(Reuters) - European exchange operator Euronext NV (PA:ENX) said core earnings rose 26 percent in 2015, beating estimates, thanks to strong listing activity and a rise in cash trading turnover.
However, the company's shares fell as much as 11.7 percent, with one trader saying the market may have been disappointed that Euronext did not unveil its new strategic plan.
Euronext, which operates exchanges in Paris, Amsterdam, Brussels, London and Lisbon, plans to announce the plan in the second quarter of 2016, Chief Executive Stephane Boujnah said.
The plan will be structured on two key pillars - revenue growth and cost discipline, Boujnah said in a statement.
Trading activity has been "resilient" so far this year, he said, adding that Euronext was well positioned to benefit from current market volatility.
Global markets have been erratic recently amid worries about China's economy and falling oil and commodity prices.
The London-based trader also noted that Euronext's stock has been rising in recent days, suggesting investors were taking profits.
Up to Tuesday's close of 39.81 euros, the shares had risen 8.1 percent since Feb. 9, but were down 16 percent since the start of the year.
A broker at a major investment bank said high costs would also have disappointed some investors.
Euronext said operating costs excluding depreciation and amortisation fell 12.1 percent, and it reaffirmed its target of 80 million euros of net cost reductions by year-end.
Earnings before interest, tax, depreciation and amortisation rose to 283.8 million euros ($316.9 million) from 225.4 million euros in 2014.
Analysts on average had expected EBITDA of 277.91 million euros, according to Thomson Reuters I/B/E/S.
Adjusted third-party revenue rose 10.1 percent to 518.5 million euros, beating the objective of 500 million by the end of 2016 and the average estimate for 2015 of 515.65 million.
The company's EBITDA margin rose to 54.7 percent, ahead of the targeted 53 percent by the end of 2016, while cash trading revenue increased 19.1 percent to 197.2 million euros.
Euronext said total capital raised in primary activity rose to 12.4 billion euros from 52 new listings. In 2014, capital raised totalled 11.2 billion euros from 45 listings.
Revenue from listings rose 14.2 percent to 70.5 million euros as companies including ABN Amro Group (AS:ABNd), Amundi SA (PA:AMUN), Grandvision NV (AS:GVNV) and Intertrust NV (AS:INTER) joined Euronext markets.
Euronext proposed an annual dividend of 1.24 euros per share, up from 0.84 euros.
($1 = 0.8957 euros)