- Record turnover of £5.2 million despite the continued macro-economic headwinds
- Profit after tax up 15.8% to £2.4 million
- Earnings per share increased to 83.3p
- 375 securities listed in H1 2023 contributing to overall market growth of 8.5% year on year
- Diversification of bond listings, including expansion into CLO market
- New TISE Private Markets service launched and first company, Blue Diamond Limited, onboarded
The International Stock Exchange (TISE) has announced record turnover for the first half of 2023.
The International Stock Exchange Group Limited has released its latest Interim Report which shows that turnover for the Group increased 7.0% to a record £5.2 million for the six months ended 30 June 2023.
During the period, post-tax profit and earnings per share increased year on year and matched the records set for the first half of 2021.
Anderson Whamond, Chair of the Group, said: “I am extremely pleased to report record turnover for the first half of 2023, despite the unsettled macro-economic conditions. Profit after tax and basic earnings per share also both increased compared to a year previously and matched the records set over the same period in 2021. We continue to invest in the execution of our strategy to scale up and diversify our core bond market proposition and introduce new, innovative products and services. We have made significant progress, including the launch of our unique private markets offering, TISE Private Markets, which represents a major landmark in the diversification of the Group’s business and revenues.”
In the year to the end of June, there were 375 securities listed on TISE, which represented a 23% decrease on the same period in 2022. However, there was an 8.5% rise year on year in the total number of securities on TISE’s Official List, which reached a record 4,140 at 30 June 2023.
“I am extremely pleased to report record turnover for the first half of 2023, despite the unsettled macro-economic conditions."
There was continued diversification in both geographical origin and product type across TISE’s Qualified Investor Bond Market (QIBM). The UK remained the largest single source of new business but nearly 25% of all securities listed on QIBM originated in the EU, with the remaining listings coming from other international locations, including Australia, Canada, Colombia and the US. Private equity debt securities, high yield bonds and securitisations remained the core products listed, although TISE also established market share in Collateralised Loan Obligations (CLOs), reflecting international regulatory changes as well as underscoring the competitiveness of the Exchange’s proposition.
TISE has also launched its new private markets offering, TISE Private Markets, and onboarded the first client company, Blue Diamond Limited. TISE Private Markets provides unlisted companies with a dedicated marketplace through which they can access an integrated set of tailored electronic solutions, including trading, settlement and registry management. In July, following several commercial leadership roles within financial services, London-based Alex Taylor joined TISE to lead the business development and sales activity for TISE Private Markets.
Cees Vermaas, CEO of the Group, said: “Delivering further growth in the size and value of our market in the face of continued macro-economic headwinds demonstrates the strength of the business during what is our 25th anniversary year. With a market-leading bond listing proposition, we maintained our market leader position in specific segments, diversified our product base and expanded our geographical reach. I am also delighted that we have launched our new private markets offering, TISE Private Markets, and onboarded our first client company, Blue Diamond Limited. This is an exciting development which lays the foundations for a further expansion of the services which we offer in the future.”
A copy of the Interim Report for the half year ended 30 June 2023 is available here.