TSX Group Inc. shrugged off difficult market conditions to report a 26% jump in earnings and 5% increase in revenues in the first quarter of 2003.

The company, which takes in the Toronto Stock Exchange, the TSX Venture Exchange and TSX Markets, also declared a quarterly dividend of 18¢ per common share, up from 15¢.

“We were pleased with the positive financial results in the first quarter of 2003 despite difficult market conditions,” Barbara Stymiest, CEO of TSX Group, said in a statement. “We continue to focus on the fundamentals of our core business by developing new products and solutions for our customers and the marketplace.”

Revenues from operations were $ 54.1 million for the first quarter of 2003 vs $ 51.6 million for the same period in 2002, primarily due to increased listing and market data revenue, which was somewhat offset by a decline in trading and related fees for the same period.

Net income was $14.4 million (43¢ per common share) vs $11.4 million (34¢) in the first quarter of 2002.

Michael Ptasznik, CFO of TSX Group, said the results for the quarter “reflect our ability to adapt to changing market dynamics. While we have a largely fixed cost structure, a portion of our spending is discretionary with respect to timing and amount.”