LONDON (Reuters) - Stock exchange PLUS Markets Group said on Wednesday its loss for 2007 widened 140 percent to 2.98 million pounds, in line with budgeted infrastructure development.
Chairman Stephen Hazell-Simth expects PLUS PMK.L to become cash generative in 2009 if the bourse is allowed to trade all AIM-listed securities by the end of this year.
“With most of our infrastructure complete, we expect our cost base to peak in 2008 as we finalise the full development of our market offering, following which our cost base will stabilise,” he added.
Shares of PLUS rose 5.45 percent to 14.5p at 10:14 a.m. BST.
The company had planned for a loss of 3 million pounds in 2007 due to the OMX trading engine investment.
PLUS, which is listed on the London Stock Exchange’s Alternative Investment Market, formally became a stock exchange in July focusing on small and mid-cap firms.
Its generated 3.1 million pounds of revenues, up 43 percent on the previous year, thanks to more PLUS-quoted companies and higher average daily trading volumes.
With some 60 investment firms becoming its members and 217 companies listed on the bourse, PLUS saw its average daily number of trades surpassing AIM in the first two months of 2008.