REG - GlobalData PLC - Full Year Results
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RNS Number : 8897U GlobalData PLC 02 March 2026
2 March 2026
GlobalData Plc
Full Year Results
31 December 2025
Resilient performance: Primed for Growth in AI Age
- A year of transformation - positive traction with solutions strategy
- AI is driving customer engagement with increased AI Hub adoption
- Strategic investment phase completed
- Enter 2026 with strong revenue visibility and a strengthened team
focused on execution
GlobalData Plc (AIM: DATA, GlobalData, the Group), data, insight, and
technology company, today publishes its results for the year ended 31 December
2025 (FY25).
· Total revenue growth of 13% to £322.1m (2024: £285.5m), underlying
revenue growth(1) of 1%.
· Adjusted EBITDA(1) of £110.2m (2024: £116.8m) impacted by investment
in cost base and M&A integration (-6%).
· Profit before tax for the year grew by £14.3m to £69.2m (2024:
£54.9m), inclusive of a credit of £20.5m on share-based payments.
· Underlying Contracted Forward Revenue(1) growth of 3% (reported growth
of 5%), providing good visibility into 2026.
· Final dividend proposed at 1.2p (2024: 1.0p), an increase of 20%.
· Two further acquisitions during 2025, strengthening our Consumer and
innovation offerings; revenue synergies remain a significant opportunity.
· Admission to the Main Market of the London Stock Exchange ("Main
Market") expected at 8.00am on 5 March 2026.
Mike Danson, Chief Executive Officer of GlobalData Plc, commented:
"2025 has been a year of resilient performance for GlobalData, in a business
environment that remains uncertain. We have continued to successfully embed
our solutions-led sales model, and while the reorganisation is taking time to
fully implement, it is already strengthening customer engagement, improving
collaboration across teams, and building a quality pipeline. We are seeing the
early benefits of that in forward revenue visibility and deeper, expanding
client relationships.
Our vision is to transform the future of work and having invested over several
years, we see AI as a key enabler for internal efficiencies and unlocking
value for our customers. We have seen rapid adoption of our AI Hub by more
than 90% of our customers, highlighting demand for our AI-enabled solutions.
Our proprietary data and expert insights are mission-critical to our
customers' decision-making in fast evolving marketplaces, reinforcing the need
for real time, trusted intelligence.
We enter 2026 with c.80% of analyst revenue consensus already contracted,
providing visibility with a strengthened platform and team focused on
execution, innovation and long-term value creation."
Highlights
Financial results for the year ended 31 December 2025.
Key performance metrics 2025 2024 Growth Underlying growth(1)
Revenue £322.1m £285.5m +13% +1%
Operating profit £81.2m £65.1m +25%
Operating profit margin 25% 23% +2 pts
Adjusted EBITDA(1) £110.2m £116.8m -6%
Adjusted EBITDA margin(1) 34% 41% -7 pts
Profit before tax (PBT) £69.2m £54.9m +26%
Earnings per share (EPS) 4.4p 3.8p +16%
Adjusted EPS (restated)(1) 7.3p 5.1p +43%
Total dividends 1.5p 2.5p -40%
Contracted Forward Revenue(1) £179.7m £171.4m +5% +3%
Net (bank debt)/ cash(1) (£114.2m) £10.1m -1231%
FINANCIAL HIGHLIGHTS
Resilient growth despite market headwinds
· Delivered 13% revenue growth to £322.1m (2024: £285.5m) in a challenging
environment, demonstrating the strength of our diversified platform and
strategic M&A execution, whilst navigating currency headwinds.
· Underlying revenue growth of 1% (2024: 4%) underpinned by consistent volume
renewal rates, reflecting the resilience and stickiness of our customer base.
Strategic investment phase with clear line of sight to margin recovery
· Adjusted EBITDA of £110.2m (2024: £116.8m) and margin of 34% (2024: 41%)
reflect the impact of investments in Growth Transformation Plan initiatives,
including sales expansion and senior leadership strengthening, alongside the
short-term dilutive impact of six acquisitions during their initial
integration phase.
· Operating profit grew 25% to £81.2m, reflecting the reduction in Adjusted
EBITDA offset by a non-cash share-based payment credit of £20.5m.
· Profit before tax grew by £14.3m to £69.2m (2024: £54.9m), a 26% increase
on prior year, albeit this includes a share-based payment credit of £20.5m.
Robust cash generation and capital discipline
· Operating cash flow of £83.3m (2024: £97.6m) remained robust despite cash
costs of acquisitions, integration, restructuring and transformation,
underscoring the cash-generative nature of the business model.
High revenue visibility underpins confidence
· Contracted Forward Revenue grew 5% to £179.7m (2024: £171.4m), with 3%
underlying growth, and alongside our predictable renewal base provides
approximately 80% visibility over company compiled analyst revenue consensus
for 2026, a testament to the predictability and resilience of our recurring
revenue model.
Progressive shareholder returns
· Proposed final dividend of 1.2p (2024: 1.0p), representing 20% growth and
reflecting confidence in the business trajectory.
OPERATIONAL HIGHLIGHTS
Strengthened commercial infrastructure and market position
· Significant operational transformation and a challenging macro-economic
environment have slowed our underlying growth for the year.
· Restructured go-to-market organisation with expanded sales capacity and new
strategic account management framework, whilst successfully integrating six
acquisitions into the business and platform.
· We exit the year with 3% underlying growth in Contracted Forward Revenue
(reported growth 5%), which includes significant contract wins from 2025.
Enhanced platform capabilities through measured AI integration
· The foundation of our business model is a strong defensive moat around high
quality and proprietary data and insights. Augmentation of AI gives us
opportunity across internal efficiency, customer productivity and experience,
as well as opening potential new revenue channels.
· We have launched several innovative AI-enabled solutions that are already
creating value for clients, including digital workers, AVA (AI Research
Assistant) and platform wide AI integration.
· Rapid adoption of our AI Hub, with usage increasing twofold during H1 to over
100,000 users. AI Hub is now embedded across the customer base with 90% of
customers contracted to an AI Hub enabled product, resulting in a 3x increase
in the number of active AI Hub users.
· AI and colleague collaboration has increased the number of users on our
platform, enabled through our new licensing structure, and driven greater
customer adoption and usage in terms of views, time on the site and downloads.
Disciplined capital allocation
· Returned over £100m in share buyback programmes, as well as £11m
contribution into the Employee Benefit Trust to manage future dilution.
Move to Main Market progressing
· Admission to the Main Market of the London Stock Exchange expected at 8.00am
on 5 March 2026.
NEW CHIEF FINANCIAL OFFICER APPOINTMENT
· Robert Kingston to join the Group as Chief Financial Officer as soon as he has
served his six-month notice period with his current employer, Keywords
Studios. It is expected that he will join the Group in Q3 2026.
· Graham Lilley has informed the Board of his intention to step down from his
role as CFO later this year, in order to pursue other opportunities. The Board
have mutually agreed with Graham that he will remain in role until after Rob
has started, to provide an orderly handover and support a smooth and
successful transition. A further update will be made in due course.
CURRENT TRADING AND OUTLOOK
We enter 2026 with strong revenue visibility for 2026, providing confidence
for the year ahead. The strength of the revenue visibility reflects:
· Contracted Forward Revenue, booked as at 31 December 2025.
· Consistent renewal rates across both Healthcare and Non-Healthcare divisions.
· Growing strategic account momentum as our new sales approach drives deeper
client relationships.
· The benefit of acquisitions made in 2024 and 2025 now contributing to the
base.
· Resilient demand for business-critical data and insights despite macro
headwinds.
We have a clear line of sight to margin expansion as integration activity
completes and supported by a well invested cost allowing for strong
incremental margins flowing from revenue growth.
Medium-term priorities (2026 and beyond):
· Accelerate Underlying Growth: Driving our underlying revenue growth to
mid-single digits, whilst building the foundations to get back to
mid-high-single digit growth and beyond as we look out to the longer term.
· Margin Recovery and Expansion: Recover Adjusted EBITDA margins towards 40%,
leading to high cash conversion and strong returns on invested capital.
· AI Innovation: Expand the capabilities and adoption of our AI Hub, whilst
launching new AI-powered products and solutions.
· Strategic M&A Execution: Focus is to drive revenue synergies in the
Non-Healthcare division from recent acquisitions, but will continue to pursue
value-accretive M&A in our Healthcare division.
· Continuing to deliver attractive Total Shareholder Returns: Progressive
dividend policy and disciplined approach to capital allocation and share
buybacks.
Note 1: Defined in the explanation of non-IFRS measures on page 26.
ENQUIRIES
GlobalData PLC
Mike Danson, Chief Executive Officer 0207 936 6400
Graham Lilley, Chief Financial Officer
J.P. Morgan Cazenove (Nomad, Joint Broker)
Bill Hutchings 0203 493 8000
Mose Adigun
Panmure Liberum (Joint Broker)
Rupert Dearden 0203 100 2000
James Sinclair-Ford
Investec Bank Plc (Joint Broker)
Henry Reast 0207 597 5970
Virginia Bull
FTI Consulting (Financial PR)
Edward Bridges 0203 727 1000
Dwight Burden globaldata@fticonsulting.com
Emma Hall
Notes to Editors
About GlobalData Plc
GlobalData Plc (AIM: DATA) is a company which provides an intelligence and
productivity platform that empowers leaders to act decisively in a world of
complexity and change. By uniting proprietary data, human expertise, and
purpose-built AI into a single, connected platform, we help organisations to
see what's coming, move faster, and lead with confidence. On 6 February 2025,
GlobalData announced its intention to apply for its ordinary shares to be
admitted to the Equity Shares (commercial company) listing segment of the
Official List and to trading on the Main Market ("Admission"). It is expected
that Admission will take place at 8.00am on 5 March 2026.
One Platform Model
GlobalData's One Platform model is the foundation of our business and is the
result of years of continuous investment, targeted acquisitions, and organic
development. This model governs everything we do, from how we develop and
manage our products, to our approach to sales and customer success, and
supporting business operations At its core, this approach integrates our
proprietary data, human expertise, and purpose-built AI into an integrated
suite of solutions, designed to serve a broad range of industry markets and
customer needs on a global basis. The operational leverage this provides
means we can respond rapidly to changing customer needs and market
opportunities, and continuously manage and develop products quickly, at scale,
with limited capital investment as well as providing unique integration
opportunities for M&A.
Strategic Priorities
GlobalData's four strategic priorities are: Customer Obsession, World-Class
Products, Sales Excellence and Operational Agility.
Cautionary Statement
This results announcement has been prepared solely to provide information to
shareholders to assess how the directors have performed their duty to promote
the success of the company.
The preliminary statement contains certain forward-looking statements. These
statements are made by the directors in good faith based on the information
available to them up to the time of their approval of this report and such
statements should be treated with caution due to the inherent uncertainties,
including both economic and business risk factors, underlying any such
forward-looking information.
CHIEF EXECUTIVE'S REVIEW
Building momentum: transformation delivering results in a resilient business
2025 has been a transformational year for GlobalData, making progress in
positioning the business for long-term sustainable growth. Despite continued
macro-economic uncertainty, our resilient subscription-based business model
has continued to deliver growth, whilst the strategic investments we have made
are starting to translate into tangible outcomes across our product, people
and key client wins.
We have made progress embedding the key initiatives from our Growth
Transformation Plan, particularly our solutions strategy and AI innovation. We
exited 2025 in a position of strength and while we expect our underlying
revenue to grow steadily, reflecting our subscription deferred model and
ongoing macro headwinds, I remain confident in our ability to deliver on our
strategic objectives in 2026 and beyond, supporting a return to sustainable
mid to high single digit growth over the longer term.
GlobalData operates in a growing market where the demand for high-quality,
proprietary data, expert analysis, and actionable intelligence continues to
accelerate. Our clients - which include over 5,000 of the world's largest
corporations, financial institutions, and government organisations -
increasingly recognise that trusted, proprietary data is a strategic asset
that enables better, faster decision-making in an uncertain world.
Our Growth Transformation Plan is built around four strategic priorities:
Customer Obsession, World-Class Products, Sales Excellence, and Operational
Agility. I am pleased to report substantial progress across all four pillars
during 2025.
Proprietary data and AI integration: a defensible competitive advantage
GlobalData's fundamental strength is, and has been since inception, its gold
standard proprietary data which is fully integrated into our platform and not
easily replicated. Our customers rely on our data to make timely and effective
decisions, often in real time. We are observing that customer data delivery
demands are changing, particularly through increased demand for direct data
feeds and APIs. This further strengthens our proposition by embedding
GlobalData further into our customers' workflows. The fundamental point
remains unchanged: our clients rely on our data, and we retain a clear
competitive moat through the breadth, quality and accessibility of our
proprietary data.
AI is a positive theme for GlobalData. Building on a decade-long track record
of investment in deploying purpose-built AI across the platform, AI is a key
enabler, for internal productivity, and unlocking greater value for our
customers as new AI-powered solutions transform customer experiences. Unlike
many public AI tools that depend on open web data, GlobalData's AI products
are grounded in a proprietary content ecosystem spanning a vast universe of
proprietary data and verified analyst reports. GlobalData's purpose-built AI
infrastructure integrates proprietary datasets, ensuring that every output is
backed by evidence and customers can made decisions based on insights that are
accurate, auditable, and strategically relevant.
As a result of this capability and differentiation, growing customer demand
for GlobalData's AI products is resulting in increased platform usage, time
spent, content consumption and downloads. Importantly, we know that our
customers are more likely to renew with us and new customers are more likely
to come on board, when AI solutions are offered as part of the service. Our
proprietary data and expert insights are mission-critical to our customers'
decision-making in fast evolving markets, reinforcing the need for real time,
trusted intelligence.
Customer Obsession: Solutions-led Selling, Strategic Account Management and
Customer Engagement
Our customer value proposition centres around high quality, proprietary data
to make timely and effective decisions. During 2025, we fundamentally
transformed our go-to-market approach, transitioning from a product-led sales
model to a solutions-led approach with enhanced strategic account management.
Customer Driven Re-organisation
We successfully completed the restructure of our go-to-market organisation,
investing significantly in:
· Expanding our sales teams with experienced enterprise sellers.
· Implementing a new strategic account management team and framework.
· Developing deeper collaboration with our vertical specialist analysts and
consultants.
This transition required substantial change management and took time to embed,
particularly in Q1 2025. We still have work to do to ensure we fully realise
the value of our investment and establish sustainable momentum in growing our
customer relationships and revenues. However, we exited the year in a stronger
position, having gone through the more difficult elements of the
transformation.
In November 2025, we hosted an AI investor event where we showcased several
innovative AI-enabled solutions that are already creating value for clients:
· Digital Workers: We have developed AI agents designed to transform the future
of work through agentic AI. These digital workers can autonomously execute
complex research tasks, analyse market trends, and generate strategic insights
- effectively augmenting our clients' teams with AI-powered analysts.
· AVA (AI Research Assistant): AVA is our AI research assistant that delivers
personalised insights and automates workflows. Clients can interact with AVA
using natural language to rapidly access the precise intelligence they need
from our vast data universe.
· Platform-Wide AI Integration: Beyond discrete AI products, we have embedded AI
capabilities across our 'One Platform', enhancing everything from search and
discovery to data visualisation and predictive analytics.
These investments position us to continue leading in AI-enabled intelligence
and to maximise the benefits of AI developments for our business and clients.
Customer Engagement
Our approach to customer engagement has been to combine our proprietary data,
deep domain human expertise with AI and technology to drive better outcomes
for our clients.
Our focus on team collaboration across our sales, strategic account managers,
analysts and consultants has driven greater customer engagement across a
broader set of users. Our AI enabled solutions and tools on the platform have
gained more users on the platform, driving greater engagement and we are
seeing usage stats increasing, including views, time on the site and
downloads.
World-Class Products:
2025 has been a breakthrough year for our AI strategy. The investments we have
made are delivering tangible value to clients and positioning GlobalData as a
leader in AI-enabled intelligence solutions.
Full roll out of AI Hub
Our AI Hub has seen exceptional growth, with usage increasing twofold during
the first half of the year to over 100,000 users. AI Hub is now embedded
across the customer base with 90% of customers contracted to an AI Hub enabled
product, with its ability to democratise access and increase utility for
customers resulting in a 3x increase in the number of active AI Hub users.
Analysis has also shown that AI Hub is transforming user experience and
resulting in significantly more engaged customers that log-in more frequently,
spend more time on the platform, interact with more features, and download
more information. This platform integrates our proprietary data with advanced
AI capabilities, enabling clients to:
· Access personalised insights through natural language queries.
· Automate routine research workflows.
· Generate custom analysis and reports.
· Identify patterns and connections across our data universe.
The adoption of the AI Hub validates our strategy and demonstrates clear
client demand for AI-enabled solutions and now clearly positions GlobalData
not only as a provider of premium proprietary data and insight, but also as a
technology and AI enabled workflow and productivity tool for our clients
Platform Investments:
During 2025, we continued to invest in our technology infrastructure:
· Enhanced platform scalability and performance.
· Improved user experience and interface design.
· Expanded API and integration capabilities for enterprise clients.
These investments support both organic growth and our ability to integrate
acquisitions efficiently.
Sales Excellence: Building a High-Performance Sales Organisation:
Our Sales Excellence pillar focuses on creating a world-class sales
organisation that can consistently deliver sustainable growth. The focus of
sales organisation is on our growth bridge; reduction of churn/ down sell,
price, new product, new license, new solutions and new client wins.
We have significantly expanded our sales capacity from 2024 and through 2025.
As at 1 January 2025 we had sales headcount totalling 366, compared with 277
at the same point in 2024. Whilst the sales headcount as at 1 January 2026 is
flat overall at 367, the mix has changed significantly. The focus has been on
hiring enterprise sales professionals with substantial experience of managing
and growing large accounts with the world's largest companies.
Beyond headcount expansion, we invested heavily in sales enablement, including
comprehensive onboarding and training programmes, enhanced sales tools and CRM
capabilities as well as the establishment of a Group revenue operations team
to fully support the sales operation.
