Stock exchange revenue up but profits fall
THE IRISH Stock Exchange recorded a 4 per cent rise in revenue last year but its profits fell after it took a €2 million exceptional charge relating to the closure of its pension scheme.
Figures published yesterday show that the ISE’s revenue rose to €21.3 million in 2011 from €20.5 million a year earlier.
Its pretax profit amounted to €4.6 million, which was €900,000 lower than in 2010. The 2011 profit figure was hit by a €2 million charge relating to the closure of its defined benefit pension scheme, which has been replaced by a defined contribution plan.
The ISE said its Irish revenue rose by 13 per cent to €6.9 million on the back of stronger trading volumes in the market here.
Total equity trades for the year exceeded 2.4 million compared with 2.1 million in 2010.
International revenue was marginally up at €13.7 million despite historically low product issuance globally.
The ISE has grown in recent years by listing international funds and other debt securities.
“After the turbulence of 2009 and 2010, there was some improved stability in the markets during 2011 and this has been reflected in the Irish Stock Exchange’s revenues,” ISE chief executive Deirdre Somers said.
“We have seen a strong performance across our diverse range of revenue streams.”