London stock exchange says income up 10%

London Stock Exchange Group on Wednesday said its income grew 10 percent in the first quarter compared with a year earlier to £209.5 million ($328 million, 267 million euros) on recent acquisitions.

"We have delivered a good overall performance (in the three months to June 30), reflecting our broad suite of products and services and the increased diversification of the group," LSE chief executive Xavier Rolet said in a statement.

"The group has made a good start to the new financial year, although market conditions have remained weak and the summer period is expected to be quiet," the company added.

The LSE group, which operates the London Stock Exchange and Italy's Borsa, has been aggressive in trying to woo foreign companies to list in London, an effort matched by its strategy to enlarge its business through acquisitions.

Over the past 2.5 years, it has acquired Turquoise, an erstwhile competitor in European share trading, as well as Sri Lankan technology provider MillenniumIT.

The group failed last year in its attempt to purchase Canada's TMX Group Inc, operator of the Toronto Stock Exchange. However in March, the LSE announced a deal to buy a majority stake of up to 60 percent in leading independent clearing house group LCH.Clearnet.

In addition, the LSE last December bought the remaining 50-percent stake in stock markets data provider FTSE International Ltd that it did not already own from publisher Pearson.

Rolet on Wednesday said the LSE had "seen a strong contribution from FTSE, which continues to demonstrate good growth" in the group's first quarter.

"In addition, this has been a great quarter for MillenniumIT which successfully saw Borsa Italiana, Johannesburg Stock Exchange and the Mongolian Stock Exchange all go live on its... trading technology.

"MillenniumIT technology has now been contracted by over thirty exchanges or other securities platform customers across Europe, Asia, Africa and the Americas," Rolet added.

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