We have implemented active strategic account management across our key client
relationships. Early indicators are encouraging:
· Deeper engagement with C-suite and strategic decision-makers,
signing 3 seven figure GBP contracts in the second half.
· Expanding wallet share within existing accounts through
cross-selling.
· Starting to see higher average contract values across our larger
clients.
Whilst there is still work to do, the pipeline of strategic opportunities we
are building gives me confidence that this approach will drive accelerating
growth in 2026 and beyond.
Client Success and Retention
Our volume renewal rates remain consistent across both Healthcare and
Non-Healthcare divisions. This demonstrates that despite the transition in our
sales approach, we have maintained the client engagement and value delivery
that underpins our subscription model.
Excluding our recent acquisitions, our volume renewal rate for the year was
83% for the Group overall (customers >£20k) (2024: 83%), with Healthcare
at 78% (2024: 79%) and Non-Healthcare at 85% (2024: 85%) reflecting a strong
base retention. A major part of the Growth Transformation Plan is to increase
the Group's volume renewal rate, and whilst we have not seen material
progression in this area in 2025, we have launched several engagement customer
success initiatives as well as having a new dedicated inside sales team
looking after the lower value clients. From these initiatives we have seen
positive activity and engagement from our customer base and are confident that
this will start to have a more meaningful impact on revenues and renewal
rates.
Operational Agility: Platform Leverage and Integration Excellence:
Our Operational Agility pillar ensures we can scale efficiently and integrate
acquisitions seamlessly into our 'One Platform'.
The acquisitions made during Q4 2024 and 2025 were:
Q4 2024:
· LinkUp (October 2024): A leading provider of global job market data.
· Celent (December 2024): A leading research and advisory firm focused on
helping technology and strategy leaders in the Financial Services market
globally.
· Deallus (December 2024): A market-leading competitive intelligence solutions
provider focused on the global life sciences sector.
2025:
· AI Palette (March 2025): Strengthens our Consumer Innovation Intelligence
Solutions and AI capabilities, particularly in food and beverage sectors.
· Stylus (July 2025): Expands our consumer trend forecasting capabilities and
enhances our creative intelligence offering.
During Q4 2024 and FY 2025 we completed five acquisitions, successfully
integrating them into our platform and we are now realising the anticipated
cost synergies. These acquisitions took longer than initially anticipated to
integrate, because of the organic transformation activities that were running
side by side as well as the increased focus on ensuring complex data sets are
fully connected with existing data sets to ensure quality and realise the
longer-term opportunities with AI and wider solutions offering. The 2025
results do not reflect any significant revenue synergies from these
acquisitions and at this point in time, revenue synergies remain a significant
opportunity for the Group.
Whilst our long-term M&A ambitions remain the same; our near-term focus,
in the Non-Healthcare division, will be organic growth and realising revenue
synergy opportunities across our recent acquisitions, which we have not
realised as quickly as we would have liked. We have made significant
investments in acquisitions, product, and solutions therefore the team is
primarily focused on realising returns on these investments. Our Healthcare
M&A strategy remains unchanged and will look to deliver bolt-on
acquisitions in FY2026.
FINANCIAL PERFORMANCE
Revenue and Growth
For the year ended 31 December 2025, the Group delivered revenue of £322m,
representing total reported growth of 13% and 1% on an underlying basis (2024:
£286m). The business demonstrated consistent volume renewal rates throughout
the year, with consistent performance across all major client verticals.
The underlying growth of 1%, whilst disappointing, reflects the investment
phase and transformation disruption as we transitioned to our new sales model.
Whilst this transition impacted growth as our new sales teams embedded new
ways of working, we saw some improvement through the year as our solutions-led
selling approach gained traction in some sectors. We expect a more consistent
ramp up in 2026 now that we have established the new go-to-market structure,
noting that macro-economic headwinds may temper some of this progression.
Our Contracted Forward Revenue strengthened to c£180m, representing growth of
5% year-on-year (3% on an underlying basis). This metric is critical to our
business model, and alongside our predictable renewal base, provides us with
approximately 80% visibility over analyst revenue consensus for 2026.
The strength of our Contracted Forward Revenue reflects:
· Consistent renewal rates across both Healthcare and
Non-Healthcare divisions.
· Growing strategic account momentum as our new sales approach
drives deeper client relationships.
· The benefit of acquisitions made in 2024 and 2025 now
contributing to the base.
· Resilient demand for business-critical data and insights despite
macro headwinds.
Profitability and Margins
Adjusted EBITDA for the year was £110m (2024: £117m), with margins of 34%
(2024: 41%).
The reduced margin in 2025 reflects the significant investments we have made
in three key areas:
· Sales Transformation: Expanding our sales organisation and
investing in strategic account management and sales support and revenue
operations.
· Corporate infrastructure and support: Investment in our People
department, which supports our go-to-market and sales operation as well as the
wider business, and a full year of duplicated corporate costs supporting the
separate Healthcare division.
· M&A: Our acquisitions completed August 2024-July 2025 have
been margin dilutive during 2025, mainly because of the timing of those
acquisitions being at the end of 2024 and the time taken to realise the cost
synergies as we integrated those businesses.
As anticipated and communicated to the market, these investments have
compressed margins in the short term. However, the Board and I remain
confident in our trajectory towards recovering margins to 40%:
· Acquisitions become fully integrated and deliver planned cost
synergies, and the Group realises the impact of recent restructuring.
· We work towards a more balanced margin profile between the two
divisions.
· Our enhanced sales organisation operates at full productivity.
· AI investments drive operational efficiencies and scale benefits.
· Platform leverage continues to improve with revenue growth.
Segmental Performance
Non-Healthcare Division
Our Non-Healthcare division contributed revenue of £199m, reflecting growth
of 13% overall with 1% growth coming from underlying performance. Our
Non-Healthcare division finished the year with 5% underlying growth in
Contracted Forward Revenue, as we started to see some momentum reflecting that
the division has increased its sales headcount by 61 people (31%) since early
2024.
This division serves clients across Technology, Consumer, Professional &
Financial Services, Industrials, Automotive, and other sectors.
Key highlights from 2025 include:
· Strong growth in our Consumer Innovation Intelligence Solutions
following the AI Palette and Stylus acquisitions.
· Roll out of Sales Intelligence solution, with notable wins across
sector.
· Growing traction with our digital workers and AI-enabled
solutions.
The Non-Healthcare division benefits from significant cross-selling
opportunities because of the multiple use-cases we serve, across large and
complex organisations. We believe the Total Addressable Market of this
division is +£15bn, because of the breadth and depth our solutions offer.
Healthcare Division
The division serves pharmaceutical and life sciences organisations with
mission-critical intelligence on drugs, devices, clinical trials and
commercial Healthcare data, which also serves suppliers into these markets,
such as Professional Services. One of the key focuses in the year was on the
integration of Deallus and combining the acquired capability with existing
data assets, in the development of a world-class Competitive Intelligence
solution.
Our Healthcare division generated revenue of £123m, reflecting growth of 13%.
The acquisition of Deallus contributed to the revenue growth, with the
underlying business growing by 2%. The pharmaceuticals industry has seen some
market headwinds in recent years, particularly within the biotech sector, as
well as US drug pricing being a major theme across the major pharmaceuticals
businesses which has negatively impacted growth.
As a consequence, within the GlobalData Plc Company only accounts, an
impairment write down of £228.4m against the investment (recognised following
the separation of the Group's Healthcare business into separate legal entities
last year) has been recognised in the year reflecting a challenging
environment in which the business is operating. This has no impact on the
consolidated results, and we remain confident in the business fundamentals and
growth opportunity going forwards. The business remains a highly cash
generative and high margin business operating in an attractive sector.
CAPITAL ALLOCATION AND SHAREHOLDER RETURNS
We maintain a disciplined capital allocation framework that balances organic
investment, strategic M&A, and shareholder returns. Because of the
minority investment in the Healthcare division, we monitor the Group balance
sheet and leverage for each division separately and look to deploy capital in
the most efficient manner across M&A, share buy-backs and dividends.
Capital Allocation Priorities
Our capital allocation priorities remain:
· Organic Investment: Our cost base entering 2026 is well invested, with
significant investments across our go-to-market, solutions and platform.
Therefore, our focus through 2026 will be on realising return on these
investments and driving revenue growth across the business.
· Strategic M&A: Our platform makes bolt-on M&A a valuable proposition
to our shareholders. Whilst our focus across the business is on underlying
growth and sales synergies from our recent cohort of acquisitions, we will
de-prioritise M&A in our Non-Healthcare division. Our Healthcare segment
remains focused on scaling through M&A in the short term.
· Shareholder Returns: Returning capital through share buybacks and dividends.
Returns to Shareholders
During 2025, we have been active in returning capital to shareholders:
· Completion of £60m tender offer in September 2025.
· Share buybacks totalling £39.7m in H1 2025.
· Launch of additional £10m buyback programme in November 2025, which continued
into 2026.
· Proposed final dividend of 1.2 pence per share.
These actions demonstrate our confidence in the medium and long-term prospects
of the business and our commitment to delivering strong Total Shareholder
Returns. Our revised dividend policy announced in 2024 provides flexibility to
prioritise value-creating M&A whilst maintaining progressive ordinary
dividends.
OUTLOOK AND PRIORITIES FOR 2026
As we enter 2026 - the final year of our Growth Transformation Plan - we are
well-positioned to deliver on our strategic objectives and drive sustainable
and scalable growth.
2026 Priorities
Medium-term priorities (2026 and beyond):
· Accelerate Underlying Growth: Driving our underlying revenue growth to
mid-single digits, whilst building the foundations to get back to
mid-high-single digit growth and beyond as we look more in the longer term.
o Continue to embed and realise value from our strategic account programme
and commercial excellence, expanding wallet share amongst our major clients.
o Continue the roll out and transition of clients to our new technology
enabled Solutions, driving greater client engagement and return on investment,
which ultimately creates more material customer relationships for the Group.
o Focus on sales and revenue synergies from our recent acquisitions,
focusing heavily on introducing their clients to the wider GlobalData offering
and bringing their products and solutions to our wider client base.
· Margin Recovery and Expansion: Recover Adjusted EBITDA margins towards 40%,
leading to high cash conversion and strong returns on invested capital.
o Realising full-year impact of cost synergies from 2024 and 2025
acquisitions.
o Operating leverage from revenue growth. Our cost investments are already
reflected in the cost base and therefore we expect a significant incremental
margin from revenue growth.
o Disciplined cost management whilst continuing to invest in growth, through
reinvesting operational efficiency improvements enabled by AI and automation.
· AI Innovation: Expand the capabilities and adoption of our AI Hub, whilst
launching new AI-powered products and solutions.
o Expanding the capabilities and adoption of our AI Hub, helping clients
engage with our mission-critical proprietary data in an efficient manner
driving greater productivity.
o Launching new AI-powered products and solutions.
o Integrating AI across our entire platform to drive productivity and
insights.
o Building our AI talent pool and capabilities.
· Strategic M&A Execution: Focus is to drive revenue synergies in the
Non-Healthcare division from recent acquisitions, but will continue to pursue
value-accretive M&A in our Healthcare division.
· Continuing to deliver attractive Total Shareholder Returns: Progressive
dividend policy and disciplined approach to capital allocation and share
buybacks.
Main Market Listing
Subject to final approval from the Financial Conduct Authority, a prospectus
in relation to the Company's move to the Main Market will be published on 2
March 2026. Admission to the Main Market is expected to be at 8.00am on 5
March 2026 with the last day of trading on AIM on 4 March 2026. I believe that
our move to the Main Market will give the Company a wider access to
international capital, enhancing future growth opportunities.
Board Changes
In accordance with the announcements of 19 January 2026 and 10 February 2026,
Andrew Day and Annette Barnes are resigning from the Board on 1 March 2026
immediately following approval of the 2025 Annual Report and Accounts, and I
would like to thank Annette and Andrew for their exceptional support and
guidance over the last nine years. We have recently welcomed Rachel Higham and
Toby Walter to the Board as non-executive directors.
Separately, the Company is pleased to announce that it has agreed terms with
Robert Kingston to join the Group as Chief Financial Officer as soon as he has
served his six-month notice period with his current employer. Robert is
currently employed as the Chief Financial Officer of Keywords Studios and
previously spent 25 years at Sky plc in progressively senior finance and
operational roles including Finance Director of Sky's Content Business, Group
Director of Investor Relations and latterly as an Executive Director to the
Group CEO. Rob is a Fellow of the Chartered Institute of Management
Accountants. It is expected that he will join the Group in Q3 2026.
Graham Lilley has informed the Board of his intention to step down from his
role as CFO later this year, in order to pursue other opportunities. The Board
have mutually agreed with Graham that he will remain in role until after Rob
has started, to provide an orderly handover and support a smooth and
successful transition.
Outlook
We enter 2026 with strong visibility, with approximately 80% of analyst
revenue consensus for 2026 contracted through our Contracted Forward Revenue,
as well as reasonable expectations for revenue from renewing customers,
providing confidence in base business retention.
We have a clear line of sight to margin expansion as integration activity
completes and a well invested cost allowing for strong incremental margins
flowing from revenue growth.
The investment case for GlobalData remains compelling:
· Strong defensive moat around high quality and proprietary data
and insights.
· Market-leading position in large, growing markets for data and
analytics.
· Resilient subscription model with high visibility and predictable
cash flows.
· Significant AI-enabled growth opportunities ahead of the curve.
· Proven M&A platform with capacity and pipeline for value
creation.
· Clear pathway to margin expansion and accelerating growth.
· Strong management team with track record of value creation.
2025 has been a year of substantial progress in executing our Growth
Transformation Plan. We have embedded our solutions-led selling approach, made
breakthrough AI investments that are delivering client value, successfully
integrated six acquisitions, and maintained a strong balance sheet with
significant capacity for future value creation.
The macro-economic environment remains uncertain, but our business model has
demonstrated its resilience. The demand for high-quality, proprietary data and
expert analysis is robust, and our AI-first approach positions us to
capitalise on one of the most significant technological shifts of our time.
As we enter 2026, I am confident that GlobalData is well-positioned to deliver
on our strategic objectives. Our proprietary data assets, AI capabilities, and
talented team create a sustainable competitive advantage. With our growth
transformation initiatives now largely embedded and momentum building, we are
focused on execution and driving accelerating growth.
I would like to thank our clients for their continued partnership and trust,
our employees for their exceptional work during this period of transformation,
and our shareholders for their ongoing support. We look forward to updating
you on our progress throughout 2026.
Mike Danson
Chief Executive
1 March 2026
FINANCIAL REVIEW
ADJUSTED FIGURES
For the Year Ended 31 December: 2025 2024 Reported Growth Underlying Growth
£m £m
Revenue 322.1 285.5 13% 1%
EBITDA(1) 110.2 116.8 -6%
Operating profit(1) 111.6 83.3 34%
Operating profit margin(1) 35% 29% 6%
Profit before tax(1) (restated) (2) 99.6 70.3 42%
Tax charge(1) (restated) (2) (25.8) (21.6) 19%
Profit after tax(1) (restated) (2) 73.8 48.7 52%
Free cash flow(1) 34.4 32.7 5%
Basic earnings per share(1) (pence) (restated) (2) 7.3 5.1 43%
REPORTED FIGURES
For the Year Ended 31 December: 2025 2024 Reported Growth Underlying Growth
£m £m
Revenue 322.1 285.5 13% 1%
Operating profit 81.2 65.1 25%
Operating profit margin 25% 23% 2%
Profit before tax 69.2 54.9 26%
Tax charge (19.1) (18.4) 4%
Profit after tax 50.1 36.5 37%
Cash flow from operations 83.3 97.6 -15%
Net (bank debt)/ cash(1) (114.2) 10.1 -1231%
Basic earnings per share (pence) 4.4 3.8 16%
(1) Defined in the explanation of non-IFRS measures on page 26.
(2) In prior years, the Group included share-based payments and associated
costs, as well as unrealised foreign exchange costs/(gains) as an adjustment
to operating profit. The Group has updated the classification of adjusting
items within the adjusted profits calculation in 2025 with a view to provide
more comparable performance metrics across its peers. As a result of the
amended calculation method, prior year comparatives have been amended to
report adjusted profits on a consistent basis.
Key Performance Indicators:
Financial Key Performance Indicators
The financial KPIs detailed below are used, in addition to statutory reporting
measures, by the Executive Directors to monitor the Group's performance and
progress.
Revenue Contracted Forward Revenue Adjusted EBITDA Adjusted EBITDA Margin Net (Bank Debt)/ Cash
2025 £322.1m £179.7m £110.2m 34% (£114.2m)
2024 £285.5m £171.4m £116.8m 41% £10.1m
% reported growth +13% +5% -6% -7p.p. -1231%
% underlying growth +1% +3% N/a N/a N/a
Our significant transformation programme, alongside macro-economic headwinds,
have meant that underlying growth was tempered at 1%. Although sales headcount
was broadly flat year-on-year (32% up versus headcount as at January 2024), we
changed a lot of personnel in the first quarter of 2025, re-focusing our
go-to-market strategy on larger strategic accounts and building an inside
sales team to look after the smaller accounts, at scale. The disruption and
the longer customer decision making cycles impacted our revenue progression.
We saw some positive momentum in the second half of 2025, particularly in the
Non-Healthcare segment. We finished the year with good visibility on future
revenues. Contracted Forward Revenue grew to £179.7m as at 31 December 2025
(31 December 2024: £171.4m), which included 3% underlying growth.
Investing in our go-to-market strategy, AI and solutions impacted our organic
Adjusted EBITDA margin, but the most material dilution of margin was from our
recent cohort of acquisitions. Cost synergy programmes across our acquisitions
were materially complete by 31 December 2025, therefore we expect margins to
recover towards 40%.
Operational Key Performance Indicators
As at 31 December 2025, the total number of clients (>£5,000 spend) grew
3% to 5,112 (2024: 4,979) including the impact of the recent acquisitions.
