THE LONDON METAL EXCHANGE

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

IFRS

Reporting scope

Standalone (parent only)

Auditor

PricewaterhouseCoopers LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“The Directors are satisfied that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company holds capital in excess of regulatory requirements and is forecast to be profitable and cash generating for the foreseeable future. Accordingly, the going concern basis for preparing the financial statements is considered appropriate.”

Significant events

• “The Company generated trading fee revenue of $180,678,000, a 33% increase on the prior year attributable to continued growth in trading volumes. The Company's average daily volume (ADV) was 664k lots, an 18% year-on-year increase.”
• “Higher volumes were driven by volatility following sanctions on Russian metal, high prices (record highs for LME Copper), and healthy open interest.”
• “The Company continues to deliver against its published Action Plan to strengthen and enhance its markets, with enhancements to the physical market such as fast-track nickel brand listings.”
• “The Company listed six new nickel brands and saw ADV in LME Nickel contract rise above 50k lots for the first time since March 2022.”
• “The Company continued its programme to enhance core technology, including the development of a new commodity derivative platform (LMEselect v10), with launch phases between late 2024 and early 2025.”
• “In Q1 2024, the Company implemented a new Closing Price methodology for five major contracts, bringing greater determinism, transparency, and standardisation.”
• “In September, the Company published a White Paper on 'Enhancing Liquidity', outlining measures to boost transparency and increase price competition.”
• “Effective 1 April 2024, the Company introduced a new derived data licensing framework.”
• “On 12 April 2024, the UK and US Governments announced sanctions on Russian metals, leading the Company to impose an immediate suspension on warranting of relevant sanctioned metals.”
• “The Company launched a new warehouse location Delivery Point in Jeddah, Saudi Arabia in January 2025 and approved Hong Kong as a new Delivery Point.”
• “Total of 11 new metal brand listings, including from Democratic Republic of Congo.”
• “In October, all LME-listed aluminium brands started to upload electronic Certificates of Analysis (COAs) into LMEpassport.”
• “The Company increased minimum capital adequacy requirements for LME-listed warehouse companies to £5,000,000 and insurance indemnity to £1,000,000, effective 18 September 2024.”
• “As of December 2024, LMEpassport has 5.4 million records registered and displays 692 sustainability credentials.”
• “During 2024, a total of 83 brands were suspended for reasons including responsible sourcing.”
• “The Company introduced mandatory emissions reporting for its aluminium brands, to start in June 2025.”
• “On 5 March 2024, the Company set out its position on 'green' nickel and proposed a solution for establishing sustainability-related pricing differentials.”
• “On 6 March 2024, the Company announced a new organisation design incorporating three focused business lines: Market Data, Sustainability and Physical Markets, and Trading.”
• “The Court gave judgment in the LME's favour on all grounds on 29 November 2023 regarding judicial review claims concerning nickel market events in March 2022.”
• “The Court of Appeal found in the Company and LME Clear's favour on 7 October 2024, dismissing Elliott's appeal.”
• “On 29 January 2025, the Supreme Court refused permission for Elliott to appeal the Appeal outcome, effectively ending the JR proceedings.”
• “On 6 February 2024, the London Mining Network and Global Legal Action Network issued a claim for judicial review challenging LME's approach to monitoring metal production, which the Court refused permission to proceed on 11 April 2024.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

5

last 12 months

Capital events

0

last 24 months

Officers appointed

1

last 12 months

Officers resigned

0

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  +33%

  £135,828,000 → £180,678,000

• Cash

  +43.5%

  £138,390,000 → £198,615,000

• Net assets

  +30.3%

  £310,958,000 → £405,333,000

• Employees

  +5%

  339 → 356

• Operating profit

  +75.4%

  £71,113,000 → £124,719,000

• Profit before tax

  +74.1%

  £77,327,000 → £134,603,000

• Wages

  +15.3%

  £48,236,000 → £55,608,000

Each % is (latest − prior) ÷ |prior| for the line item as filed. Periods don't have to be exactly 12 months apart — a long or short period (typical around incorporation or year-end changes) will distort the comparison. Lines a company doesn't report are omitted. About these numbers