London Stock Exchange posted a 53 per cent rise in adjusted third-quarter earnings today as it battles a bid from Nasdaq Stock Market.
London Stock Exchange (LSE), Europe's biggest stock market, said adjusted basic earnings per share were 15 pence in the three months to December 31st, boosted by a rise in trading volumes and initial public offerings.
Nine-month basic adjusted earnings were also up 53 per cent at 39.1 pence a share.
"We are confident of an excellent outcome for the current financial year and continuing strong business fundamentals should ensure a strong performance for the next financial year ending March 31st, 2008," LSE said in a trading update.
"This excellent performance supports the board's rejection of Nasdaq's offer which significantly undervalues the business and the exchange's unique strategic position," it said.
Nasdaq already owns 28.75 per cent of LSE and has made a hostile bid of 1,243 pence a share in cash for the rest.
The US exchange said last night that strong third-quarter figures from LSE would not change its view on the value of the business, and that the London exchange faced growing pressure to cut fees as well as competition from a group of investment banks that agreed last year to create a rival trading platform.