REG - GlobalData PLC - Half Year Results
Tue 07:02
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RNS Number : 9285T GlobalData PLC 05 August 2025
5 August 2025
FOR IMMEDIATE
RELEASE
GlobalData Plc
Half Year Results
30 June 2025
Resilient H1 performance and good progress in Growth Transformation Plan
GlobalData Plc (AIM: DATA, GlobalData, the Group), the leading data, insight,
and technology company, today publishes its results for the half year ended 30
June 2025 (HY25).
· Revenue grew 12% to £156.5m (HY24: £139.6m), with underlying(1)
growth of 1% reflecting the transformation and investments in sales
go-to-market and corporate infrastructure, alongside macro-economic headwinds.
· Investments ahead of sales growth have reduced underlying Adjusted
EBITDA margin(1) to 38% (2024: 41%), with the phasing of costs to deliver
synergies from recent acquisitions and foreign currency impact further
reducing Adjusted EBITDA(1) to £52.1m, and Adjusted EBITDA margin to 33%
(HY24: £57.8m). We expect to return to a normalised margin through the second
half.
· Operating profit declined to £28.5m (HY24: £37.8m) having been
impacted by acquisition and integration expenses and costs in relation to
other corporate projects.
· Operating cash flow conversion was 127% of Adjusted EBITDA for the
half (HY24: 130%).
· Momentum building in underlying Contracted Forward Revenue(1) growth
of 3%, providing strong visibility for the remainder of FY25 and beyond.
· Volume and value renewal rates have been consistent through the half.
· Continued investment in Growth Transformation Plan initiatives.
· Product offering strengthened with £34.5m investment in two
value-creating acquisitions, Ai Palette (March 2025) and Stylus (July 2025).
· Process for move to Main Market listing expected to complete in Q4
2025.
· Tender offer of up to £60.0m to be launched on 5 August 2025 at
£1.50 per share, following £39.7m shares bought back in the first half.
Mike Danson, Chief Executive Officer of GlobalData Plc, commented: "The first
half of 2025 has been one of transition as we have embedded new ways of
working to equip our sales teams to pivot to solutions-based selling. This is
all part of our number one priority - customer obsession - to get even closer
to our customers. We are starting to see good signs of progress with momentum
building in improved Contracted Forward Revenue and a pipeline of stronger
expanding relationships.
As part of our Growth Transformation Plan we continue to invest to make our
'One Platform' the best it can be, purposefully advancing our offering with AI
and launching a suite of digital workers, helping our global customers make
critical decisions. As we enter the second half, we look forward to joining
the Main Market and believe that our continued investment in the business and
platform, our strong balance sheet, cash flows and significant M&A
firepower offers shareholders a compelling long-term opportunity for strong
returns."
Highlights
Financial results for the six months ended 30 June 2025.
Key performance metrics HY 2025 HY 2024 Growth Underlying growth(1)
Revenue £156.5m £139.6m +12% +1%
Operating profit £28.5m £37.8m -25%
Operating profit margin 18% 27% -9pts
Adjusted EBITDA(1) £52.1m £57.8m -10% -8%
Adjusted EBITDA margin(1) 33% 41% -8pts
Profit before tax (PBT) £24.7m £26.9m -8%
Earnings per share (EPS) 0.8p 2.5p -68%
Adjusted EPS(1) 3.0p 3.8p -21%
Interim dividend 0.3p 1.5p -80%
Contracted Forward Revenue(1) £157.4m £142.9m +10% +3%
Net (bank debt)/ cash(1) (£16.8m) £188.3m -109%
Growth transformation: solutions-based selling, AI innovation and strategic
M&A
· Good progress against our three-year Growth Transformation Plan.
· Transforming sales organisation with new sales teams embedded and
transitioning to solutions-based selling.
· Active strategic account management starting to drive a pipeline of
expanding customer relationships.
· The Average Client Value for customers above £20,000 has increased
to £81,000, 6% growth year-on-year.
· Continued investment in product enhancing AI capabilities and
solutions.
· Launched "Sam", our first digital worker, using agentic AI to deliver
personalised insights, automate workflows, and increase productivity for our
sales professionals.
· Platform further strengthened with £34.5m of investment across two
value-creating acquisitions:
o Ai Palette a leading AI powered platform for predictive consumer
insights and product innovation, on 7 March 2025, and
o Stylus, the consumer trends intelligence business, on 7 July 2025.
Financial performance: revenue growth and strategic investment impact
· Overall revenue growth of 12% to £156.5m (HY24: £139.6m).
· Underlying revenue growth flat at 1% reflecting the
transformation and investments in sales go-to-market and corporate
infrastructure, alongside macro-economic headwinds. Some evidence of momentum
building through the second quarter.
· Contracted Forward Revenue grew 10% to £157.4m (HY24: £142.9m),
reflecting underlying growth of 3% and providing strong visibility for the
remainder of FY25 and beyond.
· Investments ahead of sales growth have reduced underlying
Adjusted EBITDA margin to 38% (2024: 41%), with the phasing of costs to
deliver synergies from recent acquisitions and foreign currency impact further
reducing Adjusted EBITDA to £52.1m and Adjusted EBITDA margin to 33% (HY24:
£57.8m). We expect to return to a normalised margin through the second half.
o Starting to see the early benefits from sales reorganisation with
increased focus on strategic accounts.
o FY24 acquisitions are generating the associated cost synergies as planned
and are expected to provide £8.0m of Adjusted EBITDA contribution through the
second half of the year.
· Operating profit declined to £28.5m (HY24: £37.8m) having been
impacted by acquisition and integration expenses.
· Operating cash flow conversion was 127% of Adjusted EBITDA for
the half (HY24: 130%).
· Tender offer of up to £60.0m to be launched on 5 August 2025 at
£1.50 per share as the Board seeks to return surplus capital to shareholders.
This follows a total share buyback and cancellation of £39.7m during the
first half under the previously announced share buyback programmes (HY24:
£nil).
· Interim dividend of 0.3p (HY24: 1.5p), reflecting the rebasing of
the dividend as announced in June 2024.
Outlook: building momentum and growth trajectory to £500m revenue target
· Enter H2 with momentum in Contracted Forward Revenue which provides
visibility for the remainder of FY25 and beyond.
· Our new sales teams are now embedded. Active strategic account
management is starting to drive a pipeline of stronger expanding
relationships.
· Foreign exchange headwinds expected to have a c.£10.0m impact on
revenue for FY25, given that c.50% of Group revenues are derived in USD.
· Despite a slower start to the financial year, the Board expects to
regain Adjusted EBITDA margin in the second half, driven by operational
improvements and M&A contributions.
· Well positioned to maintain resilient growth and strong execution of
the Growth Transformation Plan.
Note 1: Defined in the explanation of non-IFRS measures on page 14.
-ENDS-
ENQUIRIES
GlobalData Plc
Mike Danson, Chief Executive Officer 0207 936 6400
Graham Lilley, Chief Financial Officer
J.P. Morgan Cazenove (Nomad, Joint Broker) 0203 493 8000
Bill Hutchings
Mose Adigun
Panmure Liberum (Joint Broker) 0203 100 2000
Rupert Dearden
James Sinclair-Ford
Investec Bank Plc (Joint Broker) 0207 597 5970
Henry Reast
Virginia Bull
FTI Consulting (Financial PR) 0203 727 1000
Edward Bridges globaldata@fticonsulting.com
Dwight Burden
Emma Hall
Notes to Editors
About GlobalData Plc
GlobalData Plc (AIM: DATA) is a leading data, insights, and analytics platform
for the world's largest industries. Our mission is to help our clients decode
the future, make better decisions, and reach more customers. 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 for listed securities (the
"Main Market") of the London Stock Exchange plc.
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
unique data, expert analysis, and innovative solutions into an integrated
suite of client solutions and digital community platforms, 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
Product, Sales Excellence and Operational Agility.
Cautionary Statement
This interim statement 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 interim 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
Strategic evolution: solutions focus and AI-driven growth
GlobalData has delivered a resilient first half with good momentum in our
Growth Transformation Plan 2024-2026. We have continued to reorganise our
business to improve sales and efficiencies, invest in our AI capability and
client solutions, as well as pursue our strategic M&A ambitions.
In HY25, we delivered steady revenue growth of 12% to £156.5m (HY24:
£139.6m). Transformation projects, change agenda and continued uncertainty in
the macro-economic environment meant that the underlying revenue growth was
flat at +1%.
Following a more modest start to the year because of both external factors
(the macro environment) and internal (the reshaping of and investment in our
go-to-market function), we saw momentum building during the second quarter
with underlying Contracted Forward Revenue growth of 3%, which gives us strong
visibility for the remainder of FY25 and beyond. We also demonstrated good
momentum and progress executing our Growth Transformation Plan initiatives.
The focus on sales excellence during the half is all part of advancing our
number one priority of customer obsession, getting even closer to our
customers by pivoting towards strategic account management, with the aim to
drive a strong pipeline of expanding relationships across our larger
customers.
Work advanced during the first half to embed our solutions-based selling
approach. This has taken time during the period to equip our new sales teams
and embed new ways of working as we continue to invest in strengthening our
offering.
