Proactive Investors - Capital markets and data company London Stock Exchange Group PLC (LON:LSEG) touted the benefits of the group’s partnership with Microsoft (NASDAQ:MSFT) in a Thursday trading update.
Chief executive David Schwimmer noted “strong progress in our Microsoft partnership, with a number of products expected to be in external pilot or general release this half”.
“We are now picking up the pace of migrating our datasets onto the Microsoft platform, which will transform access to our data for customers. We look forward to further progress in the rest of the year," he added.
Under the 10-year strategic partnership, LSEG and Microsoft will launch next-generation data and analytics and cloud infrastructure solutions.
Microsoft took a 4% stake in LSEG shares in 2022 to support the venture.
Total income in the first quarter grew 6.4% on an organic basis, or 7.3% when including the effects of M&A.
LSEG completed £500 million in share buybacks in the first quarter and is targeting a full £1 billion for the whole year.
Equities returned to growth in the quarter and were up 1.6%, with gains in secondary trading partly offset by lower market activity.
Firm-wide gross profit was up 6.9%.