Markit Group, the credit and derivatives data provider, made record profits last year as regulators in the US and the UK demanded that credit derivatives dealers improve their operational procedures.

According to the latest accounts posted at the UK's Companies House, the group turned around losses of $6.7m (€5.6m) in 2003 to net profits of $4.7m in the 12 months to the end of December last year. Turnover rose from $2.5m in 2003 to $25.6m in 2004.