Clients >£20,000 All Clients
(above £5,000)
Value renewal rate Volume renewal Average client value Value renewal rate Volume renewal Average client value
rate (underlying) rate (underlying)
(£'000) (£'000)
2025 89% 83% £81.8 88% 79% £50.0
2024 93% 83% £79.1 92% 79% £49.7
Movement -4pt - +3% -4pts - +1%
Our volume renewal rates were materially consistent with the previous year. As
part of the Growth Transformation Plan, a number of initiatives and strategic
focus has been on Customer Obsession and we believe that these will drive
towards our stated ambition of volume renewal rates of >90% over the longer
term.
Our value renewal rate, which reflects the overall value returned from
existing customers, including growth from increasing prices, products and
licenses, has fallen by 4pts this year. Part of this fall is due to movements
in foreign exchange, but also focussing on transitioning clients to team and
enterprise-based contracts has meant a lower return from pricing and license
upgrades. Longer term, we expect the new licensing approach to drive more
usage and ultimately client value. This transition started from 1 January
2025.
Financial Review Notes
The financial position and performance of the business are reflective of the
key financial elements of our business model: visible and recurring revenues,
high incremental margins, scalable opportunity and strong cash flows. The
Directors believe that Adjusted EBITDA, Adjusted EBITDA margin, Adjusted
operating profit, Adjusted operating profit margin, Adjusted profit before
tax, Adjusted profit after tax and Adjusted earnings per share provide
additional useful information on the operational performance of the Group to
shareholders, and internally we review the results of the Group using these
measures. The term 'adjusted' is not a defined term under IFRS and may not
therefore be comparable with similarly titled profit measures reported by
other companies. It is not intended to be a substitute for, or superior to,
IFRS measures of profit.
The Directors also believe that reviewing revenue growth on an 'underlying'
basis gives a useful view on the performance of the business. By reviewing
growth excluding the impact of currency and the impact of acquisitions, the
Directors can review performance on a like-for-like basis. The term
'underlying' is not a defined term under IFRS and may not therefore be
comparable with similarly titled measures reported by other companies.
Financial Key Performance Indicators ('KPIs')
The financial KPIs on page 13 are used, in addition to statutory reporting
measures, by the Executive Directors to monitor the Group's performance and
progress. These key performance indicators are used to measure progress
against strategy, the strength of the business and long-term prospects for our
stakeholders.
Operational Key Performance Indicators
The operational key performance indicators below are used by the Directors to
monitor the quality of revenue growth and understand underlying performance.
Our operational key performance indicators are:
Value Renewal Rate - this is calculated in reference to the total spend of
existing clients with subscription contracts in the last twelve months,
compared to the total spend of those same clients in the twelve months prior
to that.
Volume Renewal Rate - this is calculated in reference to the number of
existing clients with subscription contracts in the last twelve months,
compared to the same number of clients in the twelve months prior to that.
Average Client Value - this is calculated using the total value of sales
across our clients with subscription contracts and dividing by the number of
clients with subscription contracts, which shows an average value.
Our operational KPIs reference sales orders rather than revenue and therefore
impact revenue recognised in the year as well as Invoiced and Contracted
Forward Revenue.
Reconciliation of statutory numbers to alternative performance measures:
For the Year Ended 31 December: 2025 2024 Variance
£m £m %
Reconciliation:
Operating profit 81.2 65.1 25%
Restructuring, corporate projects and refinancing costs 11.2 5.3 111%
Acquisition and integration costs 7.1 4.0 78%
Amortisation of acquired intangible assets 12.1 8.9 36%
Adjusted operating profit(1) 111.6 83.3 34%
Depreciation 6.6 5.8 14%
Amortisation of software 4.3 1.9 126%
Impairment 1.3 - 100%
India Wage Code liability true-up 1.7 - 100%
Share-based payments (credit)/ charge (15.4) 24.1 -164%
Costs relating to share-based payments scheme 1.7 0.3 467%
Revaluation (gain)/ loss on short- and long-term derivatives (1.2) 1.7 -171%
Unrealised operating foreign exchange gain (0.4) (0.3) 33%
Adjusted EBITDA(1) 110.2 116.8 -6%
Adjusted EBITDA margin(1) 34% 41% -7p.p.
(1) Defined in the explanation of non-IFRS measures on page 26.
The Group's Performance This Year
1. Executive Summary
The Group's financial performance reflects the key transformational activities
that the Group has prioritised in 2025, set against a challenging
macro-economic environment. The Group has focused on:
· Investment in go-to-market, solutions and AI, which have all had
a dilutive impact on Adjusted EBITDA margin, but with the associated revenue
returns still to come.
· Our recent acquisitions have increased our overall Group revenue
yet have had a dilutive impact on margins. Whilst now fully integrated, the
full year effect of synergies will be realised in 2026 and beyond.
Overall, the Group performance has meant that the LTIP targets for 2025 have
not been met, and management currently believe that the Adjusted EBITDA
performance target for 2026 is unlikely to be met. Therefore, a non-cash
credit of £20.5m has been added back to the consolidated income statement in
2025, reflecting previous charges that have been recognised on the basis that
the targets would be met. The £20.5m credit was partially offset with £5.1m
of share-based payment charges in relation to the remaining charges for 2024
LTIP targets and grants made in the year.
2. Revenue
Revenue grew by 13% to £322.1m (2024: £285.5m). The majority of the increase
came from recent acquisitions. On an underlying basis, subscriptions grew by
1% underpinned by continued strong renewal rates, but currency headwinds
reduced revenue (excluding acquisitions). As a result of the weighting of
acquisitions, subscription revenue as a proportion of total revenue reduced
slightly to 74% (2024: 75%).
£m £m
Revenue as reported - 2025 322.1
Add back currency movements (from underlying business) 4.2
Deduct post-acquisition revenue of acquired businesses (39.0)
Revenue underlying - 2025 287.3
2024 285.5
Reported Growth +13%
Underlying Growth +1%
3. Profit before tax
Profit before tax for the year grew by £14.3m to £69.2m (2024: £54.9m).
Operating profits increased by 25% in the year to £81.2m (2024: £65.1m),
inclusive of a credit of £20.5m on share-based payments to reflect 2025's
LTIP target not being met as well as it being deemed unlikely that the 2026
LTIP target of £153m Adjusted EBITDA will be met.
£m Year ended Year ended Change %
31 December 2025 31 December 2024
Revenue 322.1 285.5 +13%
Operating costs (excluding adjusting items) (211.9) (168.7) +26%
Adjusted EBITDA 110.2 116.8 -6%
Depreciation (6.6) (5.8) +14%
Amortisation of acquired intangible assets (12.1) (8.9) +36%
Amortisation of software (4.3) (1.9) +126%
Impairment (1.3) - +100%
Share-based payments credit/ (charge) 15.4 (24.1) -164%
Restructuring, corporate projects and refinancing costs (11.2) (5.3) +111%
Acquisition and integration costs (7.1) (4.0) +78%
Costs relating to share-based payment schemes (1.7) (0.3) +467%
India Wage Code liability true-up (1.7) - +100%
Revaluation gain/ (loss) on short- and long-term derivatives 1.2 (1.7) -171%
Unrealised operating foreign exchange gains 0.4 0.3 +33%
Finance costs (12.0) (10.2) +18%
Profit before tax 69.2 54.9 +26%
Adjusted EBITDA
Adjusted EBITDA decreased by 6% to £110.2m (2024: £116.8m). The revenue
growth of £36.6m was offset with cost increases of £43.2m (largely
representing the full year impact of acquisitions which closed in the second
half of 2024), meaning that the overall net decline to Adjusted EBITDA was
£6.6m. Adjusted EBITDA margin decreased to 34% (2024: 41%).
The Group implemented a series of cost synergy and savings actions in the last
quarter of 2025, meaning the cost base run rate has reduced going into 2026.
This change, alongside expected organic revenue growth, gives us confidence of
driving margins back towards 40%.
Segmental Performance
The Healthcare segment generated profit after tax during the year of £42.6m,
of which 40% was allocated to Non-Controlling Interest ('NCI'), totalling
£17.0m. In the comparative year, 40% of the Healthcare segment's profit after
tax was allocated to NCI from 4 June 2024 onwards, with profit after tax for
this period totalling £17.3m and allocation to NCI totalling £6.9m.
ADJUSTED FIGURES 2025 Reported Growth Underlying Growth
£m GlobalData Non-Healthcare GlobalData Healthcare Corporate (unallocated) Group Total
Revenue
Services satisfied over a period of time 142.5 94.5 - 237.0 10%
Services satisfied at a point time 56.3 28.8 - 85.1 21%
Total revenue 198.8 123.3 - 322.1 13% 1%
Adjusted EBITDA 50.2 61.8 (1.8) 110.2 -6%
Adjusted EBITDA margin 25% 50% 34%
Adjusted operating profit 46.3 67.1 (1.8) 111.6
Adjusted operating profit margin 23% 54% 35%
Reconciliation:
Operating profit 25.2 61.8 (5.8) 81.2
Restructuring, corporate projects and refinancing costs 5.7 1.5 4.0 11.2
Acquisition and integration costs 5.8 1.3 - 7.1
Amortisation of acquired intangibles 9.6 2.5 - 12.1
Adjusted operating profit 46.3 67.1 (1.8) 111.6
Amortisation (excluding amortisation of acquired intangibles) 4.2 0.1 - 4.3
Depreciation 4.9 1.7 - 6.6
Share-based payments credit (10.7) (4.7) - (15.4)
Costs related to share-based payment schemes 1.5 0.2 - 1.7
India Wage Code liability true-up 1.3 0.4 - 1.7
Impairment 1.3 - - 1.3
Movement in unrealised operating and derivative foreign exchange 1.4 (3.0) - (1.6)
Adjusted EBITDA 50.2 61.8 (1.8) 110.2
ADJUSTED FIGURES 2024
£m GlobalData Non-Healthcare GlobalData Healthcare Corporate (unallocated) Group Total
Revenue
Services satisfied over a period of time 126.8 88.4 - 215.2
Services satisfied at a point time 49.3 21.0 - 70.3
176.1 109.4 - 285.5
Adjusted EBITDA 58.2 60.9 (2.3) 116.8
Adjusted EBITDA margin 33% 56% N/a 41%
Adjusting items
Adjusting items declined by £25.9m in total, with some significant individual
movements of note:
· The share-based payments charge has decreased from £24.1m to a
credit of £15.4m, driven by the Adjusted EBITDA target not being hit for 2025
and management currently forecasts that the Adjusted EBITDA performance target
for 2026 is unlikely to be met. This led to a £20.5m credit to the
consolidated income statement.
· Acquisition and integration costs increased year on year, from
£4.0m to £7.1m, reflective of additional M&A activity during the latter
part of 2024 and completing on the Stylus and AI Palette acquisitions during
2025. Further information is disclosed in note 13.
· Restructuring, corporate projects and refinancing costs totalling
£11.2m have been recognised within the Group, which have principally arisen
as a result of the transformation restructuring initiatives, coupled with
costs associated with the proposed move to the Main Market and defence costs
for the Private Equity approaches in the first half of 2025.
· Unrealised foreign exchange gains of £1.6m were recognised
during the year, in comparison with a total loss in 2024 of £1.4m.
Finance costs
Finance costs have increased by 18% to £12.0m (2024: £10.2m) which is
inclusive of a non-cash interest charge of £1.9m relating to financial
liabilities measured at amortised cost (2024: £1.4m), revaluation gain on the
terminated interest rate swap of £nil (2024: gain of £2.8m) and IFRS16
leases interest of £1.2m (2024: £1.1m). The cash paid in interest in 2025
was £8.8m (2024: £10.9m).
Finance costs in relation to the banking facilities are calculated on drawn
debt based upon a margin range of 225-325bps, dependent on adjusted leverage,
plus SONIA (Sterling Overnight Index Average rate). Undrawn debt carries
interest at one third of the prevailing margin.
Leases
Within our operating costs, depreciation in relation to right-of-use assets
was £4.8m (2024: £4.6m). Our net finance costs include interest of £1.2m in
relation to lease liabilities (2024: £1.1m).
4. Foreign exchange impact on results
The Group derives around 60% of revenues in currencies other than Sterling,
compared with around 40% of its cost base. The impact of currency movements in
the year reduced revenue by £4.4m, which mainly reflected volatility of
Sterling against US Dollar (average rate 2025: 1.32, 2024: 1.28).
£m Revenue Operating costs(1) Adjusted EBITDA Adjusted EBITDA Contracted Forward Revenue
margin
As reported 322.1 (211.9) 110.2 34% 179.7
Add back currency movements
US Dollar 3.6 (1.8) 1.8 4.3
Euro 0.2 - 0.2 0.2
Other 0.6 (1.8) (1.2) 0.2
Constant currency 326.5 (215.5) 111.0 34% 184.4
2024 - as reported 285.5 (168.7) 116.8 41% 171.4
Constant currency growth +14% +28% -5% -7p.p. +8%
(1)Operating costs excluding adjusting items.
5. Taxation
The Group's effective income tax rate (ETR) for the reporting period is 27.6%,
compared to the UK statutory rate of 25.0%. While several items impacted the
ETR during the period, their net effect was broadly neutral, and the primary
driver of the increase above the statutory rate was expenses that are
non-deductible for tax purposes.
Key factors that may impact the Group's future tax charge as a percentage of
underlying profits are the mix of profits and losses between the jurisdictions
in which the Group operates and the corresponding tax rates in those
territories, the impact of non-deductible expenditure and non-taxable income
and the utilisation (with a corresponding reduction in cash tax payments) of
previously unrecognised deferred tax assets.
The ETR for the prior reporting period was elevated due to the separation of
the Healthcare business and the subsequent investment by Inflexion. The tax
rate for the current period has returned to expected levels.
Reconciliation of statutory income tax charge to adjusted income tax charge is
presented below:
£m Year ended Year ended
31 December 2025 31 December 2024
Restated
Statutory income tax charge 19.1 18.4
Amortisation of acquired intangible assets 3.0 2.3
Restructuring, corporate projects and refinancing costs 1.2 1.3
Revaluation of interest rate swap - (0.7)
Corporate tax rate change - (0.1)
Movement in unrecognised deferred tax 2.5 0.4
Adjusted income tax charge 25.8 21.6
The adjusted tax charge for 2024 has been restated due to the calculation of
adjusted profits being amended during the year ended 31 December 2025, which
has been further discussed within the earnings per share section of this
report.
6. Earnings per share
£m Year ended Year ended Change
31 December 2025 31 December 2024 %
Earnings attributable to equity holders:
Basic earnings per share (pence) 4.4 3.8 +16%
Diluted earnings per share (pence) 4.4 3.7 +19%
Adjusted basic earnings per share (pence) (restated) 7.3 5.1 +43%
Adjusted diluted earnings per share (pence) 7.3 5.1 +43%
(restated)
Year ended 31 December 2025 Year ended 31 December 2024
£m Restated
Profit before tax 69.2 54.9
Restructuring, corporate projects and refinancing costs 11.2 5.3
Acquisition and integration costs 7.1 4.0
Amortisation of acquired intangible assets 12.1 8.9
Revaluation of interest rate swap - (2.8)
Adjusted profit before tax(1) 99.6 70.3
Adjusted income tax expense(1) (25.8) (21.6)
Adjusted profit after tax(1) 73.8 48.7
Allocated to equity holders of the parent 55.0 40.5
Allocated to non-controlling interest 18.8 8.2
(1) Defined in the explanation of non-IFRS measures on page 26.
In prior years, the Group included share-based payments and associated costs,
as well as unrealised foreign exchange costs/(gains) as an adjustment to
operating profit. The Group has updated the classification of adjusting items
in 2025 with a view to provide more comparable performance metrics across its
peers. As a result of the amended calculation method, prior year comparatives
have been amended to report adjusted profits on a consistent basis.
Basic EPS was 4.4 pence per share (2024: 3.8 pence per share). Fully diluted
profit per share was 4.4 pence per share (2024: 3.7 pence per share). Adjusted
basic earnings per share grew from 5.1 pence per share (restated) to 7.3 pence
per share, representing 43% growth, and driven in large part by the
share-based payment credit.
7. Share count
Reconciliation of basic weighted average number of shares to the diluted
weighted average number of shares:
Year ended Year ended
31 December 2025 31 December 2024
No' m No' m
Basic weighted average number of shares, net of shares held in treasury 748.6 789.1
reserve
Dilutive share options in issue - scheme 1 0.7 1.2
Dilutive share options in issue - scheme 2 - 6.5
Dilutive share options in issue - scheme 4 0.3 2.6
Diluted weighted average number of shares 749.6 799.4
Reconciliation of basic number of shares to the diluted number of shares as at
the balance sheet date of 31 December 2025:
Year ended Year ended
31 December 2025 31 December 2024
No' m No' m
Basic number of shares 764.7 830.9
Shares held in treasury reserve (50.8) (52.9)
Dilutive share options in issue - scheme 1 0.7 1.2
Dilutive share options in issue - scheme 2 - 6.5
Dilutive share options in issue - scheme 4 0.3 2.6
Diluted number of shares 714.9 788.3
8. Dividends
As noted in our half year results statement (published 31 July 2024),
following on from the completion of the Healthcare transaction and the
strategy to focus more capital towards M&A, we have rebased the dividend
for the period from 1 July 2024.
We are proposing a final dividend of 1.2 pence per share (2024: 1.0 pence), to
be paid on 1 May 2026 to shareholders on the register at the close of business
on 27 March 2026. The ex-dividend date will be on 26 March 2026. The proposed
final dividend increases the total dividend for the year to 1.5 pence per
share (2024: 2.5 pence). The decrease of 40% is reflective of the dividend
being rebased from 1 July 2024.
