The International Stock Exchange (TISE) showed a resilient 2022 performance in tough conditions, with revenue flat, at £10m, and PBT down 13%, to £4.2m, driven by a fall in new listings and some cost inflation. During the year, a 200p special dividend was paid, in addition to the 80p ordinary dividend. The first quarter of 2023 was subdued, with new listings down possibly 30%, on our estimates. Our new forecasts reflect this slower start, with a pick-up in activity anticipated in the second half.
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