Euronext, the crossborder European stock exchange, saw earnings before interest and tax (Ebit) fall 7% in the first half of 2001, and disappointed analysts with a weaker growth in its derivatives business than expected.

Revenues at Euronext were €354m ($322m), just breaking the exchange's record pro forma figures of the first half of 2000. But expenses also rose, largely due to the costs of integrating the Paris, Amsterdam and Brussels exchanges that make up Euronext. This meant that Ebit before goodwill amortisation and excluding non-recurring items fell to €107.9m, from €115.8m in the first six months of last year.