9. Cash generation
£m Year Ended 31 December 2025 Year Ended 31 December 2024 Change %
Cash flow generated from operations 83.3 97.6 -15%
Interest paid (8.8) (10.9) -19%
Income taxes paid (24.1) (40.7) -41%
Contingent consideration paid (2.5) (0.5) +400%
Principal elements of lease payments (5.6) (5.6) -
Purchase of intangible and tangible assets (7.9) (7.2) +10%
Free cash flow(1) 34.4 32.7 +5%
Operating cash flow conversion %(1) 76% 84% -8pts
Free cash flow conversion %(1) (restated)(2) 35% 47% -12pts
(1) Defined in the explanation of non-IFRS measures on page 26.
(2) Free cash flow conversion for 2024 has been restated due to the
calculation of adjusted profits being amended during the year ended 31
December 2025, which has been further discussed within the earnings per share
section of this report.
Cash generated from operations was £83.3m (2024: £97.6m), a 15% decrease,
representing 76% of Adjusted EBITDA (2024: 84%). The reduced conversion from
EBITDA was driven by the increased number of adjusting items which impacted
operating cash flow, driven largely by M&A. Total adjusting items in 2025
impacting operating cashflow was £18.6m (2024: £10.1m). Excluding the
adjusting items, operating cash flow conversion as a percentage of Adjusted
EBITDA was 92% (2024: 92%).
Capital expenditure was £7.9m in 2025 (2024: £7.2m), including £5.1m on
software including assets under construction (2024: £5.3m). Capital
expenditure represented 2.5% of revenue (2024: 2.5%).
Total cash flows from operating activities were £47.9m (increase of £2.4m
from 2024), which represented 59% of operating profit (2024: 70%). During the
year, the Group paid out £9.9m in dividends (2024: £37.5m).
Short- and long-term borrowings increased by £124.9m to £165.3m as at 31
December 2025 (2024: £40.4m). Loan drawdowns during the year were used to
fund M&A activity and acquisitions of own shares for cancellation.
10. Net (bank debt)/ cash
Net bank debt as at 31 December 2025 was £114.2m (2024: net cash of £10.1m).
The Group defines net bank debt as short- and long-term borrowings (note 10)
less cash and cash equivalents. The amount excludes items related to leases.
£m 2025 2024
Short- and long-term borrowings (note 10) (165.3) (40.4)
Cash 51.1 50.5
Net (bank debt)/ cash (114.2) 10.1
A reconciliation of cash generated from operations, free cash flow and opening
and closing net bank debt is set out below.
£m Year ended 31 December 2025 Year ended Growth
31 December 2024
Cash flow generated from operations 83.3 97.6 -15%
Interest paid (8.8) (10.9) -19%
Income taxes paid (24.1) (40.7) -41%
Contingent consideration paid (2.5) (0.5) +400%
Principal elements of lease payments (5.6) (5.6) -
Purchase of intangible and tangible assets (7.9) (7.2) +10%
Free cash flow 34.4 32.7 +5%
Dividends paid (9.9) (37.5) -74%
Net M&A(1) (33.7) (79.4) -58%
Proceeds from disposal of subsidiary 0.8 - +100%
Acquisition of own shares (11.0) (52.5) -79%
Acquisition of own shares for cancellation (101.5) (29.3) +246%
Proceeds from sale of 40% of Healthcare business to non-controlling interest - 443.4 -100%
Transaction costs relating to sale of 40% of Healthcare business to - (30.6) -100%
non-controlling interest
Receipt of loan from related party - 8.0 -100%
Net cash flow (120.9) 254.8 -147%
Opening net bank debt 10.1 (243.9) -104%
Non-cash movement in borrowings (1.9) (1.4) +36%
Currency translation (1.5) 0.6 -350%
Closing (bank debt)/ net cash (114.2) 10.1 -1231%
Last 12 months Adjusted EBITDA(2) 110.2 116.8 -6%
Net bank debt leverage (1.0x) 0.1x -1.1x
(1)Cash cost relating to acquisitions included in the Consolidated Statement
of Cash Flows within investing activities (£27.0m (2024: £68.7m)) and
financing activities (£6.7m (2024: £10.7m)).
(2)Reflects 12 month rolling Adjusted EBITDA results, which for the 12 months
ending 31 December 2025 and 31 December 2024 respectively, directly agrees to
Adjusted EBITDA reported for each financial year.
11. M&A transactions
During the year the Group invested £33.7m of equity value (headline purchase
price) across two acquisitions (2024: £88.0m across four acquisitions).
12. Contracted Forward Revenue
£m 2025 2024
Deferred revenue 117.3 114.6
Amounts not due/subscription not started at 31 December 30.1 30.7
Invoiced Forward Revenue 147.4 145.3
Contracted not yet invoiced 32.3 26.1
Contracted Forward Revenue 179.7 171.4
£m GlobalData Non-Healthcare GlobalData Healthcare
Total Group
Contracted Forward Revenue as reported - 2025 110.5 69.2 179.7
Add back currency movements (from underlying business) 2.2 1.4 3.6
Deduct Contracted Forward Revenue of acquisitions completed during 2025* (6.3) - (6.3)
Contracted Forward Revenue underlying - 2025 106.4 70.6 177.0
2024 101.2 70.2 171.4
Reported growth +9% -1% +5%
Underlying growth +5% +1% +3%
*Acquisitions completed in 2025 are Stylus and
AI Palette.
13. Intangible assets
Intangible assets (excluding goodwill) have increased by £5.2m during the
year, from £101.7m as at 31 December 2024 to £106.9m as at 31 December 2025.
This movement is driven by an amortisation charge for the year of £16.4m
offset by additions of £21.8m, which predominantly relate to intangibles
identified in relation to acquisitions made in the year as detailed in note
13.
14. Trade receivables
Net trade receivables as at 31 December 2025 were £71.0m, representing a 4%
reduction compared with the 31 December 2024 balance of £74.0m.
Financial Risk Management
The Group's primary objective in managing foreign currency risk is to protect
against the risk that the eventual Sterling net cash flows will be affected by
changes in foreign currency exchange rates. To do this, the Group enters into
foreign exchange contracts that limit the risk from movements in US Dollar and
Euro exchange rates with Sterling. Due to the Group's operations in India, the
Group also enters into foreign exchange contracts that limit the risk from
movements in US Dollars with the Indian Rupee exchange rate. While
commercially and from a cash flow perspective this hedges the Group's currency
exposures, the Group elects not to apply hedge accounting and accordingly any
movements in the fair value of the foreign exchange contracts are recognised
in the income statement.
On 23 May 2023, the International Accounting Standards Board issued amendments
to IAS 12 (International Tax Reform - Pillar Two Model Rules), confirming that
IAS 12 applies to income taxes arising from tax law enacted or substantively
enacted to implement the OECD Pillar Two model rules, including Qualified
Domestic Minimum Top-up Taxes. The Group has adopted these amendments.
However, they are not applicable to the current reporting year as the Group's
consolidated revenue is below the application threshold of €750m.
Interest Rate Risk
Interest rate risk is the impact that fluctuations in market interest rates
can have on the value of the Group's interest-bearing assets and liabilities
and on the interest charge recognised in the income statement. The Group does
not currently manage this risk with the use of derivatives. The Group entered
into an interest rate swap arrangement in relation to the previously held loan
facilities, which were settled in full during June 2024, at which point the
swap arrangement was terminated.
Credit Risk
In the normal course of its business, the Group is exposed to credit risk from
cash and trade and other receivables. Credit risk refers to the risk that a
counterparty will default on its contractual obligations resulting in
financial loss to the Group. Trade receivables consist of a large number of
customers, spread across diverse industries and geographic markets, and the
Group's exposure to credit risk is influenced mainly by the individual
characteristics of each customer. The Group has adopted an approach of
assessing factors such as counterparty size, location and payment history as a
means of mitigating the risk of financial loss from defaults. The Group
defines default as the debt being deemed completely unrecoverable.
Liquidity Risk and Going Concern
The Group's approach to managing liquidity risk is to ensure, as far as
possible, that it has sufficient liquidity to meet its liabilities as they
fall due, with surplus facilities to cope with any unexpected variances in
timing of cash flows. The Group meets its day-to-day working capital
requirements through free cash flow, being operations-generated cash (with no
external financing required). Although the statement of financial position
shows net current liabilities (current assets less current liabilities),
included in current liabilities is £115.9m of deferred revenue that
represents future income earnings. Excluding deferred revenue held within
current liabilities, the Group has net current assets of £98.6m (2024:
£89.2m).
Based on cash flow projections, the Group considers the existing financing
facilities to be adequate to meet short-term commitments. The Directors have a
reasonable expectation that there are no material uncertainties that cast
significant doubt about the Group's ability to continue in operation and meet
its liabilities as they fall due for the foreseeable future, being a period of
at least 12 months from the date of approval of the financial statements.
Accordingly, the Group has prepared the Annual Report and Accounts on a going
concern basis. The Directors have prepared a Going Concern and Long-Term
Viability statement within the Group's Annual Report and Accounts for the year
ended 31 December 2025, within the Strategic Report.
Explanation of non-IFRS Measures
Financial measure How we define it Why we use it
Adjusted diluted EPS Adjusted profit after tax per diluted share (reconciliation between statutory In order to provide additional useful information to assess the year-on-year
profit and adjusted profit shown on page 21). Diluted share defined as total operational business performance. Use of these measures aids comparability to
of basic weighted average number of shares (net of shares held in treasury the prior year given the variability of the adjusting items size from one year
reserve) and share options in issue at end of period (reconciliation between to the next.
basic weighted average number of shares and diluted weighted average number of
shares in note 8).
Adjusted EBITDA Earnings before interest, tax, depreciation and amortisation, adjusted to
exclude costs associated with acquisitions, restructuring of the Group,
share-based payments, impairment, unrealised operating exchange rate movements
and the impact of foreign exchange contracts. This is reconciled to the
statutory operating profit on page 15.
Adjusted operating profit Operating profit adjusted to exclude costs associated with acquisitions,
restructuring of the Group and amortisation of acquired intangible assets.
This is reconciled to the statutory operating profit on page 15.
Adjusted operating profit margin Adjusted operating profit as a percentage of revenue. This is calculated on
page 18.
Last 12 months Adjusted EBITDA Earnings before interest, tax, depreciation and amortisation, adjusted to
exclude costs associated with acquisitions, restructuring of the Group,
share-based payments, impairment, unrealised operating exchange rate movements
and the impact of foreign exchange contracts in the 12 months preceding the
period end date. This is reconciled on page 23.
Adjusted EBITDA margin Adjusted EBITDA as a percentage of revenue. This is calculated on page 15.
Adjusted EPS Adjusted profit after tax per share (reconciliation between statutory profit
and adjusted profit shown on page 21).
Adjusted income tax expense Represents the statutory income tax expense adjusted for the tax effect on
adjusting items. In addition, the adjusted income tax expense includes the
effect of any tax rate changes. This is reconciled to the statutory income tax
charge on page 20.
Adjusted profit before tax Profit before tax adjusted to exclude amortisation of acquired intangible
assets, costs associated with acquisitions, restructuring of the Group and
revaluation of the interest rate swap. This is reconciled to the profit before
tax on page 21.
Adjusted profit after tax The sum of adjusted profit before tax and adjusted income tax expense. This is
calculated on page 21.
Constant currency growth Underlying growth is calculated by excluding the impact of movement in To give the reader an idea of the growth of the business without the impact of
exchange rates. Constant currency growth is reconciled to reported growth on foreign exchange fluctuations, which may add to the transparency and
page 19 for revenue, operating costs, Adjusted EBITDA, Adjusted EBITDA margin understanding of the results.
and Contracted Forward Revenue.
Free cash flow Cash flow generated from operations less interest paid, income taxes paid, Indicates the extent to which the Group generates discretionary funds for
contingent consideration paid, principal elements of lease payments and reinvesting in growth, paying dividends or reducing debt.
purchase of intangible and tangible assets. This is calculated on page 22.
Free cash flow conversion Free cash flow divided by Adjusted profit before tax. This is calculated on
page 22.
Invoiced Forward Revenue Invoiced Forward Revenue relates to amounts that are invoiced to clients at Acts as an indication of revenue visibility for the forthcoming period.
the statement of financial position date, which relate to future revenue to be
recognised. This is reconciled to deferred revenue on page 24.
Contracted Forward Revenue Defined as Invoiced Forward Revenue (as defined above) plus contracted revenue
that has not yet been invoiced as at the statement of financial position date.
This is reconciled to deferred revenue on page 24.
Revenue Visibility Defined as Contracted Forward Revenue plus expected revenue from in year
renewals, based upon a consistent renewal rate.
Net cash/ (bank debt) Short and long-term borrowings (excluding lease liabilities) less cash and Provides an insight into the debt position of the Group, taking into account
cash equivalents. This is reconciled on page 23. current cash resources.
Net bank debt leverage Net bank debt calculated as a multiple of the last 12 months Adjusted EBITDA.
Detailed calculation is provided on page 23.
Net cash flow Free cash flow less dividends paid, net M&A costs, acquisition of own Indicates the extent to which the Group generates cash from Adjusted profits.
shares, cash received on drawdown of loans and cash paid on repayment of
loans. This is calculated on page 23.
Operating cash flow conversion Cash flow generated from operations divided by Adjusted EBITDA. This is Indicates the extent to which the Group generates cash from Adjusted EBITDA.
calculated on page 22.
Organic growth Organic growth is calculated by excluding the results of acquired businesses. The reason we use organic and underlying growth as a metric is to give the
reader an idea of the growth of the business without the impact of
acquisitions and foreign exchange fluctuations, which may add to the
transparency and understanding of the results. This also aids the Directors to
review performance on a like-for-like basis.
Underlying growth Underlying growth is calculated by excluding the impact of movement in
exchange rates and the results of acquired businesses. Underlying revenue is
reconciled to reported revenue on page 16. Underlying Contracted Forward
Revenue is reconciled to reported Contracted Forward Revenue on page 24.
Consolidated Income Statement
Notes Year ended 31 December 2025 Year ended 31 December 2024
Continuing operations £m £m
Revenue 4 322.1 285.5
Cost of sales 5 (161.7) (136.6)
Gross profit 160.4 148.9
Administrative costs 5 (77.9) (83.4)
Losses on trade receivables 5 (1.7) (1.0)
Share of results of associates 14 0.2 -
Other income 0.2 0.6
Operating profit 81.2 65.1
Net finance costs 7 (12.0) (10.2)
Profit before tax 69.2 54.9
Income tax expense (19.1) (18.4)
Profit for the year 50.1 36.5
Attributable to:
Equity holders of the parent 33.1 29.6
Non-controlling interest 17.0 6.9
Earnings per share attributable to equity holders:
Basic earnings per share (pence) 8 4.4 3.8
Diluted earnings per share (pence) 8 4.4 3.7
The accompanying notes form an integral part of this financial report.
Consolidated Statement of Comprehensive Income
Notes Year ended 31 December 2025 Year ended 31 December 2024
£m £m
Profit for the year 50.1 36.5
Other comprehensive income
Items that will be classified subsequently to profit or loss when specific
conditions are met:
Net exchange (loss)/ gain on translation of foreign entities 11 (1.9) 0.6
Other comprehensive (loss)/ income, net of tax (1.9) 0.6
Total comprehensive income for the year 48.2 37.1
Attributable to:
Equity holders of the parent 32.8 29.4
Non-controlling interest 15.4 7.7
The accompanying notes form an integral part of this financial report.
Consolidated Statement of Financial Position
Notes 31 December 2025 31 December 2024
£m £m
Non-current assets
Property, plant and equipment 26.0 28.1
Goodwill 9 384.6 357.2
Other intangible assets 9 106.9 101.7
Investment in associate 14 4.3 4.0
Deferred tax assets 19.2 22.0
541.0 513.0
Current assets
Trade and other receivables 87.2 89.9
Current tax receivable 9.7 2.4
Short-term derivative assets 0.1 -
Cash and cash equivalents 51.1 50.5
148.1 142.8
Total assets 689.1 655.8
Current liabilities
Trade and other payables (43.1) (43.2)
Deferred revenue 4 (115.9) (112.9)
Short-term lease liabilities 10 (4.0) (4.0)
Current tax payable (2.2) (4.9)
Short-term derivative liabilities (0.2) (1.3)
Short-term provisions - (0.2)
(165.4) (166.5)
Net current liabilities (17.3) (23.7)
Non-current liabilities
Long-term trade and other payables (2.4) (2.7)
Deferred revenue 4 (1.4) (1.7)
Long-term provisions (1.9) (1.5)
Deferred tax liabilities (6.2) -
Long-term lease liabilities 10 (20.5) (22.1)
Long-term borrowings 10 (165.3) (40.4)
(197.7) (68.4)
Total liabilities (363.1) (234.9)
Net assets 326.0 420.9
Equity
Share capital 11 0.2 0.2
Treasury reserve 11 (93.7) (100.6)
Other reserve 11 (44.3) (44.3)
Foreign currency translation reserve 11 (1.4) (1.1)
Retained profit 442.8 549.6
Equity attributable to equity holders of the parent 303.6 403.8
Non-controlling interest 11 22.4 17.1
Total equity 326.0 420.9
The accompanying notes form an integral part of this financial report.
