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Trading flurry boosts Deutsche Boerse operating profit

Reuters

By Jonathan Gould

FRANKFURT (Reuters) - Vigorous trading in volatile financial markets boosted revenue at German exchange operator Deutsche Boerse in the third quarter, contributing to a stronger-than-expected 21 percent rise in operating profit.

Quarterly adjusted earnings before interest and taxes (EBIT) were 283 million euros ($313 million), well above the average expectation of 273 million euros in a Reuters poll of banks and brokerages.

Deutsche Boerse on Wednesday repeated its guidance for sales of 2.2-2.4 billion euros and EBIT of 975 million to 1.175 billion euros this year but added that it expected a result at the upper end of the forecast ranges.

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Financial market ructions in China, the emissions scandal at German car maker Volkswagen and a 13 percent fall in Germany's DAX kept trading active in derivatives and shares, boosting net revenue by one fifth to 594 million euros in the third quarter.

Deutsche Boerse's takeovers of index providers Stoxx and Indexium and foreign exchange trading platform 360T are helping to underpin its expectations for rising revenue and earnings, as is a programme announced by Chief Executive Carsten Kengeter to improve group agility and clamp down on costs, including by cutting jobs.

One-off costs rose by more than 23 million euros from the year-earlier quarter, to 31.2 million euros, due to the mergers and Kengeter's efficiency plan.

Operating costs overall were 344 million euros, slightly higher than the poll average, and Deutsche Boerse lifted its forecast for full-year operating costs to 1.245 billion euros from 1.23 billion due to the 360T consolidation.

(Reporting by Jonathan Gould; Editing by Georgina Prodhan)