To achieve this, significant change has been underway within our sales
organisation, including continued hiring, more robust onboarding and scaling
of our strategic account management teams. The realignment of our sales
structure will allow for much greater focus on how we engage with our
customers and in particular expanding our partnerships with our larger
customers. This has also been supplemented with the rollout of our new
offering of Solutions, including Sales Intelligence, Competitive Intelligence
and Strategic Intelligence. Our Sales Intelligence solution is starting to
achieve some early strong traction in its pipeline. We secured a material
partnership in June 2025 with a large construction and engineering plant &
machinery business for a sales intelligence solution across multiple end
markets. This contract is an initial three-year partnership, with annual
revenues in excess of £1m.
As part of our growth strategy, we continued to pursue strategic,
value-creating M&A opportunities and have closed two acquisitions, Ai
Palette on 7 March 2025 and Stylus on 7 July 2025. Both acquisitions enhance
our proprietary data and AI capability. The four acquisitions in the second
half of 2024 have started to generate associated cost synergies as planned,
but we are yet to see positive EBITDA contribution from these acquisitions,
however £8m of Adjusted EBITDA is expected in the second half.
Investment in our solutions and AI capabilities continued in the first half,
demonstrated by higher levels of usage among customers - our AI Hub usage
increased twofold with over 100,000 users. New solutions have been further
embedded in our customer offering, including the launch of "Sam", our first
digital worker to transform the future of work, by using agentic AI to
deliver personalised insights, automate workflows, and increase productivity
for sales professionals.
Strong progress in our Growth Transformation Plan 2024-2026
Now in year two of our plan, in HY25, the Group demonstrated good performance
across our growth pillars, primarily through sales and operational
improvements, product development and our wider AI transformation programme,
and strategic M&A.
Building and retaining strong customer relationships through improved sales
function
Our number one priority remains our customer obsession, ensuring we are
understanding our customers better. In order to do this, we have invested a
great deal of time and effort in the first half instilling new ways our sales
teams operate and work together as we endeavour to get even closer to our
customers.
Increasingly, we are selling on a corporate-wide basis as we position
ourselves to secure more long-term customer partnerships. To do that, we have
adopted a solutions-based selling and strategic account management approach,
which we have spent the first half of the year refining. There has been
significant change in the way our sales teams are organised, we have grown the
size of our global sales team by 17% in the last 12 months, but also
re-focused to a more strategic account management strategy, with significant
latent growth in the US and professional services market. Our strategic
accounts team has more than doubled in the last 18 months.
Momentum here is starting to build, shown by our recent three-year £1m+
annualised revenue Sales Intelligence contract partnership for a large
construction and engineering plant & machinery business, with a strong
pipeline building further. This is further evidence of our team's focus on
pivoting from volume to value mandates. Targeting larger clients, for higher
value brings a need for different types of sales techniques along with longer
deal timelines. Furthermore, the partnership showcases our multi-industry
approach and required significant collaboration between our sales, consulting
and analyst teams in order to deliver a truly unique solution to our client,
which will deliver significant return on investment for their business.
Our focus on sales excellence and customer experience has helped us ensure
that our volume renewal rates with larger customers (spending >£20,000)
remained the same at 83%, despite a tough macro-economic environment and
reduced customer budgets in the broader market.
In addition, the Average Client Value for customers above £20,000 has
increased to £81,000, 6% growth year-on-year. This has also meant longer deal
timelines, but ultimately generating higher value and higher margin. The
underlying Contracted Forward Revenue has demonstrated 3% growth for the first
half, which gives us confidence and strong visibility for the remainder of
FY25 and beyond.
We have also brought new senior talent into the business. Last year, we hired
a Chief Revenue Officer ("CRO") and Chief Operating Officer ("COO") within the
Healthcare division as well as a Global CRO covering all other industry
sectors, each with a customer-centric and growth transformation mandate. Both
CRO's have overseen a period of significant transformation of our sales team,
including a step up in recruitment but also a transformation in the
capabilities and talent within the organisation.
Our investment in our sales teams has also included the creation of a new
sales excellence team that will focus on performance management, planning and
delivery of new internal technology and AI tools to enhance our internal
efficiency.
Continued investment in products, solutions and embedding AI capability
Through the investment undertaken in our technology stack and enhancing AI
powered solutions in the first year of our Growth Transformation Plan, we now
offer a more personalised customer experience. This is driven by increasing
demand from customers for more sophisticated and efficient solutions, and we
are achieving this through the integration of AI tools in our solutions-based
model.
Our vision is to transform the future of work for knowledge workers across
almost any organisation and industry. AI - particularly generative and agentic
AI - is integral to achieving this and empowering our customers to do more
meaningful, value-adding work to achieve better outcomes every day. We are
actively developing a suite of digital workers purpose-built to augment the
critical decision-making workflows we serve, spanning sales, strategy,
innovation, and more. Each AI worker will harness the trusted, proprietary
data and insights from the GlobalData platform, combining intelligent
automation with contextual insights to elevate human impact at scale.
· The first of these specialised AI agents, "Sam", is an AI Sales
Analyst, purpose-built to transform productivity across the entire
go-to-market value chain, including commercial strategy and operations,
account management, business development, sales enablement, revenue
operations, and marketing.
· "AVA", our AI Virtual Assistant, is designed to democratise and
accelerate access to tailored, authoritative insights, with customer research
indicating that users are experiencing up to an 8x increase in productivity by
using the tool.
· Following the successful beta trial of AI Hub last year, we see a
demonstrable impact for customers, and a 2.1x increase in user subscriptions
compared to HY24, now with c100,000 users.
GlobalData's value proposition and competitive advantage is underpinned by a
connected platform that integrates proprietary data, human expertise, and
purpose-built AI into a unified portfolio of next generation intelligence
solutions. This platform enables GlobalData to provide customers with seamless
access to valuable insights underpinned by authoritative data points, curated
for their specific decision-making needs.
Supporting our operational excellence through strategic M&A
In the first half of 2025, we continued to invest in value-creating M&A
opportunities, particularly those strengthening our AI capability.
Our most recent acquisitions of Ai Palette and Stylus further emphasise our
focus on product innovation and customer experience. The Ai Palette
acquisition has brought us a high-quality product providing insights on
current and near-term consumer trends using a data-driven approach from the
world's largest data lake. Stylus, adds both the longer-term trends
forecasting and complements the rest of our Innovation product suite with a
more human expertise-driven approach and qualitative reporting which is an
important element for our customers.
Together, these will help address evolving customer needs through a
combination of the Group's proprietary data and expertise and AI platform, and
strengthen our new Consumer Innovation Intelligence Solution. Both
acquisitions are expected to deliver material sales synergies in combination
with our existing Consumer Innovation datasets.
Rapid integration and the extraction of synergies is critical to our model,
and we are building dedicated teams in these areas. Having completed four
acquisitions in the second half of FY24, we are already seeing early benefits
and cost synergies. The acquisitions had a marginally negative impact on the
first half result, diluting Group Adjusted EBITDA margin, however £8.0m of
Adjusted EBITDA is expected to be reflected in the Group's Adjusted EBITDA
through the second half.
Maintaining a disciplined approach to capital allocation
GlobalData is in a strong financial position and continues to generate robust
cash flow from operations. Our objective remains to achieve long-term
compounding profit growth to enhance shareholder value, and we maintain a
disciplined approach to capital.
On 6 February 2025, we announced a share buyback of £50.0m, which was
suspended on 2 May 2025 following the announcement of the possible offer
proposals on 30 April 2025. At the time it was suspended, £39.0m had been
returned to shareholders under the share buyback programme. We will not be
recommencing this share buyback programme in the short-term, instead we will
look to return surplus capital to shareholders by way of a tender offer of
shares.
The Board will launch a tender offer of up to £60.0m at a tender offer price
of £1.50 per share following release of the half year results. Further
details of the tender offer will be included in a separate announcement when
the tender offer is launched to the market. It is expected that the tender
offer will conclude prior to admission on the Main Market.
Proposed move from AIM to Main Market
On 6 February 2025, the Group announced its proposed move to the Main Market
of the London Stock Exchange. Following this announcement, we received
preliminary, conditional proposals regarding possible cash and partial share
alternative offers from two parties, as announced on 30 April 2025.
The Board carefully reviewed these proposals but ultimately could not agree
terms that represented an attractive value for all shareholders, having regard
for the medium and long-term prospects of the Group and the discussions were
terminated. Since then, we have reconfirmed our intention to proceed with
plans to move to a Main Market listing and expect to complete this process in
Q4 2025. We believe that this will allow GlobalData to access a deeper pool of
international capital and shareholders.
We believe that our continued investment in the business and platform, our
strong balance sheet, positive cash flows and significant M&A firepower
offers shareholders a compelling long-term opportunity for strong returns.
Our Colleagues
We have gone through a significant amount of change in the last 12 months, and
we acknowledge that change is not always easy and takes time to embed.
However, I am pleased with the progress that we have made in transforming the
business over the past year and thank our global colleagues, including our
colleagues in the leadership team, new colleagues from our recent acquisitions
and the significant number of colleagues across the business that have joined
us recently as well as those that have stayed loyal and committed over many
years.
There is still much to do and this year we will see further operational
achievements as we continue to reorganise our business to be more efficient
and successful, with a key focus on collaboration across our
multi-disciplinary teams as a critical enabler of our plans. I encourage
everyone to continue showing our core values of Courage, Curiosity and
Collaboration. When our human expertise aligns with our proprietary data and
our powerful technology and AI, we have a truly unique proposition and
opportunity to build significant partnerships with all of the world's leading
companies.
