- Revenue of $174.7 million for Q1/11, up 17% over Q1/10
- Net income of $64.3 million, up 13% over Q1/10
- Q1/11 diluted earnings per share* of 84 cents compared with Q1/10 diluted earnings per share of 77 cents
- Adjusted diluted earnings per share in Q1/11 of 97 cents compared with diluted earnings per share in Q1/10 of 77 cents
TMX Group Inc. [TSX:X] announced results for the first quarter ended March 31, 2011 under IFRS.
Commenting on the first quarter of 2011, Thomas Kloet, Chief Executive Officer of TMX Group said: “We are very proud of our operational achievements during the past quarter. In cash equities, financings on Canada’s premier stock exchanges, Toronto Stock Exchange and TSX Venture Exchange, were up 30% and combined trading volumes were up by more than 36% over the first quarter of last year. In derivatives, MX set consecutive monthly records in terms of trading volume in February and March in an overall record quarter of 14.6 million contracts traded. BOX volumes were up 79% compared with the first quarter of 2010. Our energy business continued to flourish in the first quarter with a 24% increase in NGX volumes compared with last year.
We remain focused on providing our customers with leading capital markets infrastructure services. Customers have started to test our new ATS, TMX Select, and we are in the process of obtaining all necessary regulatory approvals. In March, we launched trading on new on-book Dark Order types that will be supported on both Toronto Stock Exchange and TSX Venture Exchange. And as a result of adjustments we made to our equity trading fee schedule which took effect April 1, 2011, TMX Group now offers the lowest active fee on low priced equities in the Canadian market. Coupled with our rewards tiers, our pricing of regular continuous limit order book trading remains the lowest in Canada, even for those entities providing financial support for other venues.”
Commenting on the proposed merger with London Stock Exchange Group plc (LSEG), Mr. Kloet added: “We recently initiated the approval process and look forward to working with the various federal and provincial authorities to achieve the necessary approvals. We believe that it is in Canada’s best interest to have a globally competitive yet domestically focused capital marketplace and that our customers, shareholders and the markets we serve will directly benefit from this strong partnership.” Michael Ptasznik, Chief Financial Officer of TMX Group said: “Revenue in the first quarter was up 17% compared with the first quarter of 2010, reflecting significant activity increases across the major components of our business. Net income was up 13% compared with the first quarter last year due to the overall higher revenue, partially offset by increased costs related to our proposed merger with LSEG, a commodity tax adjustment and higher costs associated with short and long-term incentives. While volumes and financing activity have declined somewhat from the levels achieved in the first quarter, we are pleased with the positive start to 2011.”
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*Earnings per share information is based on net income attributable to equity holders of the Company