Euronext NV (EPA:ENX) today reported its financial results for the first quarter of 2021, with spot FX revenues marking a drop in annual terms.
Spot FX trading activity on the Euronext FX spot foreign exchange market recorded average daily volumes of $21.4 billion in Q1 2021, down 17.1% compared to $25.9 billion in Q1 2020, resulting from a less volatile trading environment.
Due to this, spot FX trading generated €6.1 million of revenue in Q1 2021, down 24.5% compared to €8.0 million in Q1 2020. Let’s note that the result was better than the €5.9 million of revenue in generated in Q4 2020.
On a like-for-like basis at constant currencies, spot FX trading revenue was down 17.5% in Q1 2021 compared to Q1 2020.
Across all segments, revenue was €249.2 million in the first quarter of 2021, up 5.2% from the year-ago quarter. The result was driven by strong organic growth in non-trading activities and recent acquisitions.
Let’s note that post-trade revenue increased to €63.2 million (+61.2%), on the back of the rise of retail investors and the increasing contribution of VP Securities. Like-for-like at constant currencies, post-trade revenue increased by 8.5%.
EBITDA for the first quarter of 2021 amounted to €148.7 million (-0.9%), with EBITDA margin at 59.7% (-3.7pts); EBITDA margin (like-for-like at constant currencies) at 61.5%.
Targeted Oslo Børs VPS run-rate cost synergies were delivered one year ahead of schedule and above target. €13.8 million of synergies have been extracted from Oslo Børs VPS at the end of March 2021, compared to a target of €12 million. VP Securities run-rate cash cost synergies amounted to €4.5 million at the end of March 2021.
Reported net income, share of the Group, was up 2.2% from a year earlier at €98.2 million.