LSE rides high after turbulent year

Rising trading volumes boosted the London Stock Exchange’s operating profit to $367.0 million for the year ending March 31, a 55% increase from the prior year. The outcome surpassed analysts’ expectations, which predicted lower profits of $356.1 million, according to Forbes. Average daily trading activity on the exchange’s SETS electronic platform went up 58%, hitting 353,000 transactions. March, the tail end of LSE’s fiscal year, was especially busy, with an average of 508,000 daily transactions. New issue activity fell slightly, with 503 for the year, compared to 6222 last year. Revenues before exceptional items also jumped to $693.3 million, up from $577.3 million in the prior year. Expenses were also slashed to $346.5 million, down from $419.1 million. The year has been an eventful one for the London bourse as it repeatedly rebuffed Nasdaq’s takeover advances, one of which including a bid of $5.3 billion.