LSEG Annual Report 2023: Partnering to transform our industry

Our purpose and strategy

Our purpose

Driving financial stability, empowering economies and enabling customers to create sustainable growth.

Our strategy

Our long-term strategy builds on our strengths, as we invest in solutions and services that can adapt and scale in evolving global financial markets. We are:

  1. Globally essential – delivering critical infrastructure and insight to customers required for the efficient running of financial markets.
  2. Multi-asset class – across traditional and emerging asset classes, in both public and private markets.
  3. Seamlessly connected – partnering with customers, enabling connectivity across the financial markets value chain through open platforms and venues.
LSEG delivered a strong performance in 2023, as we continue to transform our business and deliver on our strategy to be the leading global financial markets infrastructure and data provider.

Don Robert

The breadth and depth of our offering is a true strategic differentiator. Customers recognise that because we serve them across so many different parts of their business, our relationship is not that of a typical supplier. Through investment, innovation and partnership, we will shape the future of our industry.

David Schwimmer

Chief Executive Officer

Financial highlights

Income and EBITDA growth rates are on a constant currency basis.

  • total income (excl. recoveries)
    +8.3% vs 2022
  • Adjusted EBITDA
    +8.6% vs 2022
  • Adjusted EBITDA margin
    110bps of underlying improvement in 2023
  • Adjusted EPS
    +1.9% vs 2022
  • Annual Subscription Value Growth
    +50bps vs 2022 and +370bps since the Refinitiv acquisition
  • Total dividend
    +7.5% vs 2022

Who we are

LSEG is a leading global financial infrastructure and data provider. We play a vital social and economic role in the world's financial system. With our open approach, trusted expertise and global scale, we enable the sustainable growth and stability of our customers and their communities.

Our business model

LSEG is well positioned to deliver long-term sustainable growth.

Five factors underpin the value we deliver:

  1. We are a leading provider of financial markets data and infrastructure.
  2. We bring deep expertise and a trusted reputation across the financial markets value chain.
  3. We are exposed to structurally high growth markets.
  4. We generate high-quality revenue that is mostly recurring in nature.
  5. We consistently invest for growth.

Our integrated offering spans the breadth of the financial markets value chain, from issuance and investment decision making, through to trade execution, clearing and post trade reporting.

The diagram is a visual representation of our business model, showing the continuous flow from capital formation to capital deployment which are part of capital markets through to capital optimisation and risk management with is part of post trade to data & analytics and back to capital formation.

Capital formation

Through primary markets operated by the London Stock Exchange.

Data and analytics

Providing crucial insight to customers through a variety of data, indices, risk, analytics and workflow solutions.

Capital deployment

Through LSEG's trading venues and across asset classes, including FX, fixed income and equities.

Capital optimisation

Through global clearing and reporting servies across asset classes.