Belfast Telegraph

Profits at London Stock Exchange rise as search for new boss continues

The firm posted a pre-tax profit of £564 million, up from £364 million in 2016.

London Stock Exchange Group has reported rising profits and said it is making good progress on the recruitment of new chief executive.

The firm posted a pre-tax profit of £564 million, up from £364 million in 2016, while revenue jumped 17% to £1.77 billion, helped by a strong performance in derivatives clearing.

Interim boss David Warren said: “We have delivered another year of strong performance with growth across all of our core businesses, including double-digit revenue increases at FTSE Russell and LCH OTC.

“The group has also continued to invest in new initiatives and acquisitions to drive further expansion of our global client offering.”

The results come after a tumultuous period for the exchange operator, with chairman Donald Brydon surviving a shareholder attempt to oust him in December over the decision to remove long standing chief executive Xavier Rolet.

While Mr Brydon survived, he said he will not seek re-election in 2019.

On its search for a new boss, LSE said it is making “good progress on recruitment of new CEO with a strong field of high quality candidates.”

Mr Rolet held the LSE’s top job for more than eight years, during which time the LSE has seen its stock market value soar from £800 million to nearly £14 billion amid a string of acquisitions.

However, his tenure was marred by a failed £21 billion merger with German rival Deutsche Borse after it was blocked by the European Commission in March – marking the third attempt at a tie up between the two companies after setbacks in 2000 and 2005.

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