Latest Results

Latest Results

Preliminary Results for the year ended 31 December 2020

5 March 2021

  • Strong financial performance – revenue growth continues across our businesses despite challenging market conditions

  • Strong operational resilience across the Group’s data, trading and clearing platforms

  • Successful completion of the acquisition of Refinitiv in January 2021 - transformational transaction brings together two highly complementary global businesses with a shared commitment to an Open Access philosophy, working in partnership with customers

  • Acquisition will accelerate the Group’s growth strategy and position as a leading global financial markets infrastructure and data provider - increasing its global footprint and adding leading data, analytics and multi-asset class capital markets capabilities

  • The Group is focused on delivering the strategic benefits of the transaction for customers, shareholders and broader stakeholders - extensive integration programme roll-out underway across the three core operating divisions: Data & Analytics, Capital Markets, and Post Trade

2020 Finanical Highlights:

  • Total revenue up 3% to £2,124 million (2019: £2,056 million) and total income up 6% to £2,444 million (2019: £2,314 million) (up 5% on a constant currency basis)

  • FTSE Russell revenue up 3% to £668 million (2019: £649 million) with growth in subscription revenues offset by a decline in asset-based revenues following significantly lower ETF AUM levels in H1
  • Post Trade revenue up 7% to £751 million (2019: £700 million), driven by strong growth in LCH; record activity in CDS, FX and cash equities clearing; total income up 12% to £1,070 million (2019: £955 million), largely reflecting higher cash margin held

  • Capital Markets revenue broadly flat on a reported basis at £427 million, and up 8% on a like-for-like basis excluding the one-off benefit of an IFRS 15 adjustment in prior year with strong performance in secondary markets

  • Adjusted operating expenses, before depreciation and amortisation1, were up 6% (up 5% on a constant currency basis) to £887 million (2019: £839 million)
  • Adjusted operating profit2 up 5% to £1,118 million (2019: £1,065 million); operating profit up 2% to £755 million (2019: £738 million); adjusted EBITDA2 up 5% to £1,329 million (2019: £1,265 million) and EBITDA margin of 54.4%

  • Adjusted EPS2 up 5% to 209.7 pence (2019: 200.3 pence); basic EPS up 1% to 120.3 pence (2019: 119.5 pence)

  • Proposed final dividend of 51.7 pence per share, resulting in a 7% increase in the full year dividend to 75.0 pence per share, reflecting good performance and confident outlook for the new Group

Continued organic and inorganic development, including:

    • FTSE Russell index selected by BlackRock for the first climate risk-adjusted Government Bond ETF utilising the FTSE Advanced Climate EGBI

    • FTSE Russell signed long-term expanded index derivative agreements with Cboe Global Markets and Singapore Stock Exchange
    • LCH continued leadership on global reference rate reform - the transition to SOFR discounting saw US$120 trillion in notional transitioning to the risk-free rate in October 2020. LCH also became the first clearing house to offer Singapore Dollar swaps benchmarked to SORA

    • ForexClear became the first service to launch clearing for non-deliverable FX options across nine currency pairs

    • Over £718 billion raised on our fixed income markets of which £75 billion raised through Covid-19 response bonds
    • China Yangtze Power Co. raised US$1.83 billion through Shanghai-London Stock Connect, the first Chinese issuer to receive London Stock Exchange’s Green Economy Mark, highlighting London’s position as an international centre for sustainable finance

1 Before depreciation, amortisation and non-underlying items

2 Before amortisation of purchased intangible assets and non-underlying items