The London Stock Exchange posted relatively buoyant profits for the first nine months of 2002, boosted by the fact that it hosted three-quarters of the initial public offerings in Western Europe during the period.

The LSE's turnover for the third quarter to December 2002 was up 7% to £59.4m (€89.6m), taking revenues over the nine-month period some 10% higher to £178.9m. Clara Furse, chief executive, said the range and resilience of the exchange's products helped it produce a "creditable performance" in the first nine months. However, the weak IPO market has affected overall trading while the decline in the number of terminals has hit its information services division. The biggest European IPO in 2002, the €2.6bn flotation of Autoroutes du Sud de la France, the French motorway toll operator, took place on Euronext.