LSE brings out early results against Nasdaq bid

9 January 2007

The London Stock Exchange (LSE) has released early results showing a 12 per cent rise in pre-tax profits for the last quarter of 2006 at $85.7 million.

Revenue was up 20 per cent to $489.7 million and basic adjusted earnings per share were up 53 per cent for the nine months to December 31st.

Over the three months, new issues at the LSE increased by 39 per cent and average size of each main market IPO grew 68 per cent.

LSE chief executive Clara Furse said: "Very strong revenue and earnings growth has again highlighted the exchange’s increasing operational and strategic value.

"This excellent performance supports the board's rejection of Nasdaq's offer which significantly undervalues the business and the exchange's unique strategic position. We believe that our strong growth prospects will continue to enhance the quality of our markets and the value of our international brand, delivering increasing value to our shareholders and our market."

Nasdaq, which already owns 28.75 per cent of the LSE, has maintained that its $5.2 billion offer remains the best deal of LSE shareholders.

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