LCH.Clearnet, which was created from the merger between the London Clearing House and Clearnet in a €1bn ($1.2bn) deal last December, has seen integration costs eat into profits once again.

While clearing fee revenues rose from €118.3m to €138.9m in the six months to June 30, pre-tax profits dropped from €54.2m to €46.1m. The results were compared on a pro forma basis, to the combined results of the two pre-merger companies last year.