Michael Spencer's NEX Group, which owns electronic trading venues for bonds and currencies, has welcomed recent higher market volatility and stepped up its cost-cutting programme ahead of its £3.9bn takeover by exchange CME Group, its full-year accounts have shown.

NEX's profit from continuing operations rose by 12% to £112m in its financial year ended March 31, 2018. Revenue increased by 9.2% to £591m and operating expenses were up by about 14% to £466m.