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PLUS Markets Group reports "stable" revenues in first half

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Trading activity on the Plus- SX Stock Exchange increased more than 150 percent in the six months to June 30 this year, said PLUS Markets Group (LON:PMK).

The first half saw stable revenues from the exchange, revealed the company, which said it had 12 new listings (the same as in 2010) and had 155 companies on the market at the period end.

The firm now operates three core businesses.

These are: The PLUS Stock Exchange (PLUS SX), which provides IPO and execution services, the PLUS Derivatives Exchange (PLUS DX), which responds to changes in the OTC derivatives markets, and PLUS-TS - a fully managed trading services company.
 
"The first six months of 2011 have seen continuing rapid progress towards our stated objective of creating the next-generation stock exchange by responding to new commercial and regulatory needs," said chief executive Cyril Théret this morning.

The company said it was now operating on its reduced cost base and posted revenues of £1.46 million in the six months, compared to £1.53 million in 2010.

Administrative expenses were £2.91 million, as opposed to £4.03 million the year before.

The firm reduced its loss before depreciation, amortisation, impairment and interest received by 43 percent to £1.45 million (2010 loss of £2.54 million).

The firm said it had no debt and retained a cash balance of £4.60 million as at June 30.

PLUS Markets Group said it had delivered the foundations for a "highly scalable" exchange based on three core competencies - technology, market regulation, and compliance and it plans to monetise these across all three of its businesses.

"The board's intention remains to achieve a break-even run rate in 2012," it said.

"PLUS-SX will continue to focus on IPOs for its PLUS Listed and PLUS Growth Markets, which will continue to be supported by the market maker model. PLUS-SX remains fully committed to market making for small and mid-cap stocks. Additionally, the board believe that the PLUS-DX and PLUS-TS businesses represent exciting commercial opportunities for the group".

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