Current Trading and Outlook
Looking ahead, we are confident in GlobalData's outlook for 2025, underpinned
by high levels of revenue visibility, strong progress in the Growth
Transformation Plan and financial position that allows continued investment in
strategic growth opportunities.
We are already seeing early operational wins from our structural
reorganisation and expect to see further positive results by the end of the
year.
As previously reported, a mix of currency headwinds and recent acquisitions
will affect our top line performance, reducing revenue for the full year by
around c.£10.0m. However, we also expect a contribution from last year's
acquisitions of £8.0m of Adjusted EBITDA through the second half which,
alongside the underlying business, will drive a normalised Adjusted EBITDA
margin in the second half.
During the second half, we expect to progress our move to the Main Market and
remain well positioned to maintain resilient growth and strong execution of
the Growth Transformation Plan.
Mike Danson
Chief Executive Officer
5 August 2025
FINANCIAL REVIEW
£m Unaudited 6 Unaudited 6 months to Change
months to June 2024 %
June 2025
Revenue 156.5 139.6 +12%
Operating profit 28.5 37.8 -25%
Depreciation 3.2 2.9
Amortisation of acquired intangible assets 5.9 4.3
Amortisation of software 1.4 0.9
Share-based payments charge 6.8 9.6
Restructuring and refinancing costs 2.9 2.5
Acquisition and integration costs 3.4 -
Corporate projects 3.3 -
Costs relating to share-based payments scheme 0.4 -
Revaluation (gain)/ loss on short- and long-term derivatives (1.3) 0.2
Unrealised operating foreign exchange gain (2.4) (0.4)
Adjusted EBITDA 52.1 57.8 -10%
Adjusted EBITDA margin(1) 33% 41% -8pts
Profit before tax 24.7 26.9 -8%
Amortisation of acquired intangible assets 5.9 4.3
Share-based payments charge 6.8 9.6
Restructuring and refinancing costs 2.9 2.5
Acquisition and integration costs 3.4 -
Corporate projects 3.3 -
Costs relating to share-based payments scheme 0.4 -
Revaluation (gain)/ loss on short- and long-term derivatives (1.3) 0.2
Unrealised operating foreign exchange gain (2.4) (0.4)
Revaluation of interest rate swap - (2.8)
Adjusted profit before tax(1) 43.7 40.3 +8%
Adjusted income tax expense(1) (12.7) (8.3)
Adjusted profit after tax(1) 31.0 32.0 -3%
Allocated to equity holders of the parent 23.1 30.7
Allocated to non-controlling interest 7.9 1.3
Cash flow generated from operations 66.1 75.2 -12%
Interest paid (3.2) (12.3)
Income taxes paid (13.3) (17.2)
Contingent consideration paid (0.3) (0.5)
Principal elements of lease payments (2.8) (2.9)
Purchase of intangible and tangible assets (3.9) (3.1)
Free cash flow(1) 42.6 39.2 +9%
Operating cash flow conversion %(1) 127% 130%
Free cash flow conversion %(1) 97% 97%
(1) Defined in the explanation of non-IFRS measures on page 14.
Unaudited 6 Unaudited 6 months to Change
months to June 2024 %
June 2025
Earnings attributable to equity holders:
Basic earnings per share (pence) 0.8 2.5 -68%
Diluted earnings per share (pence) 0.8 2.5 -68%
Adjusted basic earnings per share (pence) 3.0 3.8 -21%
Adjusted diluted earnings per share (pence) 3.0 3.8 -21%
The financial position and performance of the business are reflective of the
core 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
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.
Revenue
Revenue grew by 12% in the six months to June 2025; this was driven mainly by
recent acquisitions, which contributed £18.3m of YoY growth (13%) alongside
underlying revenue growth of 1%. These were, somewhat, offset by adverse
foreign currency movements of £2.1m (2%). Total revenue for the half was
£156.5m (HY 2024: £139.6m).
Subscription revenue (representing 74% of revenue, 2024: 78%) grew by 7%, 1%
underlying. The volume and value renewal rates (measured over the last twelve
months) have remained consistent at 83% and 93% respectively (HY 2024: 83%
& 93%) for clients spending >£20,000.
Other, non-subscription revenue, grew by 31%, which is representative of
recent acquisitions having a slightly different mix of other revenue, such as
consulting, single copy and events, as well as subscription revenue.
£m
Revenue as reported - HY 2025 156.5
Add back currency movements 2.1
Deduct post-acquisition revenue of M&A (18.3)
Revenue underlying - HY 2025 140.3
HY 2024 139.6
Reported Growth +12%
Underlying Growth +1%
Contracted Forward Revenue
Contracted Forward Revenue grew from £142.9m as at 30 June 2024 to £157.4m
as at 30 June 2025. Contracted Forward Revenue is a major component of our
significant revenue visibility for the forthcoming period.
£m 30 June 2025 30 June 2024
Deferred revenue 126.8 121.3
Amounts not due/subscription not started at 30 June 0.7 4.6
Invoiced Forward Revenue 127.5 125.9
Contracted not yet invoiced 29.9 17.0
Contracted Forward Revenue 157.4 142.9
£m
Contracted Forward Revenue as reported - 30 June 2025 157.4
Add back currency movements (excluding currency impact relating to 3.1
acquisitions)
Deduct Contracted Forward Revenue of acquisitions at 30 June 2025 (13.2)
Contracted Forward Revenue underlying - 30 June 2025 147.3
30 June 2024 142.9
Reported growth +10%
Underlying growth +3%
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 period reduced revenue by £2.1m, which mainly reflected US Dollar
weakness against Sterling over the last 12 months, but in particularly from
March 2025.
£m Revenue Net operating costs(1) Adjusted EBITDA Adjusted EBITDA Margin Contracted Forward Revenue
Reported 156.5 (104.4) 52.1 33% 157.4
Add back currency movements
US Dollar 1.7 (0.4) 1.3 3.3
Euro 0.2 - 0.2 -
Other 0.2 (0.9) (0.7) 0.1
Constant currency 158.6 (105.7) 52.9 33% 160.8
30 June 2024 Reported 139.6 (81.8) 57.8 41% 142.9
Constant currency growth(2) +14% +29% -8% -8pts +13%
( )
(1) Operating costs excluding adjusting items.
(2) Defined in the explanation of non-IFRS measures on page 14.
Profit before tax
Profit before tax for the year reduced by £2.2m to £24.7m (HY 2024:
£26.9m), which reflects a decrease in Adjusted EBITDA of £5.7m to £52.1m
(HY 2024: £57.8m) (as noted below) as well as increases in other adjusted
operating costs derived from M&A, restructuring activity and costs
associated with the proposed AIM to Main Market movement and the offer process
from Private Equity firms KKR & ICG, partly offset with a reduction in
finance charges.
Adjusted EBITDA
Adjusted EBITDA decreased by 10% to £52.1m (HY 2024: £57.8m). On an
underlying basis, revenue grew by 1% to £140.3m which was offset by planned
investment in sales headcount and corporate team infrastructure. Underlying
Adjusted EBITDA reduced to £53.0m (underlying Adjusted EBITDA margin: 38%, HY
2024: 41%).
Adjusted EBITDA and margin were further reduced by the impact of acquired
businesses and foreign currency. The impact of M&A reduced Adjusted EBITDA
by £0.1m and foreign currency movements reduced Adjusted EBITDA by a further
£0.8m.
The acquisitions were completed in the latter part of 2024 (except for AI
Palette, which completed in March 2025), and the integration process and
phasing of cost synergies meant that the businesses delivered a loss of £0.1m
in the first half. The cost synergy actions have now been largely completed,
and we expect the businesses to contribute to the Group's profitability in the
second half of 2025 and going forwards. The Stylus acquisition was completed
after the balance sheet date and therefore does not impact any of the
financials for the period ended 30 June 2025.
The resulting reported Group Adjusted EBITDA margin of 33% for the half is not
reflective of the margin of the business going forward. A mix of currency
headwinds and recent acquisitions will affect our top line performance,
reducing revenue for the full year by around c.£10.0m. However, we also
expect a contribution from last year's acquisitions of £8.0m of Adjusted
EBITDA through the second half which, alongside the underlying business, will
drive a normalised Adjusted EBITDA margin in the second half.
£m
Adjusted EBITDA as reported - HY 2025 52.1
Add back currency movements 0.8
Add back post-acquisition Adjusted EBITDA loss of M&A 0.1
Adjusted EBITDA underlying - HY 2025 53.0
HY 2024 57.8
Reported Growth -10%
Underlying Growth -8%
Adjusted EBITDA margin underlying - HY 2025 38%
HY 2024 41%
Movement -3pts
Segmental performance
Period ended 30 June 2025 Period ended 30 June 2024
DA&I: Healthcare DA&I: Corporate Total DA&I: Healthcare DA&I: Corporate Total
Non-Healthcare Non-Healthcare
£m £m £m £m
£m £m £m £m
Revenue 59.9 96.6 - 156.5 53.7 85.9 - 139.6
Operating costs (31.1) (72.4) (0.9) (104.4) (23.4) (57.4) (1.0) (81.8)
Adjusted EBITDA 28.8 24.2 (0.9) 52.1 30.3 28.5 (1.0) 57.8
The Healthcare segment generated profit after tax during the period of
£19.6m, of which 40% was allocated to Non-Controlling Interest ('NCI'),
totalling £7.8m. In the comparative period, 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 £1.9m and allocation to NCI totalling
£0.8m.
