Q1 2022 Summary
Q1 2022 Trading Update
27 April 2022
Variances are provided on a pro-forma and constant currency basis. Unless stated otherwise, commentary is provided on the constant currency variance (excluding the deferred revenue adjustment) to provide insight into performance on a comparable basis. Revenues and cost of sales associated with the BETA+ divestment have been classed as discontinued and are excluded from all periods. Revenues and cost of sales associated with the Borsa Italiana Group divestment, which completed in H1 2021, are also excluded.
|
Continuing operations |
Q1 2022 £m |
Pro-forma Q1 20211 £m |
Variance2 % |
|
Constant Currency Variance3 % |
Constant Currency Variance (excl. deferred revenue adjustment) 3,4 % |
|
|
|
|
|
|
|
|
|
Trading & Banking Solutions |
378 |
372 |
1.6% |
|
1.0% |
(0.9%) |
|
Enterprise Data Solutions |
304 |
279 |
9.0% |
|
8.8% |
6.5% |
|
Investment Solutions |
308 |
274 |
12.4% |
|
10.8% |
9.4% |
|
Wealth Solutions |
63 |
61 |
3.3% |
|
2.2% |
0.9% |
|
Customer & Third-Party Risk Solutions |
94 |
85 |
10.6% |
|
9.9% |
7.8% |
|
Data & Analytics |
1,147 |
1,071 |
7.1% |
|
6.3% |
4.5% |
|
|
|
|
|
|
|
|
|
Equities |
67 |
61 |
9.8% |
|
10.0% |
10.0% |
|
FX |
60 |
57 |
5.3% |
|
2.7% |
2.4% |
|
Fixed Income, Derivatives & Other |
232 |
200 |
16.0% |
|
15.2% |
15.2% |
|
Capital Markets |
359 |
318 |
12.9% |
|
11.9% |
11.9% |
|
|
|
|
|
|
|
|
|
OTC Derivatives |
93 |
87 |
6.9% |
|
7.5% |
7.5% |
|
Securities & Reporting |
64 |
63 |
1.6% |
|
5.1% |
5.1% |
|
Non-Cash Collateral |
24 |
22 |
9.1% |
|
10.5% |
10.5% |
|
Net Treasury Income |
57 |
55 |
3.6% |
|
5.2% |
5.2% |
|
Post Trade |
238 |
227 |
4.8% |
|
6.6% |
6.6% |
|
|
|
|
|
|
|
|
|
Other |
7 |
5 |
40.0% |
|
44.1% |
44.1% |
|
Total income (excl. recoveries) |
1,751 |
1,621 |
8.0% |
|
7.6% |
6.3% |
|
Recoveries |
80 |
88 |
(9.1%) |
|
1.6% |
(0.5%) |
|
Total income (incl. recoveries) |
1,831 |
1,709 |
7.1% |
|
7.3% |
6.0% |
|
Cost of sales |
(240) |
(230) |
4.3% |
|
2.9% |
2.9% |
|
Gross profit |
1,591 |
1,479 |
7.6% |
|
8.0% |
6.4% |
1 The Q1 2021 comparator is pro-forma and assumes that the acquisition of Refinitiv took place on 1 January 2021
2 Variance is the difference between current and prior year periods using FX rates prevalent at each time, therefore any changes in the FX rates are reflected in the variance percentage alongside business performance
3 Constant currency variance shows underlying financial performance, excluding currency impacts, by comparing the current and prior period at consistent exchange rates
4Excludes the deferred revenue adjustment further explained in the “Accounting and modelling notes” section