Interim Results For The London Stock Exchange For The Half Year To 30 September 1999 (Unaudited)

The London Stock Exchange's interim results, published today, show a 32 per cent increase in profits for the first half of the financial year. The results come ahead of the Exchange's forthcoming plan to demutualise. Highlights of the results for the six months April - September 1999 are: Profit before tax up 32 per cent (£20.1 million to £26.5 million); Surplus after tax transferred to reserves up 34 per cent (£13.9 million to £18.6 million). Commenting on the financial period under review, Sir John Kemp-Welch, Chairman of the London Stock Exchange, said: "As international financial markets continue to develop at a rapid rate, the business environment for stock exchanges is becoming ever more competitive. We believe a more commercial basis of operation can be achieved by demutualising and this will ensure that our decision- making processes are better able to respond to customer demand in today's competitive conditions." Looking ahead, Gavin Casey, Chief Executive of the London Stock Exchange, said: "Our programme in the second six months of the year will include the detailed arrangements for the proposed change to our ownership structure. During this period we will continue the strong promotion of techMARK, increase our international marketing programmes and further progress the implementation of the European market model. In addition, we shall be developing significant enhancements to the order book as part of our continuing commitment to provide London's equity market with efficient, transparent and cost effective services."