Finance costs
Net finance costs have decreased by £7.1m to £3.8m (HY 2024: £10.9m),
including IFRS16 leases interest cost of £0.6m (HY 2024: £0.5m). The
reduction is as a result of reduced average drawn debt in the period of H1
2025 compared with H1 2024. The cash paid in interest in HY 2025 was £3.2m
(HY 2024: £12.3m).
Adjusting items
Adjusting items (detailed in note 7) totalled £19.0m during the period (HY
2024: £16.2m). Significant items include:
· Share-based payment charge totalling £6.8m (HY 2024: £9.6m).
· Restructuring and refinancing costs of £2.9m were incurred,
reflecting the significant amount of transformation that the Group initiated.
Corporate projects costs of £3.3m were additionally incurred in relation to
the proposed AIM to Main Market movement and the offer process from Private
Equity firms KKR & ICG.
· Revaluation of short- and long-term derivatives and unrealised
operating foreign exchange contributed a total gain in the first half of
£3.7m (HY 2024 £0.2m gain). This is a result of fluctuations in currency
exchange rates.
Leases
Within our operating costs, depreciation in relation to right-of-use assets
was £2.4m (HY 2024: £2.4m). Our net finance costs include interest of £0.6m
in relation to lease liabilities (HY 2024: £0.5m).
Taxation
The interim period income tax expense has been calculated using the forecast
effective tax rate that would be applicable to expected total annual earnings,
i.e. the estimated average annual effective income tax rate applied to the
pre-tax income of the interim period. To the extent practicable, where
different income tax rates apply to different categories of income, a separate
rate has been used for each individual category of interim period pre-tax
income.
Using this approach, the overall annual effective income tax rate is currently
forecast to be 31.8% (HY 2024: 29.9%). This broadly represents the blended
corporation tax rate for FY 2025 in the UK of 25.0%, adjusted for expenses
which are not deductible for tax purposes (5.8%), including M&A and
restructuring costs incurred to facilitate the Company's strategic agenda, and
an increase in un-recognised deferred tax assets (1.0%).
Reconciliation of statutory income tax charge to adjusted income tax charge is
presented below:
£m HY 2025 HY 2024
Statutory income tax charge 11.1 6.0
Amortisation of acquired intangible assets 1.5 1.0
Share-based payments charge 1.1 2.1
Costs relating to share-based payments scheme 0.1 -
Restructuring and refinancing costs - 0.1
Unrealised operating foreign exchange gain (1.1) (0.1)
Revaluation of interest rate swap - (0.8)
Adjusted income tax charge 12.7 8.3
Earnings per share
Basic EPS was 0.8 pence per share (HY 2024: 2.5 pence per share). Diluted EPS
was 0.8 pence per share (HY 2024: 2.5 pence per share).
Adjusted EPS reduced from 3.8 pence per share to 3.0 pence per share,
representing a 21% reduction. Adjusted diluted EPS reduced from 3.8 pence per
share to 3.0 pence per share.
Dividends
We are pleased to declare an interim dividend of 0.3 pence per share (HY 2024:
1.5 pence). The amount is reflective of the rebased dividend that was
announced by the Board as part of interim reporting in 2024. The dividend paid
over the 12 month period will total £10m. The Group will operate a
progressive dividend policy following this dividend. The interim dividend will
be paid on 3 October 2025 to shareholders on the register at the close of
business on 5 September 2025. The ex-dividend date will be on 4 September
2025.
Reconciliation of net (bank debt)/ cash
The Group defines net (bank debt)/ cash as short- and long-term borrowings
less cash and cash equivalents. The amount excludes items related to leases.
£m 30 June 2025 30 June 2024
Short- and long-term borrowings (76.8) -
Cash 60.0 188.3
Net (bank debt)/ cash (16.8) 188.3
A reconciliation of cash generated from operations, free cash flow and opening
and closing net bank debt is set out below.
£m Period ended Period ended Growth
30 June 2025 30 June 2024
Cash flow generated from operations 66.1 75.2 -12%
Interest paid (3.2) (12.3)
Income taxes paid (13.3) (17.2)
Contingent consideration (0.3) (0.5)
Principal elements of lease payments (2.8) (2.9)
Purchase of intangible and tangible assets (3.9) (3.1)
Free cash flow 42.6 39.2 +9%
Dividends paid (7.7) (25.7)
Net M&A (8.2) (4.0)
Receipt of loan from related party - 8.0
Proceeds from disposal of non-controlling interest - 443.4
Transaction costs recognised directly in equity - (3.8)
Acquisition of own shares for cancellation (39.7) -
Acquisition of own shares (11.0) (23.4)
Net cash flow (24.0) 433.7 -106%
Opening net cash/ (bank debt) 10.1 (243.9)
Non-cash movement in borrowings 0.1 (1.3)
Currency translation (3.0) (0.2)
Closing net (bank debt)/ cash (16.8) 188.3 -109%
Last 12 months Adjusted EBITDA(1) 111.1 115.1
Net bank debt leverage -0.2x 1.6x -1.8x
(1)Reflects 12 month rolling Adjusted EBITDA results. £111.1m reconciles as
H2 2024 (£59.0m) and H1 2025 (£52.1m), £115.1m reconciles as H2 2023
(£57.3m) and H1 2024 (£57.8m).
Cash generated from operations reduced by 12% to £66.1m (HY 2024: £75.2m),
representing 127% of Adjusted EBITDA (HY 2024: 130%). The reduction of
operating cash flow is reflective of a reduced Adjusted EBITDA result and
increased costs associated with restructuring and M&A.
Capital expenditure was £3.9m during the period (HY 2024: £3.1m). Capital
expenditure represented 2.5% of revenue (HY 2024: 2.2%).
Free cash flow increased by 9% to £42.6m, reflecting trading movements
discussed above, but offset with reduced interest payments because of the
reduction in drawn down debt. Free Cash Flow represented 97% of Adjusted
Profit Before Tax (HY 2024: 97%).
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 assess the year-on-year operational business performance. The
profit and adjusted profit shown on page 8). Diluted share defined as total of Board considers these non-GAAP measures to be a useful and alternative way to
basic weighted average number of shares (net of shares held in treasury measure the Group's performance in a way that is comparable to the prior year.
reserve) and share options in issue at end of period (reconciliation between
basic weighted average number of shares and diluted weighted average number of
shares in note 9).
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 8.
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 13.
Adjusted EBITDA margin Adjusted EBITDA as a percentage of revenue. This is calculated on page 8.
Adjusted EPS Adjusted profit after tax per share (reconciliation between statutory profit
and adjusted profit shown on page 8).
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 12.
Adjusted profit before tax Profit before tax adjusted to exclude amortisation of acquired intangible
assets, costs associated with acquisitions, restructuring of the Group,
share-based payments, impairment, unrealised operating exchange rate
movements, the impact of foreign exchange contracts and revaluation of the
interest rate swap. This is reconciled to the profit before tax on page 8.
Adjusted profit after tax The sum of adjusted profit before tax and adjusted income tax expense. This is
calculated on page 8.
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 11 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 cash from Adjusted profits.
contingent consideration paid, principal elements of lease payments and
purchase of intangible and tangible assets. This is calculated on page 8.
Free cash flow conversion Free cash flow divided by Adjusted profit before tax. This is calculated on
page 8.
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 10.
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 10.
Net (bank debt)/ cash 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 13. 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 13.
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 and cash received from repayment of loans. This is calculated on page
13.
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 8.
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 10. Underlying Contracted Forward
Revenue is reconciled to reported Contracted Forward Revenue on page 10.
Underlying Adjusted EBITDA and underlying Adjusted EBITDA margin are
reconciled to reported figures on page 11. Underlying Adjusted EBITDA margin
is defined as underlying Adjusted EBITDA as a percentage of underlying
revenue.
Responsibility Statement
We confirm that to the best of our knowledge:
a) the consolidated interim financial statements have been prepared in
accordance with the United Kingdom adopted International Accounting Standard
34, "Interim Financial Reporting";
b) the consolidated interim financial statements, which have been prepared in
accordance with the applicable set of accounting standards, give a true and
fair view of the assets, liabilities, financial position and profit or loss of
the issuer, or the undertakings included in the consolidation as a whole as
required by DTR 4.2.4R;
c) the interim management report includes a fair review of the information
required by DTR 4.2.7R, namely;
i. an indication of important events that have occurred during the first six
months of the financial year and their impact on the consolidated interim
financial statements; and
ii. a description of the principal risks and uncertainties for the remaining
six months of the financial year.
d) the interim management report includes, as required by DTR 4.2.8R, a fair
review of material related party transactions that have taken place in the
first six months of the financial year and any material changes in the
related-party transactions described in the Annual Report and Accounts for the
year ended 31 December 2024 that could have a material effect on the financial
position or performance of the enterprise in the first six months of the
current financial year.
Approved by the Board on 5 August 2025 and signed on its behalf by:
Mike Danson
Chief Executive
Independent review report to GlobalData Plc
Conclusion
We have been engaged by the Company to review the condensed set of financial
statements in the half-yearly financial report for the six months ended 30
June 2025 which comprises the consolidated income statement, consolidated
statement of comprehensive income, consolidated statement of financial
position, the consolidated statement of changes in equity, the consolidated
statement of cash flows and related notes 1 to 15.
