Q1 Trading Update
01 May 2025

David Schwimmer, CEO said:

“We have started the year strongly, delivering another quarter of good growth. Our Data & Analytics business accelerated further, and Risk Intelligence and FTSE Russell continued to perform well. Our Markets division saw strong broad-based growth against a backdrop of elevated volatility, which has persisted into April reflecting continuing uncertainty around the outlook for financial markets and the global economy more broadly.

“We continue to drive the strategic transformation of our business – building a strong product pipeline, investing in our engineering talent and delivering on the Microsoft partnership.

“Our strong first quarter performance is testament to the value of our diversified business model. We look forward to further progress in the rest of the year, consistent with our financial targets.”

Q1 2025 highlights

Note: (All growth rates on an organic constant currency basis unless otherwise stated)

  • Strong growth: Total income (excl. recoveries) +8.7% incl. M&A, +7.8% organic.
  • Good performance from all divisions: Data & Analytics +5.1%, FTSE Russell +9.6%, Risk Intelligence +10.7%, Markets +10.7%.
  • Acceleration in Data & Analytics: sequential improvement in growth led by Analytics and Data & Feeds.
  • Broad-based strength in Markets: double-digit growth across FX, Tradeweb and OTC Derivatives; elevated activity continuing into April.
  • Shareholder returns: £245 million of £500 million share buyback completed by 30 April.
  • Confident of continued growth and improving profitability: on track to deliver on all financial guidance issued in February’s FY 2024 results.

This release contains revenues, cost of sales and key performance indicators (KPIs) for the three months ended 31 March 2025 (Q1). Certain columns and rows may not add due to the use of rounded numbers for disclosure purposes. To reflect underlying performance, all constant currency variances compare the current and prior period at consistent exchange rates. Organic variance is calculated on a constant currency basis, adjusting the results to remove disposals from the entirety of the current and prior year periods, and including acquisitions from the date of acquisition with a comparable adjustment to the prior year.

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