ICE’s data services boosts half-year revenues 34%

ICE reports growth in revenues across its business units for first six months of this year.

Intercontinental Exchange (ICE) has reported a 124% surge in half-year revenues for its data services business, with overall revenues up 34%.

Data services gained $569 million in the first six months of this year, with overall sales reaching $974 million.

The surge follows ICE’s acquisition of Interactive Data - completed in December last year – which is ahead of its integration schedule according to the earnings call this afternoon.

Transaction and clearing half-year revenues were up 13%, totalling almost $1.8 billion compared to just under $1.6 billion in 2015.

Scott Hill, chief executive officer at ICE, explained operating cash outflows totalled $1 billion in the first six months of 2016, allowing the exchange to reduce debt by $800 million.

Chief executive, Jeff Sprecher, said ICE also managed to “accelerate expense synergies and reduce our 2016 expense guidance,” adding that its performance in the first half of 2016 “extends our track record of consistent growth.”

Overall revenues from business units across the exchange totalled just over $3 billion, up from $2.3 billion in the first six months of 2015.

Brexit is an opportunity, ICE said on its earnings call, to drive its set of “differentiated data solutions and dedicated resources.”

ICE said its London operations have significant advantages due to its time zone and strong regulatory and legal framework.

ICE also announced this week the launch of a new trading platform for cleared single-name credit default swaps, in a bid to revive reading in a once robust market.