The chief executive of LCH.Clearnet said that “turning around a ship this size is more than a 12 month exercise”, as the business reported an 8% rise in operating costs following a hiring drive for senior executives.

The clearinghouse, which is in the final stages of a majority takeover by the London Stock Exchange Group, reported its annual results this morning that showed an 89% rise in operating profits year-on-year to €127.5m for the year to December 31. Net revenues rose 24% to €426.2m.