The London Stock Exchange Group PLC (LSE: LSE) reported that revenue fell 8 percent in the first quarter to end-June 2009 to £176.3 million, but that a record amount of money had been raised through share issues on its markets.
On a constant currency basis, revenue for the period was 161.9 million pounds, down 12 percent from the previous first quarter, the exchange said. That contrasted with a year-on-year gain of 7 percent on the same basis in the fourth quarter.
Annual fee income had been expected to decline following the drop in market capitalizations in the past year, it said.
The group's markets raised £35.5 billion in the quarter, of which £25.2 billion in secondary issues on the London market.
"Cash equities trading picked up in Italy and was broadly resilient in the UK in terms of value traded," said chief executive Xavier Rolet.
"The primary markets benefited from a flow of further issues even though IPO activity remained subdued, and our post trade business has strengthened over the previous quarter," he added.