2021 H1 Summary

2021 H1 Summary

H1 2021 Interim Report

6 August 2021

For the pro-forma table, variances are provided on a reported and constant currency basis. Commentary is provided on the constant currency variance (excluding deferred revenue adjustment) to provide the best insight into underlying performance. Please refer to the Accounting and Modelling notes section for more information on relevant accounting adjustments.


 
 

 

Pro-forma underlying 1

Continuing operations


 H1 2021
 £m


H1 2020 2
 £m


Reported Variance 3
 %

 

Constant Currency Variance 4
 
%

Constant Currency Variance (excl. deferred revenue adjustment) 4,5
 
%

 

 

 

 

Data & Analytics

2,272

2,335

(2.7%)

3.9%

4.8%

 

Capital Markets

619

600

3.2%

9.6%

9.6%

 

Post Trade

450

468

(3.8%)

(2.1%)

(2.1%)

 

Other

 15

 17

 (11.8%)

 (5.9%)

(5.9%)

 

Total Income (excl. recoveries)

 3,356

 3,420

 (1.9%)

 

 4.0%

4.6%

 

Recoveries

178

164

8.5%

 

(1.1%)

(0.6%)

 

Total Income (incl. recoveries)

3,534

3,584

(1.4%)

 

3.7%

4.4%

 

 

 

 

Cost of sales

 (454)

 (486)

 (6.6%)

 0.2%

0.2%

 

Gross profit

 3,080

 3,098

 (0.6%)

 

 4.3%

5.1%

 

 

 

 

Adjusted operating expenses before depreciation, amortisation and impairment

(1,432)

(1,507)

(5.0%)

 

1.1%

1.1%

 

Income from equity investments

11

-

-

 

-

-

 

Share of loss after tax of associates

 (2)

 (1)

 -

 -

-

 

Adjusted earnings before interest, tax, depreciation, amortisation and impairment

1,657

1,590

4.2%

7.9%

 9.4%

 

Adjusted EBITDA Margin 6

49.4%

46.5%

 

 

 

 

 

 

 

 

Depreciation, amortisation and impairment

(363)

(346)

4.9%

7.7%

7.7%

 

Adjusted operating profit

 1,294

1,244 

 4.0%

 8.0%

9.9%

 

 

 

 

Net finance expense

(125)

 (193)

(35.2%)

 

 

Adjusted profit before tax

1,169

1,051

11.2%

 

 

 

 

 

Taxation

 (250)

 (279)

 (10.4%)

 

 

Adjusted profit after tax

919

772

19.0%

 

 

 

 

 

Non-controlling interest

 (107)

(88)

21.6%

 

 

Profit for the period

 812

684

18.7%

 

 

 

 

 

Adjusted basic earnings per share (p) 7

146.1

123.2

18.6%

 

1 Pro-forma underlying assumes that the acquisition of Refinitiv took place on 1 January 2021 for the current financial year and 1 January 2020 for the prior financial year comparator figure. Both figures exclude the financial contribution from the businesses contained within the Borsa Italiana divestment

2 H1 2020 comparator figure differs to the previous disclosure due to the treatment of FX and other adjustments. For more information please refer to the “Accounting and modelling notes” section

Reported variance is the difference between current and prior year periods on a pro-forma underlying basis, using year-to-date FX rates prevalent at each time, therefore any changes in the FX rates are also reflected in the variance percentage alongside business performance

4Constant currency variance shows underlying financial performance, excluding currency impacts, by comparing the current and prior period at consistent exchange rates

5The deferred revenue adjustment is explained in the “Accounting and modelling notes” section

6 Adjusted EBITDA margin is Adjusted EBITDA divided by Total Income (excl. Recoveries)

7Weighted average number of shares used to calculate Adjusted basic earnings per share on a pro-forma underlying basis is 556 million