Euronext NV reported today that its revenues grew 20.5% in the first quarter, and profit rose 136.6%.

The firm said that solid market activity enabled the company to achieve record results. Revenues reached 268.1 million euros, and the combination of strong revenue growth and continued cost-cutting delivered a record quarterly EBITA of 109.8 million euros, representing a margin of 40.9% (compared to 28.7% for the same quarter last year). Net profit for the first quarter more than doubled, from 45.3 million euros in the first quarter 2005 to 107.1 million this year.

Also, Euronext announced that Institutional Shareholder Services recommends that shareholders vote against a shareholder proposal that asserts the principle that a merger between Euronext and Deutsche Boerse is in the best interests of Euronext’s shareholders.

“ISS is in favor of the board of Euronext exploring all possibilities for strategic alliances and agrees that, at this point in time, there is not yet enough information regarding implications on strategy, finances, and corporate governance to allow an informed vote on the merits of a potential merger/acquisition,” ISS said. “We note that leaving several possibilities open for exploration can be in the best interest for shareholders.”