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Euronext controls expenses to post higher Q2 profit

Traders work at their desks in a trading room at the stock market operator Euronext headquarters in La Defense business and financial district in Courbevoie near Paris, June 8, 2016. REUTERS/Gonzalo Fuentes (Reuters)

(Reuters) - Pan-European exchange Euronext reported a nearly 13 percent rise in second-quarter operating profit as it exercised tighter control over expenses, and set new growth targets for the next three years. The company said the second quarter was its most profitable since it went public, despite a fall in trading volumes ahead of Britain's vote to leave the European Union. Euronext said in mid-June it would take special measures in anticipation of higher volatility and trading volumes expected in the run-up to and following the referendum in Britain on its membership of the European Union. The bourses operator, which set a target of 5 percent revenue growth up to 2019, said cost-cutting would be a key factor in its growth strategy during this period. Euronext, which operates bourses in Paris, Amsterdam, Brussels, London and Lisbon, said operating profit before exceptional items rose to 73.9 million euros (62.05 million pounds) in the quarter ended June 30, from 65.6 million euros a year earlier. The company said revenue from cash trading fell 6.6 percent while revenue from derivatives trading was down 7.6 percent in the quarter. Third party revenue rose 1.7 percent to 132.3 million euros (111.08 million pounds) in the quarter. (Reporting by Noor Zainab Hussain and Vidya L Nathan in Bengaluru; Editing by Sunil Nair)