By Jaime Llinares Taboada

 

London Stock Exchange Group PLC on Friday reported that its gross profit increased 4% in the third quarter, as revenue edged up and costs were cut during the period.

The FTSE 100 U.K. exchange operator said it made a gross profit of 551 million pounds ($720.9 million) in the three months to Sept. 30, up from GBP529 million a year earlier.

Revenue improved 1% to GBP524 million, with total income increasing 2% to GBP600 million. In addition, the cost of sales declined 16% to GBP49 million.

LSE said its proposed acquisition of financial-data provider Refinitiv Holdings Ltd. continues to progress well, with further merger clearances secured around the world.

"We continue to engage constructively with the European Commission on achieving antitrust approval for the transaction and we believe the proposed divestment of the Borsa Italiana group will significantly contribute to addressing EC concerns," LSE said.

LSE on Oct. 9 agreed to sell the parent company of Borsa Italiana for 4.33 billion euros ($5.14 billion), to smooth regulatory approval for its acquisition of Refinitiv.

 

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

 

(END) Dow Jones Newswires

October 23, 2020 02:31 ET (06:31 GMT)

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