Euronext Dublin profits soar to €17.2m after staff cuts

Stock exchange is world leader for listing debt instruments but fees from shares fall

Daryl Byrne, chief executive at Euronext Dublin, which saw profits multiply last year. Photograph: Dara Mac Dónaill

Daryl Byrne, chief executive at Euronext Dublin, which saw profits multiply last year. Photograph: Dara Mac Dónaill

 

The Irish Stock Exchange, which trades as Euronext Dublin, saw its net profit soar to €17.2 million last year as revenues grew and the business benefited from job cuts and income from providing services within the Euronext group.

The figure was up from the €1.61 million recorded for 2018, the Irish exchange operator said in its latest set of annual accounts, filed in recent days with the Companies Registration Office.

Euronext Dublin’s revenues rose to €35.7 million from €32.2 million, driven by fees from the technical listing of bonds on the world’s number one exchange for listing debt instruments. Total such listings rose 14 per cent to 39,514 during the year.

However, fees from share transactions and the listing of investment funds declined.

Administrative expenses at Euronext Dublin, led by chief executive Daryl Byrne, fell by about 50 per cent to €16.3 million as staff numbers fell to 97 from 130 and the company benefited from income for providing services to other group companies.

The Irish Stock Exchange was taken over by pan-European bourse operator Euronext in March 2018 in a deal valued at €167 million. Five Irish brokers owned the exchange prior to the takeover.

Euronext, the largest stock exchange group in Europe, also operates markets in Amsterdam, Brussels, Paris, Lisbon, London and Oslo. It greed last month to buy the Milan stock exchange from the London Stock Exchange for €4.3 billion in cash.