Summary

Interim Results for the six months ended 30 June 2019 (H1)

1 August 2019

Unless otherwise stated, all figures below refer to continuing operations for the six months ended 30 June 2019 (H1 or H1 2019).  Comparative figures are for continuing operations for the six months ended 30 June 2018 (H1 2018) and to assist investors in understanding the underlying performance of the Group, percentage changes are also presented on an organic and constant currency basis. 

Six months ended Constant
30 June currency
2019 2018 Variance variance
Continuing operations: £m £m % %
Revenue
Information Services
441 412 7% 4%
Post Trade Services - LCH 266 237 12% 12%
Post Trade Services - CC&G and Monte Titoli 51 52 (1%) -
Capital Markets
226 215 5% 5%
Technology Services
30 32 (6%) (7%)
Other 4 5 - -
Total revenue 1,018 953 7% 5%
Net treasury income through CCP businesses 120 104 16% 14%
Other income 2 3 - -
Total income 1,140 1,060 8% 6%
Cost of sales (109) (106) 3% 2%
Gross profit 1,031 954 8% 7%
       
Operating expenses before depreciation, amortisation and impairment  (406) (407) - (2%)
Underlying depreciation, amortisation and impairment  (88) (64) 37% 37%
Total operating expenses (494) (471) 5% 4%
       
Share of loss after tax of associate (4) (3) 20% 20%
Adjusted operating profit 1 533 480 11% 9%
       
Add back underlying depreciation, amortisation and impairment 88 64 37% 37%
Adjusted earnings before interest, tax, depreciation, amortisation and impairment 1 621 544 14% 13%
       
Amortisation and impairment of purchased intangible assets and goodwill and non-underlying items 2 (134) (87) 55% 51%
Operating profit 399 393 2% -
       
Earnings per share      
Basic earnings per share (p) 70.7 71.1 (1%)
Adjusted basic earnings per share (p) 1 100.6 88.7 13%
       
Dividend per share (p)  20.1 17.2 17%  

1 Before amortisation and impairment of purchased intangible assets and goodwill and non-underlying items

2 2019 H1 includes transaction costs and restructuring costs

The Group’s principal foreign exchange exposure arises from translating and revaluing its foreign currency earnings, assets and liabilities into LSEG’s reporting currency of Sterling.

Variances in table are calculated from unrounded numbers.