Consolidated Statement of Changes in Equity
Notes Share capital Foreign currency translation reserve Equity attributable to equity holders of the parent Non-controlling interest
Treasury reserve Other reserve Retained profit Total equity
£m £m £m £m £m £m £m £m
Balance at 1 January 2024 0.2 (65.4) (44.3) (2.0) 169.3 57.8 - 57.8
Profit for the year - - - - 29.6 29.6 6.9 36.5
Other comprehensive income:
Net exchange (loss)/ gain on translation of foreign entities 11 - - - (0.2) - (0.2) 0.8 0.6
Total comprehensive income for the year - - - (0.2) 29.6 29.4 7.7 37.1
Transactions with owners:
Share buyback 11 - (52.5) - - - (52.5) - (52.5)
Dividends 11 - - - - (37.5) (37.5) - (37.5)
Vesting of share options 12 - 17.3 - - (17.3) - - -
Gain from sale of 40% of Healthcare business, net of transaction costs - - - 1.1 412.0 413.1 (0.3) 412.8
incurred
11
Equity issued to holders of non-controlling interest 11 - - - - - - 8.0 8.0
Share buyback and cancellation scheme 11 - - - - (29.3) (29.3) - (29.3)
Share-based payments charge 12 - - - - 22.7 22.7 1.4 24.1
Tax on share-based payments - - - - 0.1 0.1 0.3 0.4
Balance at 31 December 2024 0.2 (100.6) (44.3) (1.1) 549.6 403.8 17.1 420.9
Profit for the year - - - - 33.1 33.1 17.0 50.1
Other comprehensive income:
Net exchange loss on translation of foreign entities 11 - - - (0.3) - (0.3) (1.6) (1.9)
Total comprehensive income for the year - - - (0.3) 33.1 32.8 15.4 48.2
Transactions with owners:
Share buyback 11 - (11.0) - - - (11.0) - (11.0)
Dividends 11 - - - - (9.9) (9.9) - (9.9)
Vesting of share options 12 - 17.9 - - (17.9) - - -
Gain from completion of sale of 40% of Healthcare business 11 - - - - 7.8 7.8 (7.8) -
Share buyback and cancellation scheme 11 - - - - (101.7) (101.7) - (101.7)
Share-based payments credit 12 - - - - (16.1) (16.1) (1.9) (18.0)
Tax on share-based payments - - - - (2.1) (2.1) (0.4) (2.5)
Balance at 31 December 2025 0.2 (93.7) (44.3) (1.4) 442.8 303.6 22.4 326.0
The accompanying notes form an integral part of this financial report.
Consolidated Statement of Cash Flows
Year ended Year ended
31 December 2025 31 December 2024
Cash flows from operating activities Notes £m £m
Profit for the year 50.1 36.5
Adjustments for:
Depreciation 6.6 5.8
Amortisation 9 16.4 10.8
Other income (0.7) (0.6)
Net exchange differences (2.3) -
Impairment 1.3 -
Net finance costs 7 12.0 10.2
Taxation recognised in profit or loss 19.1 18.4
Share-based payments (credit)/ charge 12 (15.4) 24.1
Decrease/ (increase) in trade and other receivables 0.1 (14.0)
(Decrease)/ increase in trade and other payables (2.9) 4.7
Revaluation of short- and long-term derivatives (1.2) 1.7
Increase in provisions 0.2 -
Cash generated from operations 83.3 97.6
Interest paid (8.8) (10.9)
Income taxes paid (24.1) (40.7)
Contingent consideration paid 13 (2.5) (0.5)
Total cash flows from operating activities 47.9 45.5
Cash flows from investing activities
Acquisitions 13 (27.0) (68.7)
Proceeds from disposal of subsidiary 0.8 -
Purchase of property, plant and equipment (2.6) (1.7)
Purchase of intangible assets 9 (5.3) (5.5)
Total cash flows used in investing activities (34.1) (75.9)
Cash flows from financing activities
Settlement of borrowings in relation to acquisitions 13 (6.7) (10.7)
Proceeds from borrowings 10 123.5 82.7
Repayment of borrowings 10 - (305.0)
Loan refinancing fee 10 (0.5) (2.4)
Acquisition of own shares 11 (11.0) (52.5)
Acquisition of own shares for cancellation 11 (101.5) (29.3)
Principal elements of lease payments 10 (5.6) (5.6)
Dividends paid 11 (9.9) (37.5)
Proceeds from sale of 40% of Healthcare business to non-controlling interest 11 - 443.4
Receipt of loan from related party 11 - 8.0
Transaction costs relating to sale of 40% of Healthcare business to 11 - (30.6)
non-controlling interest
Total cash flows (used in)/ from financing activities (11.7) 60.5
Net increase in cash and cash equivalents 2.1 30.1
Cash and cash equivalents at beginning of year 50.5 19.8
Effects of currency translation on cash and cash equivalents (1.5) 0.6
Cash and cash equivalents at end of year 51.1 50.5
The accompanying notes form an integral part of this financial report.
Notes to the Consolidated Financial Statements
1. General information
Nature of operations
The principal activity of GlobalData Plc and its subsidiaries (together 'the
Group'), is to provide an intelligence and productivity platform that empowers
leaders to act decisively in a world of complexity and change. By uniting
proprietary data, human expertise, and purpose-built AI into a single,
connected platform, we help organisations to see what's coming, move faster,
and lead with confidence.
GlobalData Plc ('the Company') is a company incorporated in the United Kingdom
(England & Wales) and listed on the Alternative Investment Market (AIM),
therefore is publicly owned and limited by shares. The registered office of
the Company is John Carpenter House, John Carpenter Street, London, EC4Y 0AN.
The registered number of the Company is 03925319.
Basis of preparation
The condensed financial statements have been prepared on the historical cost
basis, except for derivative financial instruments, which are measured at fair
value. While the information included in the condensed financial statements
has been prepared in accordance with United Kingdom adopted international
accounting standards and in conformity with the requirements of the Companies
Act 2006 and International Financial Reporting Standards as issued by the
IASB, this announcement does not itself contain sufficient information to
comply with United Kingdom adopted International Accounting Standards. The
condensed financial statements for the year ended 31 December 2025 have been
prepared on a consistent basis with the financial accounting policies set out
in the Accounting Policies section of GlobalData Plc's Annual Report and
Accounts for the year ended 31 December 2025. These condensed financial
statements are presented in Pounds Sterling (£).
The financial information for the year ended 31 December 2025 does not
constitute statutory accounts as defined in section 434 of the Companies Act
2006. A copy of the statutory accounts for the year ended 31 December 2025
will be delivered to the Registrar of Companies in due course. The independent
auditors' report on the full financial statements for the year ended 31
December 2025 was unqualified and did not contain an emphasis of matter
paragraph or any statement under section 498 of the Companies Act 2006.
Consideration of climate change
In preparing the financial statements, management have considered the impact
of climate change, particularly in the context of the risks identified in the
Non-Financial and Sustainability Information Statement within the Group's
Annual Report and Accounts for the year ended 31 December 2025. In particular,
management considered the impact of climate change in respect of the following
areas of accounting judgement or estimate:
· the assessment of goodwill, other intangibles and tangible fixed
assets;
· the assessment of impairment of financial assets;
· our consideration of going concern and viability;
· the useful economic lives of assets; and
· the preparation of budgets and forecasts.
As a result of these considerations, no material climate change related impact
was identified. Management are however aware of the changing nature of the
risks associated with climate change and will regularly reassess these against
the judgements and estimates made in preparing the Group's financial
statements.
Critical accounting estimates and judgements
The Group makes estimates and assumptions regarding the future. Estimates and
judgements are continually evaluated based on historical experience and other
factors, including expectations of future events that are believed to be
reasonable under the circumstances.
In the future, actual experience may deviate from these estimates and
assumptions. The estimates and assumptions that have a significant risk of
causing a material adjustment to the carrying amounts of assets and
liabilities within the next financial year are discussed in detail below.
Climate-related risks did not have a material impact on the financial
statements.
Key sources of estimation uncertainty
Management have assessed that there are no key sources of estimation
uncertainty.
Critical accounting judgements
Identification of Cash-Generating Units
IAS36: Impairment of Assets requires that assets be carried on the statement
of financial position at no more than their recoverable amount. An asset or
cash-generating unit (CGU) is the smallest identifiable group of assets that
generates cash inflows and is impaired when its carrying amount exceeds its
recoverable amount. As at the date of the impairment review (31 December
2025), Management has made the judgement that the Group had three CGUs, being
DA&I Healthcare; DA&I Non-Healthcare and MBI, this judgement has
remained unchanged from the prior year.
There has been no change to Management's assessment that MBI is its own CGU,
on the basis that there have been no significant changes made to the operation
of this business within the financial year, the product is inherently
different to the Groups' main offering, and the brand, strategy and management
of the business is separate from the rest of the Group and the business
operates within separate legal entities generating independent cash flows.
Management have assessed the new acquisitions in the year (Ai Palette and
Stylus) and have concluded that both form part of the DA&I Non-Healthcare
CGU on the basis that the cash flows which the acquired assets generate are
co-mingled with the DA&I Non-Healthcare CGU due to the cross-sell
activities sitting within the GlobalData entities and the combined product
offering.
As a result of these conclusions, as at the reporting date (31 December 2025),
the Group had three CGUs.
Going concern
The Group meets its day-to-day working capital requirements through free cash
flow. The Group has closing cash of £51.1m as at 31 December 2025 and net
bank debt of £114.2m (31 December 2024: cash of £50.5m and net cash of
£10.1m), being cash and cash equivalents less short and long-term borrowings,
excluding lease liabilities. During December 2024, the Group secured debt
financing facilities which mature in December 2027 (with an option to extend
further by a year, subject to agreement by both parties). The facilities
comprise of a £200.0m facility for the Healthcare business as well as a
separate £185.0m facility for the rest of the Group ('Non-Healthcare'). The
facilities include a general-purpose Revolving Capital Facility 'RCF'
(Healthcare: £130.0m; Non-Healthcare: £135.0m) and an Acquisition and Capex
Facility 'ACF', which can only be used for the purpose of making acquisitions
(Healthcare: £70m; Non-Healthcare: £50m). As at 31 December 2025, the Group
had drawn £37.0m from the Healthcare facility and £131.0m from the
Non-Healthcare facility. Further details of the Group's loan facilities are
provided in note 10.
The finance facilities were issued with debt covenants which are measured on a
quarterly basis. There have been no breaches of covenants in the year ended 31
December 2025. Management has reviewed forecast cash flows and there is no
indication that there will be any breach in the next 12 months.
The Directors have a reasonable expectation that there are no material
uncertainties that cast significant doubt about the Group and Parent company's
ability to continue in operation and meet its liabilities as they fall due for
the foreseeable future, being a period of at least 12 months from the date of
approval of the financial statements. To complete the going concern assessment
the Directors have modelled for each of the two Group segments (aligned with
the two separate facilities) a base case, applied sensitivities to the base
case and modelled a reverse stress test for the period to September 2027. The
base case models assume that the Group's financial performance is consistent
with the budget for 2026 followed by growth rates based on Management's
expectation of future performance. Under the two base case models, the Group
maintains a significant level of positive liquidity headroom. The Directors
have applied reasonable downside sensitivities to each base case model,
acknowledging that such risks and uncertainties exist. The downside scenarios
modelled included the following assumptions:
· Healthcare: A combined scenario with revenue in 2026 being 4.5%
lower than expectation and costs in 2026 being 2.4% higher than expectation,
resulting in a net reduction to 2026 Adjusted EBITDA of 10.7%.
· Non-Healthcare: A combined scenario with revenue in 2026 being
5.4% lower than expectation and costs in 2026 being 1.6% higher than
expectation, resulting in a net reduction to 2026 Adjusted EBITDA of 20.6%.
The Group maintains liquidity and there remains headroom on the covenants
during the period running to September 2027 under each scenario modelled
across the two segments.
In addition to performing scenario planning, the Directors have also conducted
a reverse stress test which shows that the Group can afford to lose 47.8% of
its budgeted 2026 sales across the Healthcare segment and 12.5% of its
budgeted 2026 sales across the Non-Healthcare segment and maintain compliance
with debt covenants for the period running to September 2027; this extremely
remote scenario assumes no cost mitigation actions are taken.
Through our normal business practices, we are in regular communication with
our lenders and are satisfied they will be in a position to continue
supporting us for the foreseeable future.
Although the statement of financial position shows net current liabilities
(current assets less current liabilities), included in current liabilities is
£115.9m of deferred revenue that represents future income earnings. Excluding
deferred revenue held within current liabilities, the Group has net current
assets of £98.6m (2024: £89.2m).
The Directors therefore consider the strong balance sheet, with good cash
reserves and working capital along with financing arrangements, provide ample
liquidity. Accordingly, the Directors have prepared the financial statements
on a going concern basis.
2. Accounting policies
These condensed financial statements have been prepared based on the
accounting policies detailed in the Group's financial statements for the year
ended 31 December 2025 and is consistent with the policies applied in the
previous year, except for the following new standards The new standard which
was effective during the year (and has not had any material impact on the
disclosures or on the amounts reported in these financial statements) is:
· Amendments to IAS 21: Lack of exchangeability (effective date: 1
January 2025).
Presentation of non-statutory alternative performance measures
The Directors believe that Adjusted EBITDA, Adjusted EBITDA margin, Adjusted
operating profit, Adjusted operating profit margin, Adjusted profit before
tax, Adjusted profit after tax and Adjusted earnings per share provide
additional useful information on the operational performance of the Group to
shareholders, and we review the results of the Group using these measures
internally. The term 'adjusted' is not a defined term under IFRS and may not
therefore be comparable with similarly titled profit measures reported by
other companies. It is not intended to be a substitute for, or superior to,
IFRS measures of profit.
Adjustments are made to Adjusted EBITDA and Adjusted operating profits (which
is a new alternative performance measure reported by the Group this year) in
respect of:
Restructuring, corporate projects and refinancing costs The Group excludes these costs where the nature of the item, or its size, is
not related to the operational performance of the Group and allows for
comparability of underlying results.
Acquisition and integration costs (including contingent consideration)
Amortisation and impairment of acquired intangible assets The amortisation charge for those intangible assets recognised on business
combinations is excluded since they are non-cash charges arising from
historical investment activities. Any impairment charges recognised in
relation to these intangible assets are also excluded. This is a common
adjustment made by acquisitive information service businesses and is therefore
consistent with peers. Revenues associated with acquisitions, in the year of
acquisition, are excluded from the calculation of underlying revenue.
Adjustments are additionally made to Adjusted EBITDA in respect of:
Share-based payments and associated costs Share-based payment expenses are excluded from Adjusted EBITDA as they are a
predominantly non-cash charge and the awards are equity-settled.
Impairment The Group excludes these costs from Adjusted EBITDA where the nature of the
item, or its size, is not related to the operational performance of the Group
and allows for comparability of underlying results.
Revaluation of short- and long-term derivatives Gains and losses are recognised within Adjusted EBITDA when they are realised
in cash terms and therefore we exclude non-cash movements arising from
fluctuations in exchange rates which better aligns Adjusted EBITDA with the
cash performance of the business.
Unrealised operating foreign exchange gain/loss
3. Segmental analysis
The principal activity of GlobalData Plc and its subsidiaries (together 'the
Group'), is to provide an intelligence and productivity platform that empowers
leaders to act decisively in a world of complexity and change. By uniting
proprietary data, human expertise, and purpose-built AI into a single,
connected platform, we help organisations to see what's coming, move faster,
and lead with confidence.
IFRS8: Operating Segments requires the segment information presented in the
financial statements to be that which is used internally by the Chief
Operating Decision Maker (CODM) to evaluate the performance of the business
and to decide how to allocate resources. The Group has identified the Chief
Executive as its Chief Operating Decision Maker.
The fundamental principle of the GlobalData business model is to provide our
clients with subscription access to our proprietary data, analytics, and
insights platform, with the offering of ancillary services such as consulting,
single copy reports and events. The Group's two reportable segments are 'Data,
Analytics and Insights: Healthcare' and 'Data, Analytics and Insights:
Non-Healthcare'. The results of the two segments are reported to the Chief
Executive on a monthly basis.
There is no difference between the Group's operating segments and the Group's
reportable segments.
Each segment generates revenue from services provided over a period of time
such as recurring subscriptions and other services which are deliverable at a
point in time such as reports, events and custom research. The services differ
by subject matter which have been grouped into the categories of Healthcare
and Non-Healthcare. There is no material trade between segments.
The Group profit or loss by segment is reported to the Chief Executive on a
monthly basis, the Chief Executive also monitors revenue within the operating
segments.
The Group considers the use of two operating segments to be appropriate due
to:
· The Chief Executive reviewing financials at the Group level and
segment level on a monthly basis;
· Each segment engages in business activities from which it earns
revenues and incurs expenses;
· Discrete financial information is available for each segment.
Each operating segment is assessed by the Board on an Adjusted EBITDA basis.
Reportable segment Adjusted EBITDA is used to measure performance as
management believes that such information is most relevant in evaluating the
results of the reportable segments.
Following the separation of the Group's Healthcare business into separate
legal entities during 2024, the Group can now allocate adjusting items,
depreciation, amortisation, finance income and cost between segments. However,
restatement of comparative information was determined to be impracticable due
to unavailability of historical information under the new cost allocation
structure.
A reconciliation of revenue to Profit after Tax on a reportable segment basis
is set out below:
Year ended 31 December 2025 DA&I: DA&I: Corporate Total
Non- Healthcare
Healthcare £m
£m £m £m
Revenue 198.8 123.3 - 322.1
Operating costs (148.6) (61.5) (1.8) (211.9)
Adjusted EBITDA 50.2 61.8 (1.8) 110.2
Share-based payments credit 10.7 4.7 - 15.4
Restructuring, corporate projects and refinancing costs (5.7) (1.5) (4.0) (11.2)
Acquisition and integration costs (5.8) (1.3) - (7.1)
Costs relating to share-based payment schemes (1.5) (0.2) - (1.7)
Revaluation gain on short- and long-term derivatives 0.6 0.6 - 1.2
Unrealised operating foreign exchange (loss)/gain (2.0) 2.4 - 0.4
India Wage Code liability true-up (1.3) (0.4) - (1.7)
Amortisation of acquired intangibles (9.6) (2.5) - (12.1)
Amortisation (excluding amortisation of acquired intangible assets) (4.2) (0.1) - (4.3)
Depreciation (4.9) (1.7) - (6.6)
Impairment (1.3) - - (1.3)
Finance costs (7.2) (4.8) - (12.0)
Taxation (4.7) (14.4) - (19.1)
Profit after tax 13.3 42.6 (5.8) 50.1
A reconciliation of revenue to Adjusted EBITDA on a reportable segment and at
a Group level to Profit after Tax for the comparative period is set out below:
Year ended 31 December 2024 DA&I: DA&I: Corporate Total
Non- Healthcare
Healthcare £m
£m £m £m
Revenue 176.1 109.4 - 285.5
Operating costs (117.9) (48.5) (2.3) (168.7)
Adjusted EBITDA 58.2 60.9 (2.3) 116.8
Unallocated group costs:
Share-based payments charge (24.1)
Restructuring, corporate projects and refinancing costs (5.3)
Acquisition and integration costs (4.0)
Costs relating to share-based payment schemes (0.3)
Revaluation loss on short- and long-term derivatives (1.7)
Unrealised operating foreign exchange gain 0.3
Amortisation of acquired intangibles (8.9)
Amortisation (excluding amortisation of acquired intangible assets) (1.9)
Depreciation (5.8)
Finance costs (10.2)
Taxation (18.4)
Profit after tax 36.5
Segment assets and liabilities
Segment assets and liabilities are reported to the CODM in accordance with the
management approach defined in IFRS 8: Operating Segments. Following the
separation of the Group's Healthcare business into separate legal entities
during 2024, the Group identifies its reportable segments as Data, Analytics
& Insights: Healthcare and Data Analytics & Insights: Non-Healthcare.
