The London Stock Exchange, which earlier this year resisted a hostile takeover by its US rival Nasdaq, today said profits were up 55% for the 12 months to March as volumes traded on its electronic system exceeded expectations ahead of an upgrade in a few weeks' time.

The exchange reported preliminary operating profits of £185.6m (€271m) for the 12 months to the end of March and revenues of £349.6m, an improvement of 20% on the previous year.