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LSE sees jump in 2017 operating profit as company flotations hit three-year high

The FTSE 100-listed firm said its full-year operating profit increased to £626mln as total income rose by 18% to £1.96bbn, slightly above the consensus forecast for £1.9bn
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LSE said it raised £15bn from 106 initial public offerings (IPOs) in 2017, a 63% increase compared to last year

London Stock Exchange Group PLC (LON:LSE) saw its operating profit jump by 47% in 2017 as its clearing house business, LCH posted record volumes and company flotations hit a three-year high.

The FTSE 100-listed firm said its full-year operating profit increased to £626mln as total income rose by 18% to £1.96bbn, slightly above the consensus forecast for £1.9bn.

READ: London Stock Exchange gets a boost as Morgan Stanley sees "upside surprise" in full year results

The bourses operator said operating profit at its information services business, which includes the FTSE Russell index business, rose by 14% to £383mln.

It added that LCH saw its operating profit jump by 58% to £194mln.

LSE said it raised £15bn from 106 initial public offerings (IPOs) in 2017, a 63% increase compared to last year and the highest level for three years.

David Warren, LSE’s CFO and interim group chief executive following the earlier than expected departure of Xavier Rolet last year, said: "We have delivered another year of strong performance with growth across all of our core businesses.”

LSE said it had made "good progress" in its search of a new CEO with a "strong field of high quality candidates".

Rolet stepped down as CEO in November, a year earlier than planned, and an attempt by hedge fund shareholder TCI to fire LSE chairman Donald Brydon over his handling of the departure was thrown out in a shareholder vote.

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