The London Stock Exchange, which has rebuffed a series of takeover offers, said today its first-half operating profit rose sharply, lifted by new listings and growth in electronic trading.
Europe's largest share market said operating profit for the six months to September 30th rose 60 per cent to £81.3 million ($155 million) compared with the same period last year - in line with analysts' expectations.
Revenue rose 20 per cent to £163.3 million, the LSE said in a statement. It 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.
Algorithmic trading systems chop orders into smaller chunks according to mathematical rules to minimise a trade's impact on a stock's price.
US rival Nasdaq Stock Market has amassed a stake of just over 25 per cent in the London exchange after having a $4.2 billion takeover offer rebuffed in March.
Nasdaq has been free to bid for the exchange, since six months after its earlier offer had been spurned. If it were to come back with a fresh offer it would have to pay at least 1,243 pence a share, the top price it paid to build up its stake.
UK-based inter-dealer broker ICAP has also held talks with the LSE, although it said in September that discussions had ended.
The LSE, which has also attracted approaches from European rivals Deutsche Boerse and Euronext, said it was increasing its interim dividend to 6 pence a share.