© Reuters. FILE PHOTO: The Euronext stock exchange is pictured at the La Defense business district in Paris, France, September 30, 2022. REUTERS/Benoit Tessier/File Photo

By Huw Jones

LONDON (Reuters) – Pan-European stock and derivatives exchange Euronext reported steady second quarter earnings on Thursday, with growth in data services helping to offset a fall in revenues from calmer stock and derivatives markets.

Euronext, which operates bourses across the continent including in Paris, Amsterdam and Dublin, said its adjusted earnings per share were flat in the quarter at 1.34 euro.

It also announced a 200 million euro ($219.96 million)programme to buy back about 3% of its ordinary shares over the 12 months from July 31.

Revenues eased 1.8% as trading in shares and derivatives slowed 13.3% and 12.6% respectively on the same quarter in 2022, when trading was heavier following Russia’s invasion of Ukraine.

However, its data services unit delivered “record revenue” of 56.9 million euros, up 9.4% on last year, the company said, citing factors including a growing client base and strong performance of its data solutions business.

“Euronext reported a solid performance for the second quarter of 2023, demonstrating the success and the resilience of our business model as a consequence of our diversification strategy, despite a low-volume environment,” the company said in a statement.

It added that savings from the integration of the Milan Exchange were on target, putting the exchange “well on track” to deliver 115 million euros ($126.39 million) in cumulated savings by the end of 2024.

Adjusted operating profit eased 4.4% to 197.8 million euros from the second quarter of 2022, though net income rose 0.9% to 120 million euros.

More than half of new European listings and the largest initial public offering in Europe took place on Euronext in the second quarter, but revenue from listings little changed at 55.1 million euros, the company said.

($1 = 0.9093 euros)