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:

• Solid trading in the ten months ended 31 October 2023 despite the continued macro-economic headwinds
• 631 securities admitted in the period (2022: 777) contributing to overall market growth of 5.3% year on year
• Interim dividend of 47p per share paid on 9 October 2023

FY 2023 Outlook:

• Revenue ahead of record FY 2022; basic EPS expected to be c.8% ahead of FY 2022
• Healthy pipeline of bond listings notwithstanding broader market uncertainty
• Further investment in technology and private markets

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 25^th anniversary year is a milestone in the diversification of the Group’s business and revenues.”