Q1 Trading Update
27 April 2023
David Schwimmer, CEO said:
“Our strategy continues to deliver, with all divisions contributing to growth. Our performance in the first quarter demonstrated the strength of our business model, the improving quality of our revenue and our critical role in the resilience of financial markets. In Data & Analytics, we saw a further acceleration in Annual Subscription Value growth, reflecting the investments we have made in our services and stronger customer engagement. In Post Trade, our leading franchise attracted a surge in volumes as clients looked to manage risk effectively during a period of heightened volatility.
“As we continue our shift from integration to transformation, we are confident of making further progress through the rest of the year.”
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Q1 2023 highlights - Strong start to the year across subscription and transactional businesses
Note: all growth rates on a constant currency basis unless otherwise stated
- Total income (excl. recoveries) +7.5%, or +8.0% excluding the impact of the Russia/Ukraine war
- Data & Analytics +7.1% (+7.8% ex Russia/Ukraine), Capital Markets +2.5%, Post Trade +16.8%
- March 2023 organic Annual Subscription Value (“ASV”) growth +7.6%, up from +6.2% at December 2022
- Microsoft partnership underway; teams engaged in joint product development
- Acquisition of Acadia completed in March 2023, furthering LSEG’s strategy to enhance and grow its multi-asset class Post Trade offering
- Good progress on £750 million buyback programme, with second £250 million tranche completed
- Satvinder Singh to join LSEG in July 2023 as Group Head, Data & Analytics
- All 2023 guidance reiterated: 6-8% constant currency growth in total income (excl. recoveries), EBITDA margin c. 48%, business-as-usual capex c. £750 million
Q1 2023 investor and analyst conference call
LSEG hosted a conference call for its Q1 Trading Update for analysts and investors on 27 April 2023 at 08:30am (UK time). On the call was David Schwimmer (Chief Executive Officer), Anna Manz (Chief Financial Officer) and Peregrine Riviere (Group Head of Investor Relations). Listen to a replay of the conference call below.
This is an audio-only recording.