Based on our review, nothing has come to our attention that causes us to
believe that the condensed set of financial statements in the half-yearly
financial report for the six months ended 30 June 2025 is not prepared, in all
material respects, in accordance with United Kingdom adopted International
Accounting Standard 34 and the AIM Rules of the London Stock Exchange.
Basis for Conclusion
We conducted our review in accordance with International Standard on Review
Engagements (UK) 2410 "Review of Interim Financial Information Performed by
the Independent Auditor of the Entity" issued by the Financial Reporting
Council for use in the United Kingdom (ISRE (UK) 2410). A review of interim
financial information consists of making inquiries, primarily of persons
responsible for financial and accounting matters, and applying analytical and
other review procedures. A review is substantially less in scope than an audit
conducted in accordance with International Standards on Auditing (UK) and
consequently does not enable us to obtain assurance that we would become aware
of all significant matters that might be identified in an audit. Accordingly,
we do not express an audit opinion.
As disclosed in note 1, the annual financial statements of the group will be
prepared in accordance with United Kingdom adopted international accounting
standards. The condensed set of financial statements included in this
half-yearly financial report has been prepared in accordance with United
Kingdom adopted International Accounting Standard 34, "Interim Financial
Reporting".
Conclusion Relating to Going Concern
Based on our review procedures, which are less extensive than those performed
in an audit as described in the Basis for Conclusion section of this report,
nothing has come to our attention to suggest that the directors have
inappropriately adopted the going concern basis of accounting or that the
directors have identified material uncertainties relating to going concern
that are not appropriately disclosed.
This conclusion is based on the review procedures performed in accordance with
this ISRE (UK) 2410, however future events or conditions may cause the entity
to cease to continue as a going concern.
Responsibilities of the directors
The directors are responsible for preparing the half-yearly financial report
in accordance with the AIM rules of the London Stock Exchange.
In preparing the half-yearly financial report, the directors are responsible
for assessing the group's ability to continue as a going concern, disclosing
as applicable, matters related to going concern and using the going concern
basis of accounting unless the directors either intend to liquidate the
company or to cease operations, or have no realistic alternative but to do so.
Auditor's Responsibilities for the review of the financial information
In reviewing the half-yearly financial report, we are responsible for
expressing to the group a conclusion on the condensed set of financial
statement in the half-yearly financial report. Our conclusion, including our
Conclusions Relating to Going Concern, are based on procedures that are less
extensive than audit procedures, as described in the Basis for Conclusion
paragraph of this report.
Use of our report
This report is made solely to the company in accordance with ISRE (UK) 2410.
Our work has been undertaken so that we might state to the company those
matters we are required to state to it in an independent review report and for
no other purpose. To the fullest extent permitted by law, we do not accept or
assume responsibility to anyone other than the company, for our review work,
for this report, or for the conclusions we have formed.
Deloitte LLP
Statutory Auditor
Leeds, United Kingdom
5 August 2025
Consolidated Income Statement
Notes 6 months to 30 June 2025 6 months
Unaudited to 30 June 2024
Unaudited
Continuing operations £m £m
Revenue 5 156.5 139.6
Operating expenses 6 (127.8) (101.8)
Losses on trade receivables 6 (0.4) (0.2)
Share of results of associates 0.1 -
Other income 0.1 0.2
Operating profit 28.5 37.8
Net finance costs 8 (3.8) (10.9)
Profit before tax 24.7 26.9
Income tax expense 3 (11.1) (6.0)
Profit for the period 13.6 20.9
Attributable to:
Equity holders of the parent 5.8 20.1
Non-controlling interest 7.8 0.8
Earnings per share attributable to equity holders of the parent:
Basic earnings per share (pence) 9 0.8 2.5
Diluted earnings per share (pence) 9 0.8 2.5
Reconciliation to Adjusted EBITDA:
Operating profit 28.5 37.8
Depreciation 3.2 2.9
Amortisation of software 1.4 0.9
Adjusting items 7 19.0 16.2
Adjusted EBITDA 52.1 57.8
The accompanying notes form an integral part of this financial report.
( )
Consolidated Statement of Comprehensive Income
6 months to 30 June 2025 6 months to
Unaudited 30 June 2024
Unaudited
£m £m
Profit for the period 13.6 20.9
Other comprehensive income
Items that will be classified subsequently to profit or loss when specific
conditions are met:
Net exchange losses on translation of foreign entities (3.3) (0.2)
Other comprehensive losses, net of tax (3.3) (0.2)
Total comprehensive income for the period 10.3 20.7
Attributable to:
Equity holders of the parent 4.8 19.7
Non-controlling interest 5.5 1.0
The accompanying notes form an integral part of this financial report.
Consolidated Statement of Financial Position
Notes 30 June 31 December
2025 2024
Unaudited Audited
£m £m
Non-current assets
Property, plant and equipment 29.5 28.1
Goodwill 10 365.0 357.2
Other intangible assets 10 101.2 101.7
Investment in associate 4.2 4.0
Deferred tax assets 21.2 22.0
521.1 513.0
Current assets
Trade and other receivables 77.4 89.9
Current tax receivable 3.4 2.4
Short-term derivative assets 0.1 -
Cash and cash equivalents 60.0 50.5
140.9 142.8
Total assets 662.0 655.8
Current liabilities
Trade and other payables (45.6) (43.2)
Deferred revenue (124.8) (112.9)
Short-term lease liabilities 11 (4.5) (4.0)
Current tax payable (1.8) (4.9)
Short-term derivative liabilities - (1.3)
Short-term provisions (0.2) (0.2)
(176.9) (166.5)
Net current liabilities (36.0) (23.7)
Non-current liabilities
Long-term trade and other payables (1.1) (2.7)
Deferred revenue (2.0) (1.7)
Long-term provisions (1.6) (1.5)
Deferred tax liabilities (3.3) -
Long-term lease liabilities 11 (22.5) (22.1)
Long-term borrowings 11 (76.8) (40.4)
(107.3) (68.4)
Total liabilities (284.2) (234.9)
Net assets 377.8 420.9
Equity
Share capital 12 0.2 0.2
Treasury reserve 12 (94.7) (100.6)
Other reserve 12 (44.3) (44.3)
Foreign currency translation reserve 12 (2.1) (1.1)
Retained profit 12 503.6 549.6
Equity attributable to equity holders of the parent 362.7 403.8
Non-controlling interest 12 15.1 17.1
Total equity 377.8 420.9
The accompanying notes form an integral part of this financial report.
Consolidated Statement of Changes in Equity
Share capital Treasury reserve Other reserve Foreign currency translation reserve Retained profit Equity attributable to equity holders of the parent Non-controlling Total equity
interest
£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 six-month period ended 30 June 2024 - - - - 20.1 20.1 0.8 20.9
Other comprehensive income:
Net exchange loss on translation of foreign entities - - - (0.4) - (0.4) 0.2 (0.2)
Total comprehensive income for the period - - - (0.4) 20.1 19.7 1.0 20.7
Transactions with owners:
Gain on disposal of non-controlling interest, net of transaction costs - - - 1.0 412.8 413.8 (0.2) 413.6
incurred
Share buyback - (23.4) - - - (23.4) - (23.4)
Dividend - - - - (25.7) (25.7) - (25.7)
Vesting of share options - 13.7 - - (13.7) - - -
Share-based payments charge - - - - 9.6 9.6 - 9.6
Tax on share-based payments - - - - (0.1) (0.1) - (0.1)
Balance at 30 June 2024 0.2 (75.1) (44.3) (1.4) 572.3 451.7 0.8 452.5
Profit for the six-month period ended 31 December 2024 - - - - 9.5 9.5 6.1 15.6
Other comprehensive income:
Net exchange gain on translation of foreign entities - - - 0.2 - 0.2 0.6 0.8
Total comprehensive income for the period - - - 0.2 9.5 9.7 6.7 16.4
Transactions with owners:
Adjustments to gain on disposal of non-controlling interest, net of - - - 0.1 (0.8) (0.7) (0.1) (0.8)
transaction costs incurred
Share buyback - (29.1) - - - (29.1) - (29.1)
Share buyback and cancellation scheme - - - - (29.3) (29.3) - (29.3)
Dividend - - - - (11.8) (11.8) - (11.8)
Vesting of share options - 3.6 - - (3.6) - - -
Equity issued to holders of non-controlling interest - - - - - - 8.0 8.0
Share-based payments charge - - - - 13.1 13.1 1.4 14.5
Tax on share-based payments - - - - 0.2 0.2 0.3 0.5
Balance at 31 December 2024 0.2 (100.6) (44.3) (1.1) 549.6 403.8 17.1 420.9
Profit for the six-month period ended 30 June 2025 - - - - 5.8 5.8 7.8 13.6
Other comprehensive income:
Net exchange loss on translation of foreign entities - - - (1.0) - (1.0) (2.3) (3.3)
Total comprehensive income for the period - - - (1.0) 5.8 4.8 5.5 10.3
Transactions with owners:
Gain on completion of disposal of non-controlling interest - - - - 7.8 7.8 (7.8) -
Share buyback - (11.0) - - - (11.0) - (11.0)
Share buyback and cancellation scheme - - - - (39.7) (39.7) - (39.7)
Dividend - - - - (7.7) (7.7) - (7.7)
Vesting of share options - 16.9 - - (16.9) - - -
Share-based payments charge - - - - 6.3 6.3 0.5 6.8
Tax on share-based payments - - - - (1.6) (1.6) (0.2) (1.8)
Balance at 30 June 2025 0.2 (94.7) (44.3) (2.1) 503.6 362.7 15.1 377.8
The accompanying notes form an integral part of this financial report.
