Reuters – London Stock Exchange Group Plc, which has rebuffed a series of takeover offers, posted a sharp rise in first-half operating profit, lifted by new listings and growth in electronic trading.<\/p>\n
Europe’s largest share market by equity turnover said on Wednesday operating profit for the six months to Sept. 30 rose 60 percent to 81.3 million pounds ($155 million) compared with a year ago, in line with analysts’ expectations.<\/p>\n
Revenue rose 20 percent to 163.3 million pounds, the LSE said in a statement. Basic earnings per share rose over 150 percent to 24.2 pence.<\/p>\n
Analysts at Cazenove provisionally raised their earnings per share forecast for 2007 to 49.8 pence from 45.6p, adding that the forecast for 2008 of 57.6 pence “is also looking conservative”.<\/p>\n
“These results demonstrate the current operational strength of the LSE, scope for further upgrades to average daily bargains as the Technology Road Map programme (the LSE’s roll out of its next generation trading technology) is finished and a willingness to return cash generated to shareholders,” said Cazenove analysts in a research note.<\/p>\n
The LSE said growth in hedge fund and algorithmic trading and the number of companies — many international — listing on its main and junior markets supported its expectation for an excellent full-year result.<\/p>\n