Latest Results & Presentations

Interim Results for the 6 Months ended 30 June 2020 (H1)

31 July 2020

  • Good financial and operational performance in H1 drives 11% increase in AEPS

  • Further good income growth in Information Services and Post Trade; resilient underlying result in Capital Markets

  • Strong operational resilience across the Group’s trading, clearing and data platforms during unprecedented period; majority of employees continue to work remotely
  • Group in strong financial position; confidence in future prospects supports increase in the interim dividend (up 16%) to 23.3 pence per share

  • Good progress with foreign investment, antitrust and other regulatory approvals for the Refinitiv transaction, and integration planning is well developed; the Group expects to close the transaction by the end of the year or in early 2021

H1 summary:

  • Total Revenue up 4% to £1,058 million (H1 2019: £1,018 million); total income up 8% to £1,235 million (H1 2019: £1,140 million)

  • FTSE Russell revenue up 5% to £330 million (H1 2019: £315 million) with growth in subscription revenues and flat asset-based revenues reflecting lower ETF AUM levels
  • Post Trade revenue up 9% to £372 million (H1 2019: £342 million), driven by strong growth in LCH; record activity in CDS, FX and cash equities clearing; total income up 19% to £548 million (H1 2019: £462 million), mainly reflecting higher cash margin held

  • Capital Markets revenue down 4% on a reported basis to £217 million, and up 12% on a like-for-like basis excluding the one-off benefit of an IFRS 15 adjustment in prior year
  • Adjusted operating expenses, before depreciation and amortisation, were up 8% (up 5% on a constant currency basis) and up 1% compared with H2 2019

  • Adjusted operating profit1 up 8% to £575 million (H1 2019: £533 million); operating profit was down 2% at £391 million (H1 2019: £399 million); profit before tax of £362 million (H1 2019: £363 million); profit after tax of £261 million (H1 2019: £265 million)
  • Adjusted EBITDA1 margin broadly unchanged at 54.6% (2019 H1: 54.5%)

  • Adjusted EPS1 up 11% to 112.0 pence (H1 2019: 100.6 pence); basic EPS down 9% at 64.6 pence (H1 2019: 70.7 pence)
  • Strong balance sheet position with leverage at 1.4 times net debt: pro forma EBITDA