Consolidated Statement of Cash Flows
Notes 6 months 6 months
to 30 June to 30 June
Continuing operations 2025 2024
Unaudited Unaudited
Cash flows from operating activities £m £m
Profit for the period 13.6 20.9
Adjustments for:
Depreciation 3.2 2.9
Amortisation 10 7.3 5.2
Net finance costs 3.8 10.9
Other (gains) and losses (0.2) (0.2)
Taxation recognised in profit or loss 11.1 6.0
Share-based payments charge 12 6.8 9.6
Decrease in trade and other receivables 12.3 2.2
Increase in trade and other payables 9.3 17.4
Revaluation of short- and long-term derivatives (1.3) 0.2
Movement in provisions 0.2 0.1
Cash generated from continuing operations 66.1 75.2
Interest paid (3.2) (12.3)
Income taxes paid (13.3) (17.2)
Contingent consideration paid (0.3) (0.5)
Total cash flows from operating activities 49.3 45.2
Cash flows from investing activities
Acquisitions, net of cash acquired 14 (8.2) (4.0)
Purchase of property, plant and equipment (1.6) (0.4)
Purchase of intangible assets 10 (2.3) (2.7)
Total cash flows used in investing activities (12.1) (7.1)
Cash flows from financing activities
Repayment of borrowings 11 - (305.0)
Proceeds from borrowings 11 37.0 40.0
Proceeds from disposal of non-controlling interest 12 - 443.4
Receipt of loan from related party 13 - 8.0
Transaction costs recognised directly in equity 12 - (3.8)
Loan refinancing fee 11 (0.5) -
Acquisition of own shares for cancellation 12 (39.7) -
Acquisition of own shares 12 (11.0) (23.4)
Principal elements of lease payments 11 (2.8) (2.9)
Dividends paid (7.7) (25.7)
Total cash flows (used in)/ generated from financing activities (24.7) 130.6
Net increase in cash and cash equivalents 12.5 168.7
Cash and cash equivalents at beginning of period 50.5 19.8
Effects of currency translation on cash and cash equivalents (3.0) (0.2)
Cash and cash equivalents at end of period 60.0 188.3
The accompanying notes form an integral part of this financial report.
Notes to the Interim Financial Statements
1. General information
Nature of operations
The principal activity of GlobalData Plc and its subsidiaries (together 'the
Group'), a data, insight, and technology group, is to provide decision-makers
across the world's most successful companies with the intelligence to act with
conviction. Our connected platform uniquely integrates proprietary data,
expert insight, and purpose-built AI into a unified operating system that
powers the next generation of intelligence solutions.
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
These interim financial statements are for the six months ended 30 June 2025.
They have been prepared in accordance with United Kingdom adopted
International Accounting Standard 34, "Interim Financial Reporting". They do
not include all of the information required for full annual financial
statements and should be read in conjunction with GlobalData Plc's audited
financial statements for the year ended 31 December 2024.
The financial information for the year ended 31 December 2024 set out in this
interim report does not constitute statutory accounts as defined in Section
434 of the Companies Act 2006. The Group's statutory financial statements for
the year ended 31 December 2024 have been filed with the Registrar of
Companies and can be found on the Group's website www.globaldata.com. The
independent auditors' report on the full financial statements for the year
ended 31 December 2024 was unqualified and did not contain an emphasis of
matter paragraph or any statement under section 498 of the Companies Act 2006.
These interim financial statements have been prepared on the historical cost
basis, except for derivative financial instruments, which are measured at fair
value.
The interim financial statements are presented in Pounds Sterling (£), which
is also the functional currency of the Company. These interim financial
statements have been approved for issue by the Board of Directors.
Critical accounting estimates and judgements
In the application of the Group's accounting policies, which are described in
the Annual Report and Accounts, the Group is required to make judgements,
estimates and assumptions about the carrying amounts of assets and liabilities
that are not readily apparent from other sources. The estimates and associated
assumptions are based on historical experience and other factors that are
considered to be relevant. Actual results may differ from these estimates. The
same accounting policies and methods of computation are followed in the
Consolidated Financial Statements for the six months ended 30 June 2025 as
compared with the most recent Annual Report and Accounts. There are no
critical accounting judgements or key sources of estimation uncertainty
relating to climate-related risks.
Critical accounting judgements
As at 31 December 2024, Management identified two critical accounting
judgements in relation to segmental reporting and identification of
cash-generating units. As at 30 June 2025, Managements' assessments of these
judgements remains unchanged from those disclosed in the most recent Annual
Report and Accounts.
Key sources of estimation uncertainty
As at 30 June 2025, the Group noted the following key sources of estimation
uncertainties:
Share-based payment targets
The Company operates two LTIP Schemes (Scheme 2 and Scheme 4), the performance
targets for which are detailed in the Directors' Remuneration Report of the
2024 Annual Reports and Accounts. The share-based payments charge in respect
of both Schemes during the six months to 30 June 2025 was £6.8m (30 June
2024: £9.6m). The current period charge of £6.8m includes £2.0m for
performance against 2025 full year targets and £3.4m for performance against
2026 full year targets.
Management have reviewed the detailed forecasts for the business for the
second half of 2025 and the twelve months to 31 December 2026 and, whilst
recognising the sensitivity of the forecasts, have concluded that it remains
appropriate to assume the Adjusted EBITDA targets will be met. If the 2025
full year target is not met cumulative charges of £10.3m would be credited to
the income statement in the six months to 31 December 2025. Further evaluation
would then be needed to assess the achievability of the 2026 targets. If it is
deemed probable that the 2026 full year target will not be met, cumulative
charges of a further £15.6m would be credited to the income statement in the
six months to 31 December 2025.
Carrying value of goodwill and other intangibles
The Group tests goodwill and intangible assets annually, or more frequently if
impairment indicators are identified, by comparing the carrying value of the
underlying cash-generating unit ('CGU') to its recoverable amount. Impairment
indicators were noted due to a reduction in the Group's Adjusted EBITDA margin
during the first half of 2025. In response, and in accordance with IAS 36
'Impairment of Assets', Management performed a full impairment test across its
CGUs as at 31 May 2025. Overall, within the impairment review performed, the
Group had sufficient headroom across all three CGUs supporting their carrying
values.
Management has also undertaken a sensitivity analysis taking into
consideration the impact of key impairment test assumptions arising from a
range of possible future trading and economic scenarios on each CGU. This
analysis showed that significant changes to the assumptions would be required
for the assets to be impaired within the DA&I: Healthcare and DA&I:
Non-Healthcare CGUs, which Management deems extremely remote in likelihood.
Management acknowledges the sensitivity of the revenue growth, cost growth and
discount rate assumptions applied to the MBI CGU; however, Management is
comfortable with these assumptions and will continue to monitor performance
regularly for any indicators of future impairment loss.
Within the impairment review performed for MBI, the key assumptions are set
out below:
Cash-generating unit Increase in revenue Increase in costs Pre-tax discount rate Terminal growth rate
(for years 1 to 5)
(for years 1 to 5)
MBI 1.0% 1.0% 13.3% 2.0%
The following individual scenarios would need to occur before impairment is
triggered for MBI:
Cash-generating unit Revenue growth Cost increases by Discount rate rises by
falls by
MBI 0.7 percentage points 0.8 percentage points 1.2 percentage points
Principal and emerging risks and uncertainties
The Directors consider that the principal and emerging risks and uncertainties
facing the Group as at 30 June 2025, and looking forwards into H2 2025, are
consistent with those reported within the Strategic Report of the annual
financial statements for the year ended 31 December 2024. The key risks
identified were as follows:
· Business and strategic risks: Product; Cyber and IT; People;
Market (Competition and Clients); Economic and Geo-political; Acquisition and
Integration
· Operational risks: Data Privacy; Regulatory Compliance
Climate change remains an emerging risk for the Group and one that the Board
continues to monitor closely. However, as a data and analytics company in
which our products are created and distributed digitally, our carbon footprint
is considerably smaller than those of many other companies of our size.
Therefore, we have concluded that climate change (including existing and
emerging regulatory requirements related to climate change) does not represent
a principal risk to our business.
Going concern
The Group meets its day-to-day working capital requirements through free cash
flow. The Group has closing cash of £60.0m as at 30 June 2025 and net bank
debt of £16.8m (31 December 2024: 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 new debt financing facilities which
mature in December 2027 (with an option to extend further by a year). The
facilities comprise of a £200.0m facility for the Healthcare business and a
separate £185.0m facility for the rest of the Group. As at 30 June 2025, the
Group had drawn £37.0m from the Healthcare facility and £44.5m from the rest
of the Group facility. A further drawdown in the rest of the Group facility
was made during July 2025 of £26.5m to fund M&A.
The finance facilities were issued with debt covenants which are measured on a
quarterly basis. There have been no breaches of covenants in the period ended
30 June 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'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 interim financial statements. The Directors have modelled a
number of worst-case scenarios to consider their potential impact on the
Group's results, cash flow and loan covenant forecast. Key assumptions built
into the scenarios focus on revenue and cost growth. In addition to performing
scenario planning, the Directors have also conducted stress testing of the
Group's forecasts and, taking into account reasonable downside sensitivities
(acknowledging that such risks and uncertainties exist), the Directors are
satisfied that the business is expected to operate within its facilities. The
plausible downside scenarios modelled were as follows: (i) subscription sales
being approximately 14% lower than expectation for the Non-Healthcare segment
and 8% lower for the Healthcare segment, (ii) cost increases of c.£2.5m
within the Non-Healthcare segment and (iii) both scenarios combined. There
remains headroom on the covenants under each scenario.
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.
The Directors therefore consider the strong balance sheet, with good cash
reserves and working capital along with financing arrangements, provides ample
liquidity. Accordingly, the Directors have prepared the Interim results on a
going concern basis.
2. Accounting policies
This interim report has been prepared based on the accounting policies
detailed in the Group's financial statements for the year ended 31 December
2024, which have been applied consistently. The annual financial statements of
the Group are prepared in accordance with United Kingdom adopted international
accounting standards. The financial statements also comply with International
Financial Reporting Standards (IFRSs) as issued by the IASB.
Presentation of non-statutory alternative performance measures
The Directors believe that Adjusted EBITDA, Adjusted EBITDA 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 in respect of:
Share-based payments and associated costs Share-based payment expenses are excluded from Adjusted EBITDA as they are a
non-cash charge and the awards are equity-settled.
Restructuring and refinancing costs 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.
Acquisition and integration costs (including contingent consideration)
Corporate projects
Amortisation and impairment of acquired intangible assets The amortisation charge for those intangible assets recognised on business
combinations is excluded from Adjusted EBITDA since they are non-cash charges
arising from historical investment activities. Any impairment charges
recognised in relation to these intangible assets are also excluded from
Adjusted EBITDA. 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.
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
Revaluation of interest rate swap Gains and losses on the revaluation of interest rate swaps are excluded from
Adjusted profit before tax which better aligns with the cash performance of
the business.
3. Taxation
Income tax on the profit or loss for the period comprises current and deferred
tax.
Current tax is the expected tax payable on the taxable income for the period,
using rates enacted or substantively enacted at the reporting date, and any
quantifiable adjustments to the tax payable in respect of previous years.
Deferred taxation is provided in full on temporary differences between the
carrying amount of the assets and liabilities in the financial statements and
the tax base. Deferred tax assets are recognised only to the extent that it is
probable that future taxable profits will be available against which the
temporary difference can be utilised. Deferred tax is determined using the tax
rates that have been enacted or substantively enacted by the reporting date
and are expected to apply when the deferred tax liability is settled or the
deferred tax asset is realised.
Tax is recognised in the income statement for interim reporting purposes using
the tax rate that would be applicable to expected total annual earnings, being
the estimated average annual effective income tax rate applied to the pre-tax
income of the interim period. To the extent practicable, a separate estimated
average annual effective income tax rate is determined for each tax
jurisdiction and applied individually to the interim period pre-tax income of
each jurisdiction. Similarly, if different income tax rates apply to different
categories of income (such as capital gains), to the extent practicable, a
separate rate is applied to each individual category of interim period pre-tax
income.
A standard rate of corporation tax is applied in each jurisdiction to interim
items affecting net income that are unusual because of their nature, size or
incidence.
The major components of income tax expense in the interim consolidated income
statement are:
Income taxes 6 months to 6 months to
30 June 2025 30 June 2024
Unaudited Unaudited
£m £m
Current income tax expense 9.6 29.0
Deferred income tax expense/ (credit) relating to origination and reversal of 1.5 (23.0)
temporary differences
Income tax expense recognised in income statement 11.1 6.0
The current income tax expense for the comparative period ended 30 June 2024
includes the impact of transferring overseas assets into a stand-alone
perimeter to facilitate the Inflexion investment in the Healthcare business
(£21.4m expense). The deferred income tax credit for the comparative period
ended 30 June 2024 includes the recognition of a deferred tax asset arising
from the corresponding stepped-up basis in the transferred assets (£23.4m
income).
4. Segment analysis
The principal activity of GlobalData Plc and its subsidiaries (together 'the
Group'), a data, insight, and technology group, is to provide decision-makers
across the world's most successful companies with the intelligence to act with
conviction. Our connected platform uniquely integrates proprietary data,
expert insight, and purpose-built AI into a unified operating system that
powers the next generation of intelligence solutions.
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 Group
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 along with Adjusted EBITDA 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 Adjusted EBITDA 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 before Tax on a reportable segment basis
is set out below:
Period ended 30 June 2025 DA&I: Healthcare DA&I: Corporate Total
Non-Healthcare
Unaudited Unaudited
£m £m Unaudited Unaudited
£m £m
Revenue 59.9 96.6 - 156.5
Operating costs (31.1) (72.4) (0.9) (104.4)
Adjusted EBITDA 28.8 24.2 (0.9) 52.1
Share-based payments charge (1.3) (5.5) - (6.8)
Amortisation of acquired intangibles (1.2) (4.7) - (5.9)
Restructuring and refinancing costs (1.2) (1.7) - (2.9)
Acquisition and integration costs (0.2) (3.2) - (3.4)
Corporate projects - - (3.3) (3.3)
Costs relating to share-based payments scheme - (0.4) - (0.4)
Revaluation gain on short- and long-term derivatives 0.6 0.7 - 1.3
Unrealised operating foreign exchange gain/ (loss) 4.4 (2.0) - 2.4
Depreciation (0.9) (2.3) - (3.2)
Amortisation (excluding amortisation of acquired intangible assets) - (1.4) - (1.4)
Finance costs (2.3) (1.5) - (3.8)
Profit before tax 26.7 2.2 (4.2) 24.7
A reconciliation of revenue to Adjusted EBITDA on a reportable segment and at
a Group level to Profit before Tax for the comparative period is set out
below:
Period ended 30 June 2024 DA&I: Healthcare DA&I: Corporate Total
Non-Healthcare
Unaudited Unaudited
£m £m Unaudited Unaudited
£m £m
Revenue 53.7 85.9 - 139.6
Operating costs (23.4) (57.4) (1.0) (81.8)
Adjusted EBITDA 30.3 28.5 (1.0) 57.8
Unallocated group costs:
Share-based payments charge (9.6)
Amortisation of acquired intangibles (4.3)
Restructuring and refinancing costs (2.5)
Revaluation loss on short- and long-term derivatives (0.2)
Unrealised operating foreign exchange gain 0.4
Depreciation (2.9)
Amortisation (excluding amortisation of acquired intangible assets) (0.9)
Finance costs (10.9)
Profit before tax 26.9
Segment assets and liabilities are not presented as these are not reported to
the CODM.
5. 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 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
Period ended 30 June 2025 Period ended As at 30 June 2025 As at 31 December 2024
Unaudited 30 June 2024 Unaudited Audited
Unaudited
£m £m £m £m
Services transferred:
Over a period of time 116.0 108.8 102.5 101.6
At a point in time 40.5 30.8 24.3 13.0
Total 156.5 139.6 126.8 114.6
As subscriptions are typically for periods of 12 months the majority of
deferred revenue held at the balance sheet date will be recognised in the
income statement in the following 12 months. As at 30 June 2025, £2.0m (31
December 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.
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.
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
6 months to 30 June 2025 UK Europe Americas Asia Pacific MENA(1) Rest of World Total
Unaudited
£m £m £m £m £m £m £m
Revenue from external customers 25.7 42.0 57.3 14.5 12.1 4.9 156.5
6 months to 30 June 2024 UK Europe Americas Asia Pacific MENA(1) Rest of World Total
Unaudited
£m £m £m £m £m £m £m
Revenue from external customers 24.3 36.6 46.6 15.0 12.5 4.6 139.6
1. Middle East & North Africa
6. Operating profit
Operating profit is stated after the following expenses relating to continuing
operations:
6 months to 6 months to
30 June 2025 30 June 2024
Unaudited Unaudited
£m £m
Cost of sales 80.2 65.3
Administrative costs 47.6 36.5
127.8 101.8
Losses on trade receivables 0.4 0.2
Total operating expenses 128.2 102.0
7. Adjusting items
6 months to 6 months to
30 June 2025 30 June 2024
Unaudited Unaudited
£m £m
Share-based payments charge 6.8 9.6
Amortisation of acquired intangibles 5.9 4.3
Restructuring and refinancing costs 2.9 2.5
Acquisition and integration costs 3.4 -
Corporate projects 3.3 -
Costs relating to share-based payments scheme 0.4 -
Revaluation (gain)/ loss on short- and long-term derivatives (1.3) 0.2
Unrealised operating foreign exchange gain (2.4) (0.4)
Total adjusting items 19.0 16.2
The adjustments made are as follows:
· The share-based payments 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 amortisation charge for those intangible assets
recognised on business combinations.
· Restructuring costs totalling £2.9m have been
recognised within the Group (HY 2024: £2.4m), which have principally arisen
as a result of facilitating the Company's strategic agenda. Refinancing costs
totalling £nil have been recognised within the Group in the period (HY 2024:
£0.1m).
