ISE announces pre-tax profit of €6.2m for 2014

  • “A record year of activity for our equity trading and debt listing markets” - CEO Deirdre Somers
  • Revenues increase 9% to €24.9m
  • Strong performance across debt, funds and equities businesses
  • ISE successfully completes transition to a public limited company

The Irish Stock Exchange (ISE) has announced a strong performance for 2014 with pre-tax profit of €6.2m as its equity trading and debt listing markets reached record levels.

The financial results show revenues grew by 9% to €24.9m (2013: €22.9m). The increase was driven by a continued strong growth from the ISE’s primary markets business, where revenues rose by 12% to €17.2m and now account for 69% of total ISE revenues. Primary markets business relates to international debt, fund and equity listings.

Traded markets business which represents a diverse range of revenues from equity and Government bond transaction income, market data sales, infrastructure and trading membership fees was 31% of ISE revenues in 2014. With record levels of trading activity, which were well ahead of pre-crisis highs, this income was up 3% over the prior year to €7.7m.

At the end of December 2014 the ISE had over 32,000 securities from 4,100 issuers in 81 countries listing their securities on its four international markets.

ISE Chief Executive Deirdre Somers said:

“2014 was a record year of activity for our equity trading and debt listing markets.

We have strengthened our status as the leading European exchange for fixed income and funds and reinforced our position as the centre of liquidity for Irish equities. Companies choosing to list on our markets come from all across Europe, North and South America, Asia and the Middle East.

We grew revenues strongly and controlled costs tightly. We also completed some strategic projects during 2014 including our successful transition to a public limited company in April and the launch of our new website in September.

We are confident of our ability to expand our Irish and international businesses in the coming years. Our €10 million investment plan for our headquarters announced last month and the extensive recruitment programme we carried out in late 2014 which has increased staff numbers by over 10% are key to facilitating this growth.”

Ms Somers added that IPO activity remains strong, with three new IPOs raising €484 million during 2014.

A further €800 million was raised by market entrants during the first half of 2015, with Permanent TSB Group’s transferring its listing to the Main Securities Market (raising €400 million), Malin Corporation listing exclusively on the Enterprise Securities Market (ESM) (raising €330 million) and Applegreen plc also joining the ESM (raising €70m).

“The ISE continues to demonstrate that it provides valuable access to a global pool of investors and a source of funding to ambitious, growing companies,” said Ms Somers.   

Operating costs of €19m reflect investment in a number of significant strategic projects including the development of a new digital strategy, the launch of the ISE’s new website and the successful completion of the ISE’s corporate restructuring in April 2014. Operating costs also reflect increased staff costs (from growth in employee numbers) and costs associated with increased volumes across the ISE’s listing and trading services.

Notes to Editors

The figures quoted above consist of combined numbers reported for 2014 by The Irish Stock Exchange plc and ISE OldCo Limited (previously known as The Irish Stock Exchange Limited).

On April 11, 2014, to effect a new corporate structure for the stock exchange business, moving from a company limited by guarantee to a public limited company, the stock exchange business of the Irish Stock Exchange Limited, including assets, liabilities, employees and agreements transferred to The Irish Stock Exchange plc, a newly incorporated company.