UPDATE 1-London Stock Exchange boosted by acquisition, IPO upturn
* Q1 revenue up 39 pct to 249.7 million STG
* Q1 revenue rises 8 pct on adjusted basis
* Shares up 2.9 pct, top gainer on FTSE 100
LONDON, July 18 (Reuters) - The London Stock Exchange said on Thursday its first quarter revenues rose 39 percent to 249.7 million pounds ($379 million), beating analysts forecasts, thanks to its acquisition of a clearing house and more companies listing on its markets.
The LSE acquired a majority stake in London-based LCH.Clearnet in May. The group said that LCH.Clearnet Chief Executive Ian Axe was to leave, but would remain in place for the time being to ensure a smooth handover of responsibilities.
Group revenues adjusted to strip out currency fluctuations and the impact of its acquisition were up 8 percent.
The figure beat a consensus estimate by 10 analysts for revenue of 233.4 million in the three months to June 30.
LSE shares were up 3.2 percent at 1528 pence at 0751 GMT, making the group the top gainer on the FTSE 100. Shares have risen by more than 30 percent this year.
Turnover at its capital markets division, which earns fees from companies listing and raising further capital on its markets and contributes almost a third of its income, rose 11 percent, or 9 percent on an adjusted basis.
Chief Executive Xavier Rolet said this was due to a rise in the number of firms listing on its markets and the amount of money firms raised.
Analysts at Barclays noted that this, alongside a positive performance at its FTSE index business and the integration of LCH.Clearnet indicated strong earnings momentum at the group. They had an "overweight" rating on the stock.
Rolet added that the group was well-placed to build on a positive start to its financial year.
"We remain focused on delivering benefits from recent transactions, developing opportunities and expanding our global footprint," he said in a statement.