Summary

Interim Results for the 6 months ended 30 June 2017 - Financial Summary

Unless otherwise stated, all figures below refer to continuing operations for the six months ended 30 June 2017.  Comparative figures are for continuing operations for the six months ended 30 June 2016 (H1 2016).  Variances are also provided on an organic and constant currency basis.  The basis of preparation is set out below. All figures are unaudited.

Organic and
Six months ended constant
30 June currency
2017 2016 Variance variance1
Continuing operations: £m £m % %
Revenue
Information Services1
355 286 24% 13%
Post Trade Services - LCH 207 167 24% 17%
Post Trade Services - CC&G and Monte Titoli 55 48 15% 4%
Capital Markets1  190 182 4% (1%)
Technology Services 41 38 8% 0%
Other revenue 5 1 - -
Total revenue 853 722 18% 10%
Net treasury income through CCP business 75 56 34% 22%
Other income 18 8 - -
Total income 946 786 20% 12%
Cost of sales (102) (77) 32% 22%
Gross profit 844 709 19% 11%
Operating expenses before depreciation and amortisation (399) (337) 18% 4%
Depreciation and amortisation (46) (36) 28% 18%
Total operating expenses (445) (373) 19% 5%
 
Share of loss after tax of associate (1) (3) - -
Adjusted operating profit2 398 333 20% 18%
         
     Add back Depreciation and amortisation 46 36 28% 18%
Earnings before interest, tax, depreciation and amortisation 444 369 20% 18%
         
Profit on disposal of business 5 - - -
Amortisation of purchased intangible assets and non-recurring items (98) (134) (27%) (31%)
Operating profit 305 199 53% 55%
       
Earnings per share        
Basic earnings per share (p) 50.4 27.4 84%  
Adjusted basic earnings per share (p)2 71.2 57.7 23%
Dividend basic earnings per share (p) 14.4 12.0 20%

1Organic growth is calculated in respect of businesses owned for at least 6 months in either period and so excludes ISPS, Mergent, SwapMatch and Russell Investment Management. The Group’s principal foreign exchange exposure arises from translating our European based Euro and US based USD reporting businesses into Sterling.

2before amortisation purchased intangible assets and non-recurring items