2021 Q3 Summary

2021 Q3 Summary

Q3 2021 Trading Statement

22 October 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 underlying1

Continuing operations

Q3 2021
 £m

Q3 2020
 £m

Reported Variance 2
 
%

 

Constant Currency Variance 3
 
%

Constant Currency Variance (excl. deferred revenue adjustment) 3,4
 
%

 

 

 

 

 

 

 

Trading & Banking Solutions

 372

 399

(6.8%)

 

 (0.5%)

 (0.3%)

Enterprise Data Solutions

283

 290

 (2.4%)

 

 4.1%

 4.1%

Investment Solutions

 293

 278

 5.4%

 

 11.1%

 11.1%

Wealth Solutions

 115

 123

 (6.5%)

 

 (0.8%)

 (0.8%)

Customer & Third-Party Risk Solutions

 92

 69

 33.3%

 

 40.6%

 40.6%

Data & Analytics

 1,155

 1,159

 (0.3%)

 

 5.9%

 6.0%

 

 

 

 

 

 

 

Equities

 60

 52

 15.4%

 

15.4%

 15.4%

FX

 56

 56

 -

 

 7.1%

 7.1%

Fixed Income, Derivatives & Other

 195

 170

 14.7%

 

 21.1%

 21.1%

Capital Markets 

 311

 278

 11.9%

 

 17.2%

 17.2%

 

 

 

 

 

 

 

OTC Derivatives

 86

 80

 7.5%

 

11.4%

 11.4%

Securities & Reporting

 61

 58

 5.2%

 

 8.8%

 8.8%

Non-Cash Collateral

 24

 21

 14.3%

 

 19.0%

 19.0%

Net Treasury Income

 47

 63

 (25.4%)

 

 (21.0%)

 (21.0%)

Post Trade

 218

 222

 (1.8%)

 

2.3%

 2.3%

 

 

 

 

 

 

 

Other

 9

 6

 -

 

 -

 -

Total Income (excl. recoveries)

 1,693

 1,665

 1.7%

 

 7.5%

 7.6%

Recoveries

 90

82

 9.8%

 

 (1.1%)

 (1.1%)

Total Income (incl. recoveries)

 1,783

 1,747

 2.1%

 

 7.1%

 7.2%

 

 

 

 

 

 

 

Cost of sales

 (228)

 (228)

 -

 

 5.7%

 5.7%

Gross Profit 

 1,555

 1,519

 2.4%

 

 7.2%

 7.3%

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 Reported variance is the difference between current and prior year periods on a pro-forma underlying basis, using year-to-date FX rates prevalent in each period, therefore any changes in the FX rates are also reflected in the variance percentage alongside business performance. The Q3 results are derived by deducting the H1 results, which have been translated using the average exchange rates for the 6 months to 30 June 2021, from the 9 months figure

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

4The deferred revenue adjustment is explained in the “Accounting and modelling notes” section