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London Stock Exchange Group sees profit rise as search for new CEO continues London Stock Exchange Group sees profit rise as search for new CEO continues
(about 5 hours later)
London Stock Exchange Group has reported rising profits and said it is making good progress on the recruitment of new chief executive. London Stock Exchange Group has reported rising profits and said it is making good progress in its search for a new chief executive.
The firm posted a pre-tax profit of £564m, up from £364m in 2016, while revenue jumped 17 per cent to £1.77bn, helped by a strong performance in derivatives clearing.The firm posted a pre-tax profit of £564m, up from £364m in 2016, while revenue jumped 17 per cent to £1.77bn, helped by a strong performance in derivatives clearing.
Interim boss David Warren said: "We have delivered another year of strong performance with growth across all of our core businesses, including double-digit revenue increases at FTSE Russell and LCH OTC. Interim boss David Warren said: “We have delivered another year of strong performance with growth across all of our core businesses, including double-digit revenue increases at FTSE Russell and LCH OTC.
"The group has also continued to invest in new initiatives and acquisitions to drive further expansion of our global client offering." “The group has also continued to invest in new initiatives and acquisitions to drive further expansion of our global client offering.”
The results come after a tumultuous period for the exchange operator, with chairman Donald Brydon surviving a shareholder attempt to oust him in December over the decision to remove long standing chief executive Xavier Rolet. The results come after a tumultuous period for the exchange operator, with chairman Donald Brydon surviving a shareholder attempt to oust him in December over the decision to remove long-standing chief executive Xavier Rolet.
While Mr Brydon survived, he said he will not seek re-election in 2019.While Mr Brydon survived, he said he will not seek re-election in 2019.
On its search for a new boss, LSE said it is making "good progress on recruitment of new CEO with a strong field of high quality candidates." On its search for a new boss, LSE said it is making “good progress on recruitment of new CEO with a strong field of high-quality candidates”.
Mr Rolet held the LSE's top job for more than eight years, during which time the LSE has seen its stock market value soar from £800m to nearly £14bn amid a string of acquisitions. Mr Rolet held the LSE’s top job for more than eight years, during which time the group has seen its stock market value soar from £800m to nearly £14bn amid a string of acquisitions.
However, his tenure was marred by a failed £21bn merger with German rival Deutsche Borse after it was blocked by the European Commission in March - marking the third attempt at a tie up between the two companies after setbacks in 2000 and 2005 However, his tenure was marred by a failed £21bn merger with German rival Deutsche Borse after it was blocked by the European Commission in March last year – marking the third attempt at a tie-up between the two companies after setbacks in 2000 and 2005.
PAPA