The London Stock Exchange Group plc (LNSTY) said adjusted profits rose firmly in the first half of its fiscal year and boosted its dividend by 20% as the exchange provider moves on from its failed merger attempt with rival Deutsche Boerse AG (DBOEY) .
The LSE Group said first half adjusted profits rose 20% from the same period last year to £398 million, taking adjusted earnings per share to 71.2 each, up 23% from the first half of 2016. The Group's interim dividend increased 20% to 14.4 pence per share, the company said, while its £200 million share buyback program remains in place.
"The Group has produced a strong financial performance, with good income growth across all of our core business areas. FTSE Russell and LCH OTC clearing services performed strongly, with double-digit growth at both businesses," said CEO Xavier Rolet. "As well as continuing to deliver organic growth, during the period we announced the acquisition of The Yield Book and Citi Fixed Income Indices business".
"At our Investor Update in June, we set out targets for further strong financial performance, based on continued execution of our successful growth strategy," he added. "The Group remains well placed, diversified both by business activity and by geography. Our Open Access approach and strong customer partnerships also position us well for the implementation of MiFID II, starting in just over 20 weeks' time."
LSE Group shares were marked 1.5% higher in the opening hour of London trading and changing hands at 3,825 pence each and extending their year-to-date gain to 31.2%, compared to a 17.5% advance for Deutsche Boerse.
More of What's Trending on TheStreet: