THE INTERNATIONAL STOCK EXCHANGE GROUP LIMITED
Registration No: 57524
Registered Office: Helvetia Court, Block B, Third Floor, Les Echelons, St Peter Port, Guernsey GY1 1AR
TRADING UPDATE
The Board of Directors of The International Stock Exchange Group Limited (the “Company”) today issues an update on the Company’s recent trading and the outlook for the full year ending 31 December 2023.
Financial and Operational Highlights:
FY 2023 Outlook:
Performance and Listing Volumes
Despite the continued macro-economic headwinds, the Group has performed well during the third quarter and beginning of the fourth quarter, with 256 securities admitted to the Official List of The International Stock Exchange (TISE) between the start of July and the end of October this year. For the ten months to 31 October 2023, a total of 631 securities have been admitted to TISE’s Official List. This took the total number of listed securities on TISE’s Official List to 4,147 at 31 October 2023, representing growth of 5.3% year on year.
FY 2023 Outlook
Based on the pipeline of bond listings, the Board expects revenue for 2023 to be ahead of the prior year. Basic EPS is expected to be c.8% ahead of the 2022 financial year. The Group has invested part of the revenue growth from the Qualified Investor Bond Market (QIBM) into the modernisation of its technology platform and the launch of a private markets offering, TISE Private Markets.
Markets, Products and Services
The unfavourable macro-economic conditions and wider market uncertainty have continued to dampen listing volumes, especially in products such as high yield bonds which have greatest exposure to the broader debt capital markets. The relative resilience of M&A activity and the value to clients of a well-trodden path to listing on QIBM has helped maintain a solid flow of listings on TISE. The continued refinement of TISE’s bond listing offering, combined with the growth in international members, is facilitating greater diversification by product and geography.
The UK’s qualifying asset holding companies (QAHC) regime, introduced in April 2022, has had limited impact to date on demand for Quoted Eurobond Exemption (QEE) related listings. The QEE route, combined with a listing on TISE, continues to provide issuers and their advisers with a cost-efficient and expeditious solution.
Beyond its public market, the Group has launched TISE Private Markets, giving unlisted companies a way to trade their shares which is more efficient than the ad-hoc arrangements that are the norm in private companies. TISE Private Markets is a unique marketplace for private companies to access tailored electronic solutions, including trading, settlement and registry management. With the number of substantial private companies in the UK and Channel Islands growing by 4,700 over the last decade to nearly 20,000 and the well-publicised reluctance for them to list shares on public markets, the Group sees strong growth opportunities in private markets and continues to invest in the development of its unique offering. Blue Diamond Limited, the leading garden centre group based in the UK and Channel Islands, has become the first company to join TISE Private Markets.
Anderson Whamond, Chair of the Company, said: “The Group is performing well with listing volumes remaining solid despite the continued macro-economic challenges. I am extremely pleased to report that revenue for the year is expected to be ahead of the prior year, with earnings per share around 8% ahead of 2022. The launch and onboarding of the first client for TISE Private Markets during our landmark 25th anniversary year is a milestone in the diversification of the Group’s business and revenues.”
Cautionary Statement: This announcement contains forward-looking statements that are based on current expectations or beliefs, as well as assumptions about future events. These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements often use words such as anticipate, target, expect, estimate, intend, plan, goal, believe, will, may, should, would, could, is confident, or other words of similar meaning. Undue reliance should not be placed on any such statements because they speak only as at the date of this document and, by their very nature, they are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause actual results, and the Company's plans and objectives, to differ materially from those expressed or implied in the forward-looking statements. The Company undertakes no obligation to revise or update any forward-looking statement contained within this announcement, regardless of whether those statements are affected as a result of new information, future events or otherwise, save as required by law and regulations.
All enquiries in relation to this announcement should be addressed to:
Bedell Channel Islands Limited - Listing Sponsor
Email: TISE-Helpline@bedellcristin.com