For balance sheet review, the CODM monitors Data Analytics & Insights:
Healthcare by reviewing the total assets and liabilities held within the
separately carved out Healthcare legal entities. All other assets and
liabilities held by the Group, including the Data Analytics & Insights:
Non-Healthcare segment, are reported within the 'Remaining Group'. A summary
is presented below which reconciles to the Consolidated Statement of Financial
Position. Measurements are consistent with the Group's accounting policies.
Comparative information has been provided below.
As at 31 December 2025 DA&I: Remaining Total Reclassifications* Total
Healthcare Group Reported to
CODM
£m £m £m £m £m
Non-current assets 78.3 462.7 541.0 - 541.0
Current assets 73.8 74.3 148.1 - 148.1
Total assets 152.1 537.0 689.1 - 689.1
Current liabilities (53.7) (115.5) (169.2) 3.8 (165.4)
Non-current liabilities (42.4) (151.5) (193.9) (3.8) (197.7)
Total liabilities (96.1) (267.0) (363.1) - (363.1)
* Certain balances reported to the CODM have been reclassified to conform with
the presentation in the Consolidated Statement of Financial Position.
As at 31 December 2024 DA&I: Remaining Total Reclassifications* Total
Healthcare Group Reported to
CODM
£m £m £m £m £m
Non-current assets 77.1 435.9 513.0 - 513.0
Current assets 61.7 81.1 142.8 - 142.8
Total assets 138.8 517.0 655.8 - 655.8
Current liabilities (59.9) (111.0) (170.9) 4.4 (166.5)
Non-current liabilities (36.1) (27.9) (64.0) (4.4) (68.4)
Total liabilities (96.0) (138.9) (234.9) - (234.9)
* Certain balances reported to the CODM have been reclassified to conform with
the presentation in the Consolidated Statement of Financial Position.
Geographical analysis
Our primary geographical markets are serviced by our global sales teams which
are organised as Europe, US and Asia Pacific by virtue of the team location.
The below disaggregated revenue is derived from the geographical location of
our customers rather than the team structure the Group is organised by. The
geographical analysis is calculated based on sales order data apportioned over
the Group's revenue for each financial period.
From continuing operations
Year ended 31 December 2025 UK Europe Americas(1) Asia Pacific MENA(2) Rest of World Total
£m £m £m £m £m £m £m
Revenue from external customers 48.8 85.1 126.8 28.6 22.9 9.9 322.1
Year ended 31 December 2024 UK Europe Americas(1) Asia Pacific MENA(2) Rest of World Total
£m £m £m £m £m £m £m
Revenue from external customers 44.3 78.2 104.0 27.7 22.2 9.1 285.5
1. Americas includes revenue from the United States of America of
£121.3m (2024: £98.9m)
2. Middle East & North Africa
Intangible assets held in the US and Canada were £64.8m (2024: £67.6m), of
which £46.9m related to goodwill (2024: £46.7m). Intangible assets held in
the UAE were £11.4m (2024: £11.4m) of which £11.4m related to goodwill
(2024: £11.4m). All other non-current assets are held in the UK. The largest
customer represented less than 1% of the Group's consolidated revenue.
4. Revenue
The Group generates revenue from services provided over a period of time such
as recurring subscriptions and other services which are deliverable at a point
in time such as reports, events and custom research.
Subscription income for online services, data and analytics (typically 12
months) is normally invoiced at the beginning of the services and is therefore
recognised as a contract liability, "deferred revenue", in the statement of
financial position. Revenue is recognised evenly over the period of the
contractual term as the performance obligations are satisfied evenly over the
term of subscription.
The revenue on services delivered at a point in time is recognised when our
contractual obligation is satisfied, such as delivery of a static report,
delivery of a milestone within a consultancy project or delivery of an event.
The obligation on these types of contracts is a discrete obligation, which
once met satisfies the Group performance obligation under the terms of the
contract.
Any invoiced contracted amounts which are still subject to performance
obligations and where the payment has been received or is contractually due
are recognised within deferred revenue at the statement of financial position
date. Typically, the Group receives settlement of cash at the start of each
contract and standard terms are zero days. Similarly, if the Group satisfies a
performance obligation before it receives the consideration or is
contractually due the Group recognises a contract asset within accrued income
in the statement of financial position.
Revenue recognised in the Consolidated Income Statement Deferred Revenue recognised within the Consolidated Statement of Financial
Position
Year ended 31 December 2025 Year ended 31 December 2024 As at 31 December 2025 As at 31 December 2024
Restated*
£m £m £m £m
Services transferred:
Over a period of time 237.0 215.2 89.6 89.0
At a point in time 85.1 70.3 27.7 25.6
Total 322.1 285.5 117.3 114.6
*Management have identified that £12.6m of deferred revenue previously
classified as services transferred over a period of time, should have been
reported as services transferred at a point in time, as such, whilst this is
not material, the prior period comparatives have been restated to reflect this
change.
As subscriptions are typically for periods of 12 months the majority of
deferred revenue held at 31 December will be recognised in the income
statement in the following year. As at 31 December 2025, £1.4m (2024: £1.7m)
of the deferred revenue balance will be recognised beyond the next 12 months
and therefore has been presented within non-current liabilities within the
Consolidated Statement of Financial Position as at 31 December 2025. In the
year ended 31 December 2025 the Group recognised revenue of £112.9m (2024:
£102.6m) that was included in the deferred revenue balance at the beginning
of the period. The opening deferred revenue balance as at 1 January 2024 was
£104.6m.
As at 31 December 2025, the total non-cancellable obligations within deferred
revenue to fulfil revenue amounted to £117.3m (2024: £114.6m). As at the
same date, the total non-cancellable obligations within Invoiced Forward
Revenue to fulfil revenue amounted to £147.4m (2024: £145.3m). Movement in
the deferred revenue balance within the year relates to releases of revenue to
the consolidated income statement due to contractual obligations being
satisfied, offset by new customer invoices raised in the year where the
performance obligations are yet to be satisfied.
In instances where the Group enters into transactions involving a range of the
Group's services, for example a subscription and custom research, the total
transaction price for a contract is allocated amongst the various performance
obligations based on their relative stand-alone selling prices.
5. Operating profit
Operating profit is stated after the following expenses relating to continuing
operations.
Year ended Year ended
31 December 2025 31 December 2024
£m £m
Cost of sales 161.7 136.6
Administrative costs 77.9 83.4
239.6 220.0
Losses on trade receivables 1.7 1.0
Total operating expenses 241.3 221.0
Cost of sales includes all directly attributable costs of sale including
product, consulting and sales costs. Administrative costs includes all other
costs of operations.
6. Adjusting items
Year ended Year ended
31 December 2025 31 December 2024
£m £m
Share-based payments (credit)/ charge (15.4) 24.1
Amortisation of acquired intangibles 12.1 8.9
Restructuring, corporate projects and refinancing costs 11.2 5.3
Acquisition and integration costs 7.1 4.0
India Wage Code liability true-up 1.7 -
Costs relating to share-based payments scheme 1.7 0.3
Revaluation (gain)/ loss on short- and long-term derivatives (1.2) 1.7
Unrealised operating foreign exchange gain (0.4) (0.3)
Impairment 1.3 -
Total adjusting items 18.1 44.0
The adjustments made are as follows:
· The share-based payments (credit)/ charge is in
relation to the share-based compensation plans (detailed in note 12) under
which the entity receives services from employees as consideration for equity
instruments (options) of the Group. The fair value of the employee services
received in exchange for the grant of the options and awards is recognised as
an expense in the income statement. The total amount to be expensed is
determined by reference to the fair value of the options granted. The original
fair value on grant date is charged to the income statement based upon the
Monte-Carlo method. Following modification on 30 November 2022, an additional
charge for the beneficial modification was determined by the Black-Scholes
method. The options vest once certain financial targets have been achieved. A
credit has been recognised in relation to the share-based payment schemes this
year due to the EBITDA target for financial year ended 31 December 2025 not
being met, and the expectation that the EBITDA target for the financial year
ending 31 December 2026 is unlikely to be met. This has resulted in
share-based payments charges recognised in prior years being reversed in the
current year.
· The amortisation charge for those intangible assets
recognised on business combinations.
· Restructuring and corporate project costs totalling
£11.1m have been recognised within the Group, which have principally arisen
as a result of exit costs linked to restructuring projects and legal fees
relating to the share tender performed during the year. This category also
contains corporate project costs associated with the proposed AIM to Main
Market movement and defence costs for the Private Equity approaches in the
first half of 2025. Refinancing costs totalling £0.1m have also been
recognised within the Group.
· On 31 October 2025, the Group completed the sale of
100% of the share capital of Internet Business Group Limited, for cash
consideration of £1.3m. Net of cash held by the entity at the date of
disposal, the net cash proceeds to the Group from the disposal were £0.8m.
Upon disposal of the subsidiary entity, the Group made a net gain of £0.2m
including legal fees incurred in relation to the sale, which is included
within restructuring costs.
· Acquisition and integration costs includes legal and
professional fees and integration related expenses incurred in relation to
recent acquisitions made by the Group (see note 13). Included within this
category are contingent consideration amounts relating to payments due to the
previous owners of LinkUp and Ai Palette and retention bonuses due to
employees of Celent between 2025 and 2026. These have been treated as
remuneration costs due to being contingent upon the former owners remaining as
employees of the Group at the time of payment.
· India Wage Code liability true-up costs of £1.7m which
relate to prior years have been recognised in relation to increased gratuity
and leave encashment provisions required as a result of changes in the Wage
code in India which was enacted during the year.
· Costs relating to share-based payments scheme consist
of professional fees incurred in advice obtained relating to the scheme.
Additionally included is the anticipated cost associated with a legal claim
connected with the share-based payments scheme.
· The revaluation of short- and long-term derivatives
relates to movement in the fair value of the short- and long-term derivatives.
· Unrealised operating foreign exchange gains and losses
relate to non-cash exchange gains and losses made on operating items.
· Impairment charges of £1.3m have been recognised of
which £1.2m relates to a leasehold property.
7. Net finance costs
Year ended 31 December Year ended 31 December
2025 2024
£m £m
Loan interest cost 10.8 13.6
Lease interest cost 1.2 1.1
Revaluation of interest rate swap - (2.8)
Other interest cost 0.2 -
Other interest income (0.2) (1.7)
12.0 10.2
Loan interest cost includes non-cash interest relating to financial
liabilities measured at amortised cost of £1.9m (2024: £1.4m).
The Group discontinued hedge accounting for the previously held interest rate
swap during the year ended 31 December 2023 as the hedged items (future
interest repayments) were no longer probable or expected to occur; therefore
all gains and losses in relation to the swap were recognised within the income
statement during the year ended 31 December 2024.
8. Earnings per share
The calculation of the basic earnings per share is based on the earnings
attributable to ordinary shareholders of the parent company divided by the
weighted average number of shares in issue during the period. The Group also
has a share options scheme in place and therefore the Group has calculated the
dilutive effect of these options.
Year ended Year ended
31 December 2025 31 December 2024
Earnings per share attributable to equity holders from continuing operations:
Basic
Profit for the period attributable to equity shareholders (£m) 50.1 36.5
Less: non-controlling interest (£m) (17.0) (6.9)
Profit for the period attributable to ordinary shareholders of the parent 33.1 29.6
company (£m)
Weighted average number of shares (no' m) 748.6 789.1
Basic earnings per share (pence) 4.4 3.8
Diluted
Profit for the period attributable to equity shareholders (£m) 50.1 36.5
Less: non-controlling interest (£m) (17.0) (6.9)
Profit for the period attributable to ordinary shareholders of the parent 33.1 29.6
company (£m)
Weighted average number of shares (no' m) 749.6 799.4
Diluted earnings per share (pence) 4.4 3.7
Reconciliation of basic weighted average number of shares to the diluted
weighted average number of shares:
Year ended Year ended
31 December 2025 31 December 2024
No' m No' m
Basic weighted average number of shares, net of shares held in treasury 748.6 789.1
reserve
Dilutive share options in issue - scheme 1 0.7 1.2
Dilutive share options in issue - scheme 2 - 6.5
Dilutive share options in issue - scheme 4 0.3 2.6
Diluted weighted average number of shares 749.6 799.4
The diluted earnings per share calculation does not include
performance-related share options where the performance criteria had not been
met in the period, in accordance with IAS 33. The table below shows the number
of share options which could become dilutive should future performance
criteria be met. It excludes 320,000 options which are anticipated to vest in
the year ended 31 December 2026 as these are included in the diluted weighted
average number of shares calculation above given the performance criteria for
these options has been met.
Also excluded from the below table are shares which will be sold by the
Group's EBT during 2026 in order to satisfy the cash-settled exceptional STIP
awards, on the basis that these are not share options in issue.
Potentially dilutive shares Total
Schedule No.
Scheme 2 -
Scheme 4 1,900,000
Total 1,900,000
9. Intangible assets
AUC* Software Customer relationships Brands IP rights and database Goodwill Total
£m £m £m £m £m £m £m
Cost
As at 1 January 2024 0.2 18.4 65.3 26.3 77.9 322.0 510.1
Additions: Business combinations - 1.7 26.3 9.4 8.9 46.1 92.4
Additions: Internally developed 4.9 - - - - - 4.9
Additions: Separately acquired - 0.4 - 0.2 - - 0.6
Transfer AUC to software (0.5) 0.5 - - - - -
Foreign currency retranslation - 0.1 - - - - 0.1
Disposals - (0.1) - - - - (0.1)
As at 31 December 2024 4.6 21.0 91.6 35.9 86.8 368.1 608.0
Additions: Business combinations - 3.7 5.7 1.6 7.2 26.2 44.4
Additions: Internally developed 3.9 0.5 - - - - 4.4
Additions: Separately acquired 0.4 0.3 - 0.2 - - 0.9
Transfer AUC to software (6.1) 6.1 - - - - -
Fair value adjustment - - - - - 1.2 1.2
Foreign currency retranslation - (0.4) - - - - (0.4)
As at 31 December 2025 2.8 31.2 97.3 37.7 94.0 395.5 658.5
Amortisation
As at 1 January 2024 - (14.5) (42.5) (13.4) (56.0) (10.9) (137.3)
Additions: Business combinations - (1.1) - - - - (1.1)
Charge for the year - (1.9) (4.4) (1.3) (3.2) - (10.8)
Disposals - 0.1 - - - - 0.1
As at 31 December 2024 - (17.4) (46.9) (14.7) (59.2) (10.9) (149.1)
Additions: Business combinations - (1.7) - - - - (1.7)
Charge for the year - (4.4) (5.9) (2.0) (4.1) - (16.4)
Impairment - - (0.1) - - - (0.1)
Foreign currency retranslation - 0.3 - - - - 0.3
As at 31 December 2025 - (23.2) (52.9) (16.7) (63.3) (10.9) (167.0)
Net book value
As at 31 December 2025 2.8 8.0 44.4 21.0 30.7 384.6 491.5
As at 31 December 2024 4.6 3.6 44.7 21.2 27.6 357.2 458.9
*AUC: Assets under construction which will be transferred to software post
development.
10. Borrowings
31 December 2025 31 December
£m 2024
£m
Short-term lease liabilities 4.0 4.0
Current liabilities 4.0 4.0
Long-term lease liabilities 20.5 22.1
Long-term borrowings 165.3 40.4
Non-current liabilities 185.8 62.5
The changes in the Group's borrowings can be classified as follows:
Long-term lease liabilities(1) Total
Long-term borrowings Short-term lease liabilities(1)
£m £m £m £m
As at 1 January 2024 263.7 4.3 21.4 289.4
Cash flows:
- Repayment - (5.6) - (5.6)
- Drawdown of RCF (previously held facility) 40.0 - - 40.0
- Settlement of loan (305.0) - - (305.0)
- Drawdown of RCF (new facility) 42.7 - - 42.7
- Loan fees paid (2.4) - - (2.4)
Non-cash:
- Interest expense 1.4 - - 1.4
- Lease additions - 5.5 - 5.5
- Lease liabilities(2) - 0.5 - 0.5
- Reclassification - (0.7) 0.7 -
As at 31 December 2024 40.4 4.0 22.1 66.5
Cash flows:
- Repayment - (5.6) - (5.6)
- Drawdown of RCF / ACF (new facility) 123.5 - - 123.5
- Loan fees paid (0.5) - - (0.5)
Non-cash:
- Interest expense 1.9 - - 1.9
- Lease additions - 3.5 - 3.5
- Lease liabilities(2) - 0.8 (0.3) 0.5
- Reclassification - 1.3 (1.3) -
As at 31 December 2025 165.3 4.0 20.5 189.8
(1) Amounts are net of rental prepayments and accruals
(2) Represents lease interest, dilapidations and movement on lease liability
accruals and prepayments
Revolving Capital Facility ('RCF') and Acquisition and Capex Facility ('ACF')
On 18 December 2024, the Group completed on two new three-year debt financing
facilities to give the Group additional funding to support the long-term
growth of the business, including M&A. The details of the facilities are
as follows:
Healthcare Facility Non-Healthcare Facility
Date of agreement 18 December 2024
Term of agreement 3 years with 1 year extension option.
Type of facility Multi-currency RCF and ACF.
Lenders in syndicate 8 lenders.
Fixed repayments None, full drawn down balance repayable at date of termination of agreement.
Available facility £130.0m RCF and £70.0m ACF. As at 31 December 2024, one member of the £135.0m RCF and £50.0m ACF. As at 31 December 2024, one member of the
syndicate was outstanding to commit to the facility, resulting in the total syndicate was outstanding to commit to the facility, with the total available
available from the committed 7 lenders as at 31 December 2024 being £114.8m from the committed 7 lenders as at 31 December 2024 being £119.2m RCF and
RCF and £61.8m ACF, totalling £176.6m. The final syndicate member joined the £44.2m ACF, totalling £163.4m. The final syndicate member joined the
facility on 31 January 2025 therefore the full facility of £130.0m RCF and facility on 31 January 2025 therefore the full facility of £135.0m RCF and
£70.0m ACF became available to draw down upon on this date. £50.0m ACF became available to draw down upon on this date.
Interest payable on drawn element Agreed margin based upon covenant test result (currently 2.25% for the
Healthcare facility and 3.0% for the Non-Healthcare facility as at 31 December
2025) plus Sterling Overnight Index Average rate (SONIA), paid at the end of
each calendar quarter.
Interest payable on undrawn element 0.35% of margin on drawn element.
Total drawdown £37.0m (31 December 2024: £37.0m). £131.0m (31 December 2024: £7.5m).
11. Equity
Share capital
Authorised, allotted, called up and fully paid:
31 December 2025 31 December 2024
No'000s Percentage of Total Shares £000s No'000s Percentage of Total Shares £000s
Ordinary shares at 1 January (£0.0001) 830,895 83 845,028 84
Cancellation of shares: share buyback programme (66,154) (7) (14,133) (1)
Ordinary shares at 31 December (£0.0001) 764,741 99.99 76 830,895 99.99 83
Deferred shares of £1.00 each 100 0.01 100 100 0.01 100
Total authorised, allotted, called up and fully paid 764,841 100 176 830,995 100 183
Share Purchases
During the year the Group's Employee Benefit Trust purchased an aggregate
amount of 7,349,865 shares (representing 1.0% of the total share capital),
each with a nominal value of 1/100(th) pence, at a total market value of
£11.0m. The purchased shares will be held for the purpose of satisfying the
exercise of share options under the Company's Employee Share Option Plan.
During the year, a total of 9,453,109 shares (representing 1.2% of the total
share capital), each with a nominal value of 1/100(th) pence, which were held
by the Group's Employee Benefit Trust were utilised as a result of the vesting
of share options (at a total market value of £14.1m), as disclosed in note
12.
The maximum number of shares (each with a nominal value of 1/100(th) pence)
held by the Employee Benefit Trust (at any time during the year ended 31
December 2025) was 53,055,983 (representing 6.9% of the total share capital).
The purchase of shares by the trust is to limit the eventual dilution to
existing shareholders. As at 31 December 2025, no dilution is currently
forecast.
Share Purchases for Cancellation
On 31 July 2024, the Group announced a return of surplus capital
of £10.0m to shareholders, implemented through a share buyback programme
of the Group's ordinary shares, which was completed on 5 September 2024. On
23 September 2024, the Group announced an additional return of surplus capital
of £20.0m to shareholders, which was implemented in the same way as the
initial £10.0m. As at 31 December 2024, the total value of shares bought back
and cancelled was £29.3m. The final £0.7m was purchased and cancelled in
January 2025, thereby completing the second tranche of the buyback programmes.
On 6 February 2025, the Group announced a third share buyback programme
totalling £50.0m. This programme was suspended on 2 May 2025, at this date
total purchases and cancellations within the scheme were £39.0m.
On 10 September 2025, the Group completed a Tender Offer, which resulted in
the purchase and cancellation of shares with a total value of £60.0m.
On 24 November 2025, the Group announced a fourth share buyback programme
totalling £10.0m. As at 31 December 2025, total purchases and cancellations
within this scheme were £2.0m.
The purpose of the share buyback programmes was to return surplus capital to
shareholders and reduce the Group's share capital. As such, all ordinary
shares repurchased by the Group under the share buyback programmes were
cancelled.
Capital management
The Group's capital management objectives are:
· To ensure the Group's ability to continue as a going concern; and
· To fund future growth and provide an adequate return to
shareholders and, when appropriate, distribute dividends.
The capital structure of the Group consists of net bank debt, which includes
borrowings (note 10) and cash and cash equivalents, and equity.
The Company has two classes of shares. The ordinary shares carry no right to
fixed income and each share carries the right to one vote at general meetings
of the Company.
The deferred shares do not confer upon the holders the right to receive any
dividend, distribution or other participation in the profits of the Company.
The deferred shares do not entitle the holders to receive notice of or to
attend and speak or vote at any general meeting of the Company. On
distribution of assets on liquidation or otherwise, the surplus assets of the
Company remaining after payments of its liabilities shall be applied first in
repaying to holders of the deferred shares the nominal amounts and any
premiums paid up or credited as paid up on such shares, and second the balance
of such assets shall belong to and be distributed among the holders of the
ordinary shares in proportion to the nominal amounts paid up on the ordinary
shares held by them respectively.
There are no specific restrictions on the size of a holding nor on the
transfer of shares, which are both governed by the general provisions of the
Articles of Association and prevailing legislation. The Directors are not
aware of any agreements between holders of the Company's shares that may
result in restrictions on the transfer of securities or on voting rights.
No person has any special rights of control over the Company's share capital
and all its issued shares are fully paid.
With regard to the appointment and replacement of Directors, the Company is
governed by its Articles of Association, the Companies Act and related
legislation. The Articles themselves may be amended by special resolution of
the shareholders. The powers of Directors are described in the Board Terms of
Reference, copies of which are available on request.
Dividends
The final dividend for 2024 was 1.0 pence per share and was paid in May 2025.
The total dividend for the current year is 1.5 pence per share, with an
interim dividend of 0.3 pence per share paid on 3 October 2025 to shareholders
on the register at the close of business on 5 September 2025, and a final
dividend of 1.2 pence per share will be paid on 1 May 2026 to shareholders on
the register at the close of business on 27 March 2026. The ex-dividend date
will be on 26 March 2026.
Treasury reserve
The treasury reserve represents the cost of shares held in the Group's
Employee Benefit Trust for the purpose of satisfying the exercise of share
options under the Company's Employee Share Option Plan.
The disclosures above are for both the Group and the Company.
Non-controlling interest
The put option in relation to the sale of 40% of the Group's Healthcare
business was exercised on 4 June 2024. At this point the sale had been
committed to, and legal completion followed shortly afterwards on 28 June
2024, with the Group receiving gross cash proceeds of £451.4m, of which
£8.0m was recognised as a related party loan due to Monument Bidco Limited
(an Inflexion investment company) at the point of completion which was
capitalised during December 2024. As a result of this sale, in line with the
provisions of IFRS 10: Consolidated Financial Statements, the Group recognised
non-controlling interest (NCI) within equity which represents 40% of the
Healthcare business sub-group's statement of financial position as at the date
of recognition of NCI which has been determined as 4 June 2024, being the date
the put option was exercised.
Since initial recognition of NCI on 4 June 2024, the following has been
allocated to NCI:
· 40% of the Healthcare business sub-group's profit after tax;
· 40% of the Healthcare business sub-group's tax entries which have
been recognised directly in reserves;
· 40% of the movement on the Healthcare sub-group's share-based
payment reserve; and
· 40% of the movement on the Healthcare sub-group's foreign
currency translation reserve.
Legal and professional transaction fees incurred by the Group in relation to
this sale of NCI have been recognised directly in equity within the Group's
Statement of Changes in Equity given they are linked to an equity transaction.
For the year ended 31 December 2024 these fees totalled £30.6m.
During June 2025, a completion accounts adjustment totalling £19.6m was
recognised in respect of the sale of GD UK Healthcare Limited (and its
subsidiaries) from GlobalData Plc to Washington Bidco Limited, resulting in an
adjustment to NCI and Group retained profits of £7.8m.
Summarised financial information in respect of the Group's non-controlling
interest is set out below, as at 31 December 2025 the non-controlling interest
represents 40% non-controlling interest in the Group's Healthcare business:
31 December 2025 31 December 2024
£m £m
Statement of Financial Position Summary:
Non-current assets 78.3 76.1
Current assets 73.8 62.7
Current liabilities (53.7) (59.9)
Non-current liabilities (42.4) (36.1)
Equity attributable to owners of the Company 56.0 42.8
Non-controlling interest 22.4 17.1
Year ended Year ended
31 December 2025 31 December 2024
£m £m
Income Statement Summary:
Revenue 123.3 63.3
Profit after tax 42.6 17.3
Other comprehensive (loss)/ income (4.1) 2.0
Total comprehensive income 38.5 19.3
Total comprehensive income - non-controlling interest 15.4 7.7
Year ended Year ended
31 December 2025 31 December 2024
£m £m
Statement of Cash Flows Summary:
Cash flows from/ (used in) operating activities 48.8 (10.5)
Cash flows used in investing activities (22.4) (18.7)
Cash flows (used in)/ from financing activities (1.9) 27.3
Total cash flows 24.5 (1.9)
Other reserve
Other reserve consists of a reserve created upon the reverse acquisition of
TMN Group Plc in 2009.
Foreign currency translation reserve
The foreign currency translation reserve contains the translation differences
that arise upon translating the results of subsidiaries with a functional
currency other than Sterling. Such exchange differences are recognised in the
income statement in the period in which a foreign operation is disposed of.
12. Share-based payments
The Group operates a number of share option schemes, which are summarised
below:
· Scheme 1 - this scheme was created in 2010, and is fully vested
and closed to new participants. There are a number of outstanding options in
issue where option holders have chosen to continue to defer exercise. All
options must be exercised by option holders by August 2033.
· Scheme 2 - this scheme was created in 2019. The scheme covers a
4-year period, with vesting of options being linked to EBITDA targets within
the financial years 2023 - 2026.
· Scheme 4 - this scheme was created in 2021. The scheme covers a
3-year period, with vesting of options being linked to EBITDA targets within
the financial years 2024 - 2026. During financial year ended 31 December 2025,
certain option holders were granted additional options within this scheme
which have later year EBITDA vesting targets.
The EBITDA target relating to the financial year ending 31 December 2025 was
not achieved, therefore these options will not vest. In addition, it is
Managements' current expectation that the EBITDA target relating to the
financial year ending 31 December 2026 is unlikely to be met. Exceptional STIP
awards, to be cash settled via sale of shares held by the Group's Employee
Benefit Trust, have been awarded to certain employees in lieu of the options
which will not vest in relation to the year ending 31 December 2025. The total
charge recognised in the consolidated income statement in relation to this
bonus is £2.6m (2024: nil).
The total amounts recognised in adjusting items within the consolidated income
statement are as follows:
Year ended Year ended
31 December 2025 31 December 2024
£m £m
(Credit)/ charge for scheme 2 (6.7) 12.6
(Credit)/ charge for scheme 4 (11.3) 11.5
Charge for exceptional STIP awards 2.6 -
Total (credit)/ charge (15.4) 24.1
An accrual for the exceptional STIP awards has been recognised within the
consolidated statement of financial position as at 31 December 2025.
Scheme 1 - fully vested and closed to new participants
The Group created a share option scheme during the year ended 31 December 2010
and granted the first options under the scheme on 1 January 2011 to certain
senior employees. Each option granted converts to one ordinary share on
exercise. A participant may exercise their options subject to employment
conditions and Adjusted EBITDA targets being met. For these options to be
exercised the Group's earnings before interest, taxation, depreciation and
amortisation, as adjusted by the Remuneration Committee for significant or
one-off occurrences, must exceed certain targets. The fair values of options
granted were determined using the Black-Scholes model. The inputs used in the
model were:
· share price at date of grant;
· exercise price;
· time to maturity;
· annual risk-free interest rate; and
· annualised volatility.
Each of the awards were subject to vesting criteria set by the Remuneration
Committee. As disclosed in the 2021 Annual Report and Accounts, the final
vesting target of £52m Adjusted EBITDA (excluding the impact of IFRS16) was
met in the financial year ending 31 December 2021 and therefore the final
tranche of Scheme 1 options vested during 2022. Scheme 1 is now therefore
closed.
The total charge recognised for the scheme during the 12 months to 31 December
2025 was £nil (2024: £nil).
The Remuneration Committee approved the vesting of the final tranche of Scheme
1 on 11 August 2022. The awards of the scheme were settled with ordinary
shares of the Company. During the years ended 31 December 2022 to 31 December
2024, the majority of participants chose to exercise their options, with 1.2m
options being deferred as at 31 December 2024, as allowable under the scheme
rules. During the year ended 31 December 2025, 0.6m of these options were
exercised, resulting in 0.7m deferred options as at 31 December 2025.
Reconciliation of movement in the number of options is provided below. No new
grants were awarded during 2025.
Option exercise price Weighted average remaining life Number of
(pence) (years) options
31 December 2024 1/100(th) 0.0 1,207,250
Exercised 1/100(th) N/A (550,713)
31 December 2025 1/100(th) 0.0 656,537
The options carried forward as at 31 December 2025 are both outstanding and
exercisable. The maximum term of the remaining options outstanding is 8 years,
ending in August 2033.
Scheme 2 - 2019 scheme
The following assumptions were used in the valuation:
Award tranche Award 1 Award 2 Award 3 Award 5 Award 7 Award 8 Award 9
Grant date 31/10/19 07/05/20 25/05/20 22/09/20 23/03/21 31/01/23 22/01/24
Expected dividend yield 3.06% 3.06% 3.06% 3.06% 3.06% 3.57% Note 1
Volatility 26.87% 26.87% 26.87% 26.87% 26.87% 28.62% Note 1
Initial share price (pre capital reorganisation) £12.25 £12.25 £12.25 £12.25 £12.25 £12.55 Note 1
Initial share price (post capital reorganisation) £1.72 £1.72 £1.72 £1.72 £1.72 £1.76 Note 1
Group achieves £100m EBITDA by 1 March 2024 25% vest 25% vest 25% vest 25% vest 25% vest 25% vest 100% vest
Fair value (pre capital reorganisation) £11.79 £11.79 £11.79 £11.79 £11.79 £12.07 £14.00
Fair value (post capital reorganisation) £1.65 £1.65 £1.65 £1.65 £1.65 £1.69 £1.96
Risk-free interest rate 3.17% 3.17% 3.17% 3.17% 3.17% 3.24% Note 1
Estimated forfeiture rate 0% 0% 0% 0% 0% 0% 0%
Remaining contractual life N/A N/A N/A N/A N/A N/A N/A
Group achieves £110m EBITDA by 1 March 2025 25% vest 25% vest 25% vest 25% vest 25% vest 25% vest N/A
Fair value (pre capital reorganisation) £11.43 £11.43 £11.43 £11.43 £11.43 £11.65 N/A
Fair value (post capital reorganisation) £1.60 £1.60 £1.60 £1.60 £1.60 £1.63 N/A
Risk-free interest rate 3.24% 3.24% 3.24% 3.24% 3.24% 3.32% N/A
Estimated forfeiture rate 0% 0% 0% 0% 0% 0% N/A
Remaining contractual life N/A N/A N/A N/A N/A N/A N/A
Group achieves £131m EBITDA by 1 March 2026 25% vest 25% vest 25% vest 25% vest 25% vest 25% vest N/A
Fair value (pre capital reorganisation) £11.09 £11.09 £11.09 £11.09 £11.09 £11.24 N/A
Fair value (post capital reorganisation) £1.55 £1.55 £1.55 £1.55 £1.55 £1.57 N/A
Risk-free interest rate 3.20% 3.20% 3.20% 3.20% 3.20% 3.12% N/A
Estimated forfeiture rate 5% 5% 5% 5% 5% 4% N/A
Remaining contractual life 0.17 0.17 0.17 0.17 0.17 0.17 N/A
Group achieves £153m EBITDA by 1 March 2027 25% vest 25% vest 25% vest 25% vest 25% vest 25% vest N/A
Fair value (pre capital reorganisation) £10.76 £10.76 £10.76 £10.76 £10.76 £10.85 N/A
Fair value (post capital reorganisation) £1.51 £1.51 £1.51 £1.51 £1.51 £1.52 N/A
Risk-free interest rate 3.24% 3.24% 3.24% 3.24% 3.24% 3.21% N/A
Estimated forfeiture rate 9% 9% 9% 9% 9% 4% N/A
Remaining contractual life 1.17 1.17 1.17 1.17 1.17 1.17 N/A
Note 1: Award 9 was granted and exercised almost immediately therefore the
fair value at grant date was calculated as being equal to the share price at
the date of award.
Awards 4 and 6 have been fully forfeited. Award 9 was granted with 100% of the
options vesting in 2024. For all options noted within the table above, the
exercise price per option is £0.0001 (equivalent to 1/100(th) pence) and the
expected dividend yield has been assumed to be paid throughout the performance
period. The volatility used within the calculations was determined by
calculating the Group's observed historical volatility over a period equal to
the time until the end of the assumed maturity date.
The estimated forfeiture rate assumption is based upon Management's
expectation of the number of options that will lapse over the vesting period
and are reviewed annually. Management believes the current assumptions to be
reasonable.
The total amount recognised in the consolidated income statement for the
scheme during the 12 months to 31 December 2025 was a credit of £6.7m (2024:
charge of £12.6m). The awards of the scheme will be settled with ordinary
shares of the Company.
Reconciliation of movement in the number of options in Scheme 2 is provided
below.
Option exercise price Weighted average remaining life Number of
(pence) (years) options
31 December 2024 1/100th 1.2 19,000,711
Exercised 1/100th N/A (6,500,702)
Forfeited 1/100th N/A (1,999,996)
31 December 2025 1/100th 0.7 10,500,013
The options carried forward as at 31 December 2025 are both outstanding and
exercisable.
