The London Stock Exchange (LSE) has released impressive trading results in an attempt to stave off a hostile takeover bid from US exchange Nasdaq.
New figures show that the LSE's total revenue for the final quarter of 2006 rose year-on-year from £80.9 million to £89.9 million, while its operating profits increased by 50 per cent to £48.6 million.
The results, as yet unaudited, demonstrate the exchange's "operational and strategic value", chief executive Clara Furse says.
"This excellent performance supports the board's rejection of Nasdaq's offer which significantly undervalues the business and the exchange's unique strategic position," Ms Furse said.
"We believe that our strong growth prospects will continue to enhance the quality of our markets and the value of our international brand, delivering increasing value to our shareholders and our market."
Yesterday Nasdaq released a document urging LSE shareholders to accept their latest offer, currently standing at £2.7 billion.
LSE's strong trading performance in the last two years has attracted a number of offers from rival markets, including pan-European bourse Euronext, Deutsche-Boerse and the New York Stock Exchange.
Since then Nasdaq has emerged as the main contender, already having had a £2.4 billion offer rejected before November's second hostile bid.
Shares in LSE rose by 0.23 per cent on early morning trading.
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