The JSE has reported a strong first half, growing earnings by almost a fifth, with growth supported by strong activity across the markets, disciplined cost management and its diversified revenue streams.The company that operates the Johannesburg Stock Exchange said on Tuesday that earnings before interest, tax, depreciation and amortisation (ebitda) was up 18.1% to R856m in the six months ended June.Headline earnings per share rose to 816.2c from 687c before. Profit after tax rose by almost 17% to R652m. The group’s operating income was up by 14.6% to R2bn, primarily supported by equity market revenues in capital markets and post-trade services and non-trading income growth of 8.1% to R659m. CEO Valdene Reddy, who has only held the role since April, said growth was broad-based. Reddy took over as CEO when Leila Fourie retired.“Our operational performance remained strong, with 99.99% market availability and zero market outages. Together with a robust balance sheet and strong cash generation, this provides a solid foundation for Forge 2031, our strategy to strengthen the competitiveness, growth and long-term relevance of the JSE,” she said.The strategy aims to modernise market infrastructure, enhance global competitiveness, and drive sustainable capital formation across South Africa and Africa in the next five years.“We remain focused on executing against our strategic priorities, investing selectively in future growth opportunities and delivering sustainable value for shareholders,“ she added.Capital expenditure soared to R110m in the first half, up from R27m a year ago. Capex remains focused on protecting the core business, as well as growing new business lines, she said.The group’s cash position was R2.6bn at end-June, including bond investments of R679m.During the period, the group completed its organisational redesign and undertook a profitability review to strengthen capital allocation, support cost optimisation and enhance returns from strategic investments.Business Day