Scheme 4 - 2021 scheme
The following assumptions were used in the valuation:
Award tranche Award 1 Award 2 Award 3 Award 4 Award 5
Grant date 07/03/22 31/01/23 23/05/23 22/01/2024 21/05/2024
Expected dividend yield 3.06% 3.57% 3.34% 1.60% 1.04%
Volatility 26.87% 28.62% 29.40% 28.25% 29.14%
Initial share price (pre capital reorganisation) £12.25 £12.55 £13.10 £13.93 £16.14
Initial share price (post capital reorganisation) £1.72 £1.76 £1.83 £1.95 £2.26
Group achieves £110m EBITDA by 1 March 2025 10% vest 10% vest 10% vest 10% vest 10% vest
Fair value (pre capital reorganisation) £11.43 £11.65 £12.35 £13.68 £16.01
Fair value (post capital reorganisation) £1.60 £1.63 £1.73 £1.92 £2.24
Risk-free interest rate 3.24% 3.32% 4.10% 4.72% 4.74%
Estimated forfeiture rate 0% 0% 0% 0% 0%
Remaining contractual life N/A N/A N/A N/A N/A
Group achieves £131m EBITDA by 1 March 2026 20% vest 20% vest 20% vest 20% vest 20% vest
Fair value (pre capital reorganisation) £11.09 £11.24 £11.94 £11.94 £11.94
Fair value (post capital reorganisation) £1.55 £1.57 £1.67 £1.67 £1.67
Risk-free interest rate 3.20% 3.12% 4.02% 4.17% 4.27%
Estimated forfeiture rate 9% 8% 8% 8% 8%
Remaining contractual life 0.17 0.17 0.17 0.17 0.17
Group achieves £153m EBITDA by 1 March 2027 70% vest 70% vest 70% vest 70% vest 70% vest
Fair value (pre capital reorganisation) £10.76 £10.85 £11.55 £11.55 £11.55
Fair value (post capital reorganisation) £1.51 £1.52 £1.62 £1.62 £1.62
Risk-free interest rate 3.24% 3.21% 3.97% 3.87% 4.07%
Estimated forfeiture rate 16% 8% 8% 8% 8%
Remaining contractual life 1.17 1.17 1.17 1.17 1.17
Award tranche Award 6 Award 7 Award 8 Award 9
Grant date 23/01/25 11/02/25 20/05/25 20/05/25
Expected dividend yield 0.81% 0.74% 0.59% 0.20%
Volatility 30.19% 30.07% 36.07% 45.98%
Initial share price £1.82 £2.01 £1.92 £1.92
Group achieves a currently undetermined EBITDA target by 1 March 2026 N/A N/A N/A 100%
Fair value N/A N/A N/A £1.92
Risk-free interest rate N/A N/A N/A 3.92%
Estimated forfeiture rate N/A N/A N/A 0%
Remaining contractual life N/A N/A N/A 0.17
Group achieves a currently undetermined EBITDA target by 1 March 2028 10% 10% 100% N/A
Fair value £1.77 £1.97 £1.89 N/A
Risk-free interest rate 4.07% 3.89% 3.96% N/A
Estimated forfeiture rate 0% 0% 0% N/A
Remaining contractual life 2.17 2.17 2.17 N/A
Group achieves a currently undetermined EBITDA target by 1 March 2029 20% 20% N/A N/A
Fair value £1.76 £1.95 N/A N/A
Risk-free interest rate 4.12% 3.96% N/A N/A
Estimated forfeiture rate 0% 0% N/A N/A
Remaining contractual life 3.17 3.17 N/A N/A
Group achieves a currently undetermined EBITDA target by 1 March 2030 70% 70% N/A N/A
Fair value £1.74 £1.94 N/A N/A
Risk-free interest rate 4.24% 4.12% N/A N/A
Estimated forfeiture rate 0% 0% N/A N/A
Remaining contractual life 4.17 4.17 N/A N/A
For all options noted within the Scheme 4 tables above, the exercise price per
option is £0.0001 (equivalent to 1/100(th) pence) and the expected dividend
yield has been assumed to be paid throughout the performance period. The
volatility used within the calculations was determined by calculating the
Group's observed historical volatility over a period equal to the time until
the end of the assumed maturity date.
The estimated forfeiture rate assumption is based upon management's
expectation of the number of options that will lapse over the vesting period
and are reviewed annually. Management believes the current assumptions to be
reasonable.
The total amount recognised in the consolidated income statement for the
scheme during the 12 months to 31 December 2025 was a credit of £11.3m (2024:
charge of £11.5m). The awards of the scheme will be settled with ordinary
shares of the Company.
Reconciliation of movement in the number of options in Scheme 4 is provided
below.
Option exercise price Weighted average remaining life Number of
(pence) (years) options
31 December 2024 1/100th 1.8 25,204,362
Granted 1/100th N/A 2,685,000
Exercised 1/100th N/A (2,401,694)
Forfeited 1/100th N/A (4,275,666)
31 December 2025 1/100th 1.1 21,212,002
The options carried forward as at 31 December 2025 are both outstanding and
exercisable.
Vesting of options
As a result of options from Schemes 1, 2 and 4 vesting during the year,
£17.9m was transferred from the Group's treasury reserve to retained earnings
of which £14.8m is distributable. The weighted average price of the exercised
options across all schemes at the date of exercise was £1.49 per share.
13. Acquisitions
Ai Palette
On 7 March 2025, the Group acquired 99.5% of the share capital of Ai Palette
Pte. Ltd and its subsidiary for cash consideration of £9.6m, of which £1.8m
was yet to be cash settled as at 31 December 2025. Ai Palette is an AI Powered
consumer insights platform offering an Innovation Intelligence solution to the
Consumer-packaged goods sector, which is an excellent strategic fit for the
Group.
The amounts recognised for each class of assets and liabilities at the
acquisition date were as follows:
Carrying value Fair value adjustments Fair value
£m £m £m
Intangible assets consisting of:
Customer relationships - 0.4 0.4
Database - 1.3 1.3
Trade names - 0.4 0.4
Net assets acquired consisting of:
Intangible assets 1.8 (0.2) 1.6
Cash and cash equivalents 1.0 - 1.0
Trade and other receivables 0.5 - 0.5
Trade and other payables (1.2) 0.1 (1.1)
Deferred tax - (0.4) (0.4)
Fair value of net assets acquired 2.1 1.6 3.7
The goodwill recognised in relation to the acquisition is as follows:
Fair value
£m
Consideration paid in cash 7.8
ESCROW payments yet to be cash settled as at 31 December 2025 1.8
Less net assets acquired (3.7)
Goodwill 5.9
In line with the provision of IFRS 3, fair value adjustments may be made
within the 12-month period from the date of acquisition which would result in
an adjustment to the goodwill balance reported above. The goodwill that arose
on the combination can be attributed to the assembled workforce, know-how and
research methodology. The fair values of the identified intangible assets were
calculated in line with the policies detailed within the Group's Annual Report
and Accounts for the year ended 31 December 2025. The amount of goodwill which
is expected to be deductible for tax purposes is £nil.
The Group incurred legal and professional expenses of £0.2m in relation to
the acquisition, which were recognised in adjusting items in the consolidated
income statement. In the period from the date of acquisition to 31 December
2025, the trade of Ai Palette generated revenues of £1.5m and Adjusted EBITDA
loss of £0.2m.
Stylus
The Group completed the acquisition of the entire share capital of Stylus
Media Group Limited 'Stylus', and its subsidiaries, on 8 July 2025 for
consideration of £19.4m, of which £0.5m will be settled 12 months
post-completion. In addition, the Group cash settled pre-existing debts of the
acquiree totalling £6.7m on the date of acquisition. Post-acquisition, the
Group have cash settled £0.4m of transaction bonuses on behalf of the
acquiree.
Stylus is a consumer trends intelligence business. The addition of Stylus
represents a strengthening of our consumer innovation intelligence solution,
which will combine the strength of the Group's proprietary data and AI
platform with Stylus' leading insights on consumer trends and the technology
capability of our recent Ai Palette acquisition.
The amounts recognised for each class of assets and liabilities at the
acquisition date were as follows:
Carrying value Fair value adjustments Fair value
£m £m £m
Intangible assets consisting of:
Customer relationships - 5.4 5.4
Database - 5.9 5.9
Trade names - 1.2 1.2
Net assets acquired consisting of:
Intangible assets 0.4 - 0.4
Cash and cash equivalents 0.2 - 0.2
Trade and other receivables 2.2 (0.8) 1.4
Trade and other payables (13.4) 1.5 (11.9)
Deferred tax - (3.5) (3.5)
Fair value of net (liabilities)/ assets acquired (10.6) 9.7 (0.9)
The goodwill recognised in relation to the acquisition is as follows:
Fair value
£m
Consideration paid in cash 18.9
Consideration to be paid 1-year post-completion 0.5
Plus net liabilities acquired 0.9
Goodwill 20.3
At the time of acquisition, the Group settled £6.7m of the acquiree's
pre-existing borrowings and £0.4m of accrued transaction costs, both of which
have become inter-company payables due back to the Group within the statement
of financial position of the acquiree. These payments have not been treated as
part of the acquisition consideration.
In line with the provision of IFRS 3, fair value adjustments may be made
within the 12-month period from the date of acquisition which would result in
an adjustment to the goodwill balance reported above. The goodwill that arose
on the combination can be attributed to the assembled workforce, know-how and
research methodology. The fair values of the identified intangible assets were
calculated in line with the policies detailed within the Group's Annual Report
and Accounts for the year ended 31 December 2025. The amount of goodwill which
is expected to be deductible for tax purposes is £nil.
The Group incurred legal and professional expenses of £0.6m in relation to
the acquisition, which were recognised in adjusting items in the consolidated
income statement. In the period from the date of acquisition to 31 December
2025, the trade of Stylus generated revenues of £4.5m and Adjusted EBITDA of
£0.6m.
Impact of Acquisitions
If both of the Group's acquisitions made during the year ended 31 December
2025 had occurred on 1 January 2025, Group revenue would have been £327.1m
and Group Adjusted EBITDA would have been at £110.4m.
Cash Cost of Acquisitions
The cash cost of acquisitions in 2025 comprises:
31 December 2025
£m
Presented within Operating Activities
Acquisition of MBI:
Contingent consideration 0.3
Acquisition of Ai Palette:
Contingent consideration 0.4
Acquisition of Jobdig, Inc:
Contingent consideration 1.8
2.5
31 December 2025
£m
Presented within Investing Activities
Acquisition of Ai Palette:
Cash consideration 7.8
Cash acquired (1.0)
Acquisition of Stylus:
Cash consideration 18.9
Cash acquired (0.2)
Settlement of transaction costs (not included within consideration) 0.4
Acquisition of Jobdig, Inc:
Working capital adjustment 0.1
Acquisition of Celent:
Working capital adjustment (0.3)
Transaction bonuses settled 0.1
Acquisition of Deallus:
Working capital adjustment 1.2
27.0
31 December 2025
£m
Presented within Financing Activities
Acquisition of Stylus:
Settlement of borrowings (not included within consideration) 6.7
6.7
The cash cost of acquisitions in 2024 comprised:
31 December 2024
£m
Presented within Operating Activities
Acquisition of TS Lombard:
Contingent consideration 0.5
0.5
31 December 2024
£m
Presented within Investing Activities
Acquisition of BTMI:
Cash consideration 6.3
Working capital adjustment (0.1)
Acquisition of Jobdig, Inc:
Cash consideration 18.4
Cash acquired (1.6)
Settlement of transaction costs (not included within 3.8
consideration)
Acquisition of Celent:
Cash consideration 19.2
Acquisition of Deallus:
Cash consideration 20.8
Cash acquired (7.3)
Settlement of transaction costs (not included within 5.2
consideration)
SIA - Strategy in Action Limited
Cash consideration 4.0
68.7
31 December 2024
£m
Presented within Financing Activities
Acquisition of BTMI: Settlement of borrowings (not included within 3.7
consideration)
Acquisition of Deallus: Settlement of borrowings (not included within 7.0
consideration)
10.7
14. Related party transactions
The Board has put in place an additional control framework to ensure related
party transactions are well controlled and managed. Related party transactions
are overseen by a subcommittee of the Board. The Related Party Transactions
Committee, consisting of 4 Non-Executive Directors and chaired by Murray Legg
meets to:
o Oversee all related party transactions.
o Ensure transactions are in the best interests of GlobalData and its wider
stakeholders; and
o Ensure all transactions are recorded and disclosed on an arm's length
basis.
As part of the proposed move to the Main Market during 2026, the Board has
determined that the functions of the Related Party Transactions Committee
should be transferred to the Audit and Risk Committee, and as such this
Committee will cease to exist.
The Group has taken advantage of the exemptions contained within IAS24:
Related Party Disclosures from the requirement to disclose transactions
between wholly owned Group companies as these have been eliminated on
consolidation.
Related Party Transactions: Ultimate Controlling Party
Mike Danson, GlobalData's Chief Executive, owned 59.4% of the Company's
ordinary shares as at 31 December 2025 and 60.0% as at 1 March 2026 and is
therefore the Company's ultimate controlling party. Mike Danson owns a number
of other businesses, a small number of which interact with GlobalData Plc.
During the year, the following related party transactions were entered into by
the Group:
Accommodation
During the year ended 31 December 2025, related party charges to the Group in
respect of accommodation totalled £nil (2024: £0.1m).
Corporate support services
In 2025 net corporate support charges of £0.1m were charged from NS Media
Group Limited ("NSMGL") and net corporate support charges of £0.02m were
charged to Estel Property Investments No.3 Limited ("Estel"), both companies
are related parties by virtue of common ownership (2024: £0.1m charge from
NSMGL and £0.1m charge to Estel). In both 2025 and 2024 the corporate support
charges consisted of a share of the India management team cost, shared
software costs and recharged salary costs.
Sales distribution
NSMGL acted as a sales distributor for some GlobalData products. On these
transactions they charged agent fees of £0.03m (2024: £0.02m).
Balances Outstanding
As at 31 December 2025, the total balance receivable from NSMGL was £0.007m
(2024: £0.002m). There is no specific credit loss provision in place in
relation to this receivable and the total expense recognised during the period
in respect of bad or doubtful debts was £nil.
Related Party Transactions: Directors and Key Management Personnel
Investment in SIA - Strategy In Action Limited
On 4 June 2024, the Group made an investment of 16.95% in the share capital of
SIA - Strategy in Action Limited ("SiA") for cash consideration of £4.0m. The
Group has representation on the Board and Julien Decot is a common
Non-Executive Director across both the Group and SiA. Management assessed that
the Group exercises significant influence over SiA, therefore the investment
is accounted for using the equity method. The carrying amount of the
investment has been adjusted for the Group's share of the post-acquisition
profits or losses of SiA (totalling £0.2m profit for the year ended 31
December 2025 (2024: profit of £0.04m), which has been recognised in the
Group's consolidated income statement) plus the Group's share of the
post-acquisition change in other comprehensive income of SiA (totalling £nil
for the year ended 31 December 2025 (2024: £nil), which has been recognised
within other comprehensive income of the Group). As a result of the
shareholding, the Group is exposed to financial risks including potential
funding requirements and exposure to potential future losses; however given
the size of the shareholding these risks are not deemed significant to the
Group.
Directors and Key Management Personnel Remuneration
The remuneration of Directors is disclosed within the Directors' Remuneration
Report within the Group's Annual Report and Accounts for the year ended 31
December 2025.
Balances Outstanding
There were no balances outstanding in relation to Directors and Key Management
Personnel as at 31 December 2025 (2024: £nil).
Related Party Transactions: Inflexion Private Equity Partners LLP
Sale of 40% of Healthcare Business
Completion of the sale of 40% of the Group's Healthcare business resulted in
the Group receiving gross cash proceeds of £451.4m, of which £8.0m was
recognised as a related party loan due to Monument Bidco Limited (an Inflexion
investment company) at the point of completion which was then capitalised
during December 2024. As such, as at 31 December 2024, there were no
outstanding balances due to Monument Bidco Limited. As at 31 December 2025,
the total balance outstanding to Monument Bidco Limited was £nil.
In relation to completion of the transaction, the Group settled fees to the
Inflexion group of companies totalling £11.4m, these have been included
within the transaction costs recognised directly in equity within the Group's
Consolidated Statement of Changes in Equity for the year ended 31 December
2024.
For the year ended 31 December 2025, management fees charged from the
Inflexion group of companies to the Group totalled £0.4m (2024: £0.2m).
Balances Outstanding
There were no balances outstanding in relation to the Inflexion group of
companies as at 31 December 2025 (2024: £nil).
Related Party Transactions: Non-wholly owned subsidiaries
Washington Topco Limited and its subsidiaries are 60% owned, as such, the
exemption to disclose transactions between group companies in accordance with
IAS 24 does not apply. Transactions entered into with a member of the group of
companies owned by Washington Topco Limited, and outstanding balances between
the parties as at the year end are presented below.
£m Year ended 31 December 2025 Year ended 31 December 2024
Recharges to Washington Topco Limited and its subsidiaries 7.3 6.1
Recharges from Washington Topco Limited and its subsidiaries 3.0 7.2
£m 31 December 2025 31 December 2024
Balance owed from/ (to) Washington Topco Limited and its subsidiaries 0.4 (9.1)
Related Party Transactions: Other Related Parties
Balances Outstanding
As at 31 December 2024, there was an outstanding loan note due to the
pre-existing management of the Deallus group of companies amounting to £1.0m,
generated as a result of the Deallus acquisition which completed on 31
December 2024. This was initially repayable on 30 June 2025 and accrued
interest at a semi-annual compounded rate of 12%. The repayment date for the
loan note has been extended to 28 February 2026, and interest has continued to
accrue on the same basis. The total balance outstanding as at 31 December 2025
in relation to this loan note, including accrued interest, was £1.1m.
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