LSEG Q1 profit up 50pc

Business Times

LONDON: The London Stock Exchange Group’s (LSEG) net profits surged by nearly 50 per cent in the first quarter on the back of a resur-gence in stock market flotations, it said yesterday.

Earnings after taxation soared to £52 million (RM273 million) in the three months to June, compared with £35.4 million a year earlier, the LSEG said in a results statement.

Pre-tax profits, meanwhile, jumped 40 per cent to £83.6 million in the reporting period, while sales rallied by a fifth to £299.9 million.

The group’s performance was lifted also by clearing house unit LCH.Clearnet, in which LSEG bought a majority holding in 2012.

The company announced plans to raise £938 million from a rights issue, or sale of new shares, to help fund its US$2.7 billion (RM8.53 billion) acquisition of US asset manager Frank Russell Co. AFP