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LSE tries to impress on two fronts

London Stock Exchange shows why it is always a worry when a venerable institution decides it needs to be exciting
LSE tries to impress on two fronts


  • Concerns over capex commitments
  • High level of intangibles – impairment risk

Trying to get to grips with the London Stock Exchange’s (LSEG) half-year results was always going to be a challenge after the group pulled off one of the biggest M&A deals in the UK last year with its $27bn (£19bn) takeover of data and analytics provider Refinitiv. This involved selling off Borsa Italia for €4bn (£3.38bn) and taking on significant amounts of debt to fund the rest. The deal puts the LSE in a situation where three-quarters of its revenues are now derived purely from data and analytics, rather than its traditional market-making activities.

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