met earlier than previously announced. This solid set of results demonstrates our capacity to deliver on our medium term objectives. We remain confident that the long term economic and regulatory cycle favourable for Euronext’s growth continues, despite some recent short term market turbulence. I am also delighted to have been joined by an extremely high calibre team who will reinforce our focus on innovation and execution in order to position Euronext as a leading pan-European capital raising centre,” said Dominique Cerutti, CEO and Chairman of the Managing Board of Euronext NV.
for the three month period ending 30 September 2013 the changes in third party revenue and operational expenses have also been included when adjusted for the new derivative clearing agreement with LCH.Clearnet. This was included based on our estimate of the amount of revenue we would have received and the amount of associated expenses we would have paid under the Derivatives Clearing Agreement, based on our actual trading volume for the periods presented and assuming the Derivatives Clearing Agreement had been in effect from 1 April 2013, see also specific paragraph and reconciliation pages 6 and 7.
pretax operating optimization and efficiencies