Turquoise, the alternative European trading platform, posted pre-tax losses of almost £20m between December 2009 and March this year despite a near-quadrupling of its revenues over the period, according to its first results since being bought by the London Stock Exchange last year.

The results for Turquoise Global Holdings Limited, the entity that operates the Turquoise trading platform, follow several months of super-charged growth in the venue's market share, and highlight the challenges facing the venues in creating sustainable businesses.