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LSE's Q1 profits soar almost 50%
22 Aug 2014 09:09
The London Stock Exchange Group's net profits surged by nearly 50% in the first quarter on the back of a resurgence in stock market flotations, it said today.
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Earnings after taxation soared to £52m in the three months to June, compared with £35.4m a year earlier, the LSEG said in a results statement.
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Pre-tax profits, meanwhile, jumped 40% to £83.6m in the reporting period, while sales rallied by a fifth to £299.9m.
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The group's performance was lifted also by clearing house unit LCH.Clearnet, in which LSEG bought a majority holding in 2012.
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The company announced plans to raise £938m from a rights issue, or sale of new shares, to help fund its $2.7-billion acquisition of US asset manager Frank Russell Co.
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"We continue to make good progress, delivering a strong financial performance this quarter," said chief executive Xavier Rolet in today's earnings release.
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