LSE profit soars as TMX merger moves step closer

 
City A.M. Reporter
London Stock Exchange, which is in the process of buying Canada's TMX Group, easily beat analyst forecasts, reporting 2010 profit up 22 per cent to £341.1m.

The British exchange, which also said it has filed its application to merge with Canadian market TMX Group, saw profits well up on last year's £280.3m and above forecasts of £313.6m.

LSE Group Chief Executive Xavier Rolet said the performance was partly down to the diversification strategy the exchange has undertaken.

"We are also fully focussed on pursuing a range of growth opportunities which will remain pivotal to further progress in the year ahead," Rolet said in an emailed statement.

Revenues increased seven per cent to £674.9m, up on last year's 628.3m, and above analyst expectations of £651.1m

The LSE dividend for the period was 26.8p per share, above forecasts of 25.9p a share.

The British exchange agreed a merger with TMX group on 9 February and said it has filed its application with the relevant Canadian authorities.