LSE reports 42% increase in annual profits

Long-running takeover target the London Stock Exchange (LSE) Group today reported a strong rise in full-year turnover and operating…

Long-running takeover target the London Stock Exchange (LSE) Group today reported a strong rise in full-year turnover and operating profit.

Europe's largest share market said operating profit for the year ended March 31st, leapt 42 per cent to £120.1 million, beating the consensus of market expectations of £118.7 million. Revenue before exceptional items rose 19 per cent to £291.1 million, compared with the consensus forecast of £289 million.

Current strong trading conditions - driven by continued growth in hedge fund and algorithmic trading - pointed to a continued strong performance, the 300-year old exchange said in a statement.

The LSE has been embroiled in a long running takeover saga that has taken in the major players on both sides of the Atlantic.

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But it declined to comment on any specific developments, save that it will be meeting with shareholders - including Nasdaq Stock Market, which now owns more than 25 per cent - as usual following the release of results.