The International Stock Exchange (TISE) had a very strong 2021: revenues were up 19% and profit before tax was up 29%, driven by an increase in listings. These figures were in line with our expectations. A 200p special dividend was declared, in addition to the 80p paid during the year. The first quarter of 2022 has started well, with a record number of new listings. Our forecasts are broadly unchanged, with slightly higher-than-expected listing volumes largely offset by higher costs.
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