Friday 30 September 2016

Irish Stock Exchange enjoyed 9pc surge in revenue last year

Published 04/09/2015 | 02:30

Irish Stock Exchange And Executives...Deirdre Somers, chief executive of the Irish Stock Exchange, poses for a photograph at the headquarters in Dublin, Ireland, on Wednesday, Dec. 15, 2010. The European Union will have to take more decisions next month in its bid to find a
Irish Stock Exchange And Executives...Deirdre Somers, chief executive of the Irish Stock Exchange, poses for a photograph at the headquarters in Dublin, Ireland, on Wednesday, Dec. 15, 2010. The European Union will have to take more decisions next month in its bid to find a "watertight" solution for the debt crisis in the region, according to Luxembourg's Jean-Claude Juncker, who leads the group of euro-area finance ministers.

The Irish Stock Exchange (ISE) enjoyed a record year in 2014 for its equity trading and debt listing markets, with revenues surging 9pc.

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The jump in revenues to €24.9m was driven by a continued strong growth from the ISE's primary markets business, where revenues rose by 12pc to €17.2m.

Irish Stock Exchange chief executive Deirdre Somers said revenues grew strongly last year, while costs were tightly controlled, as pre-tax profit hit €6.2m.

"We have strengthened our status as the leading European exchange for fixed income and funds and reinforced our position as the centre of liquidity for Irish equities," Ms Somers said.

"Companies choosing to list on our markets come from all across Europe, North and South America, Asia and the Middle East."

The ISEQ Overall Index has been one of the best performing indices, rising 21.5pc in the year so far, despite the recent global market volatility.

Traded markets business, which represents revenues from equity and Government bond transaction income, market data sales, infrastructure and trading membership fees, was 31pc of ISE revenues in 2014.

With record levels of trading activity, which were well ahead of pre-crisis highs, this income was up 3pc over the prior year to €7.7m.

Ms Somers added that IPO activity remains strong, with three new IPOs raising €484m during 2014.

A further €800m was raised by market entrants during the first half of this year, with Permanent TSB Group's transferring its listing to the Main Securities Market, which raised €400m, Malin Corporation listing exclusively on the Enterprise Securities Market (ESM), raising €330m, and Applegreen also joining the ESM to raise €70m.

Ms Somers said the ISE had completed some strategic projects during 2014 including the transition to a public limited company in April and the launch of its new website in September.

"We are confident of our ability to expand our Irish and international businesses in the coming years," she said.

"Our €10m investment plan for our headquarters announced last month and the extensive recruitment programme we carried out in late 2014, which has increased staff numbers by over 10pc, are key to facilitating this growth."

The ISE said operating costs of €19m reflect investment in a number of significant strategic projects including the development of a new digital strategy, the launch of the ISE's new website and the completion of the ISE's corporate restructuring in April last year.

Last month the stock exchange announced a new €10m expansion for its Dublin headquarters.

The expansion involves the purchase and planned integration of adjacent buildings on Foster Place into a single campus corporate headquarters.

Irish Independent

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