· Acquisition and integration costs includes legal and
professional fees and integration related expenses incurred in relation to
acquisitions made by the Group during the period (see note 14). Included
within this category are contingent consideration amounts of £0.9m (2024:
£nil) relating to payments due to the previous owners of MBI, LinkUp and Ai
Palette. The contingent consideration amounts have been treated as
remuneration costs due to their being contingent upon the former owners
remaining as employees of the Group at the time of payment. As at 30 June 2025
£0.3m (2024: £nil) of the contingent consideration amount was no longer
contingent as the criteria for payment had been met with payment due to be
made in August 2025.
· Corporate projects costs of £3.3m have been recognised
which relate to costs associated with the proposed AIM to Main Market movement
and the offer process from Private Equity firms KKR & ICG.
· Costs relating to share-based payments scheme consist
of professional fees incurred in advice obtained relating to the 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 losses and gains made on operating items.
8. Net finance costs
6 months to 6 months to
30 June 2025 30 June 2024
Unaudited Unaudited
£m £m
Loan interest cost 3.2 13.4
Lease interest cost 0.6 0.5
Revaluation of interest rate swap - (2.8)
Other interest income - (0.2)
3.8 10.9
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 period ended 30 June 2024.
9. 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.
6 months to 6 months to
30 June 2025 30 June 2024
Unaudited Unaudited
Earnings per share attributable to equity holders from continuing operations:
Basic
Profit for the period attributable to equity shareholders (£m) 13.6 20.9
Less: non-controlling interest (£m) (7.8) (0.8)
Profit for the period attributable to ordinary shareholders of the parent 5.8 20.1
company (£m)
Weighted average number of shares (no' m) 765.9 803.2
Basic earnings per share (pence) 0.8 2.5
Diluted
Profit for the period attributable to equity shareholders (£m) 13.6 20.9
Less: non-controlling interest (£m) (7.8) (0.8)
Profit for the period attributable to ordinary shareholders of the parent 5.8 20.1
company (£m)
Weighted average number of shares (no' m) 767.1 806.7
Diluted earnings per share (pence) 0.8 2.5
Reconciliation of basic weighted average number of shares to the diluted
weighted average number of shares:
6 months to 6 months to
30 June 2025 30 June 2024
Unaudited Unaudited
No' m No' m
Basic weighted average number of shares, net of shares held in Treasury 765.9 803.2
reserve
Dilutive share options in issue - scheme 1 0.7 2.7
Dilutive share options in issue - scheme 2 0.5 0.8
Diluted weighted average number of shares 767.1 806.7
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.
Potentially dilutive shares 2026 2027 2028 2029 2030 Total
Schedule No. No. No. No. No. No.
Scheme 2 5,982,134 5,589,306 - - - 11,571,440
Scheme 4 4,761,683 15,965,891 600,000 590,000 350,000 22,267,574
Total 10,743,817 21,555,197 600,000 590,000 350,000 33,839,014
10. 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 2025 4.6 21.0 91.6 35.9 86.8 368.1 608.0
Additions: Business combinations - 2.6 0.9 0.3 1.6 5.1 10.5
Additions: Internally developed 1.8 0.2 - - - - 2.0
Additions: Separately acquired - 0.3 - - - - 0.3
Transfer AUC to software (0.9) 0.9 - - - - -
Fair value adjustments - - - - - 2.7 2.7
Foreign currency retranslation - (0.2) - - - - (0.2)
As at 30 June 2025 5.5 24.8 92.5 36.2 88.4 375.9 623.3
Amortisation
As at 1 January 2025 - (17.4) (46.9) (14.7) (59.2) (10.9) (149.1)
Additions: Business combinations - (1.0) - - - - (1.0)
Charge for the period - (1.4) (2.9) (1.0) (2.0) - (7.3)
Foreign currency retranslation - 0.2 - - 0.1 - 0.3
As at 30 June 2025 - (19.6) (49.8) (15.7) (61.1) (10.9) (157.1)
Net book value
As at 30 June 2025 5.5 5.2 42.7 20.5 27.3 365.0 466.2
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.
Fair value adjustments totalling £2.7m have been recognised in goodwill
during the period. These adjustments relate to a combination of completion
accounts payments made during the period in relation to acquisitions from the
year ended 31 December 2024, and adjustments in relation to costs incurred by
acquirees during the period which relate to a pre-acquisition period for the
Group.
Impairment tests for goodwill and intangible assets
The Group tests goodwill and intangible assets annually, or more frequently if
impairment indicators are identified, by comparing the carrying value of the
underlying CGUs to their recoverable amount. Impairment indicators were noted
due to a reduction in the Group's Adjusted EBITDA margin during the first half
of 2025. In response, and in accordance with IAS 36 'Impairment of Assets',
Management performed a full impairment test across its CGUs as at 31 May 2025.
The recoverable amount of a CGU is determined based on value in use
calculations. These calculations used post-tax cash flow projections based on
the financial years' detailed full year forecast with growth rates applied to
generate a five-year forecast. Cash flows beyond the five-year period are
extrapolated using estimated long-term growth rates. The value in use
calculations require the use of estimates to enable the calculation of the net
present value of cash flow projections of the relevant CGU.
Overall, within the impairment review performed, the Group had sufficient
headroom across all three CGUs supporting their carrying values.
Management has also undertaken sensitivity analysis taking into consideration
the impact of key impairment test assumptions arising from a range of possible
future trading and economic scenarios on each CGU. This analysis showed that
significant changes to the assumptions would be required for the assets to be
impaired within the DA&I: Healthcare and DA&I: Non-Healthcare CGUs,
which Management deems extremely remote in likelihood. Management acknowledges
the sensitivity of the revenue growth, cost growth and discount rate
assumptions applied to the MBI CGU; however, Management is comfortable with
these assumptions and will continue to monitor performance regularly for any
indicators of future impairment loss.
Within the impairment review performed for MBI, the key assumptions are set
out below:
Cash-generating unit Increase in revenue Increase in costs Pre-tax discount rate Terminal growth rate
(for years 1 to 5)
(for years 1 to 5)
MBI 1.0% 1.0% 13.3% 2.0%
The following individual scenarios would need to occur before impairment is
triggered for MBI:
Cash-generating unit Revenue growth Cost increases by Discount rate rises by
falls by
MBI 0.7 percentage points 0.8 percentage points 1.2 percentage points
11. Borrowings and lease liabilities
30 June 2025 31 December 2024 Audited
Unaudited £m
£m
Short-term lease liabilities 4.5 4.0
Current liabilities 4.5 4.0
30 June 2025 31 December 2024
Unaudited Audited
£m £m
Long-term lease liabilities 22.5 22.1
Long-term borrowings 76.8 40.4
Non-current liabilities 99.3 62.5
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%) 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 as at 30 June 2025 (31 December 2024: £37.0m). £44.5m as at 30 June 2025 (31 December 2024: £7.5m).
Lease payments not recognised as a liability
The Group has elected not to recognise a lease liability for short term leases
(leases with an expected term of 12 months or less) or for leases of low value
assets. Payments made under such leases are expensed on a straight-line basis.
In addition, certain variable lease payments are not permitted to be
recognised as lease liabilities and are expensed as incurred. The expense
relating to payments not included in the measurement of a lease liability is
£0.2m for the period ended 30 June 2025 (30 June 2024: £nil).
The changes in the Group's borrowings can be classified as follows:
Total
Long-term borrowings Short-term lease liabilities Long-term
lease liabilities
£m £m £m £m
As at 1 January 2025 40.4 4.0 22.1 66.5
Cash flows:
- Drawdown of RCF 37.0 - - 37.0
- Repayment - (2.8) - (2.8)
- Loan fees paid (0.5) - - (0.5)
Non-cash:
- Interest expense (0.1) - - (0.1)
- Lease additions - 3.5 - 3.5
- Lease liabilities - 0.5 (0.3) 0.2
- Reclassification - (0.7) 0.7 -
As at 30 June 2025 76.8 4.5 22.5 103.8
12. Equity
Share capital
Allotted, called up and fully paid:
30 June 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 (24,361) (2) (14,133) (1)
Ordinary shares at reporting period end (£0.0001) 806,534 99.99 81 830,895 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 806,634 100 181 830,995 100 183
Share Purchases
During the period ended 30 June 2025, the Group's Employee Benefit Trust
purchased an aggregate amount of 7,349,865 shares (which represents 0.9% of
the total share capital), each with a nominal value of £0.0001 per share, 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 period ended 30 June 2025, a total of 8,916,681 shares (which
represents 1.1% of the total share capital), each with a nominal value of
£0.0001 per share, which were held by the Group's Employee Benefit Trust,
were utilised as a result of the vesting of share options. The weighted
average price of the exercised options at the date of vesting was £1.89 per
share.
The maximum number of shares held by the Employee Benefit Trust (at any time
during the period ended 30 June 2025) was 53,055,983 (representing 6.6% of the
total share capital).
The purchase of shares by the trust is to limit the eventual dilution to
existing shareholders. As at 30 June 2025, the trust holds sufficient shares
in respect of all share options currently in issue.
Vesting Schedule 2025 2026 2027 2028 2029 2030 Total
No. No. No. No. No. No. No.
Scheme 1* 656,537 - - - - - 656,537
Scheme 2 536,428 5,982,134 5,589,306 - - - 12,107,868
Scheme 4 - 4,761,683 15,965,891 600,000 590,000 350,000 22,267,574
Total 1,192,965 10,743,817 21,555,197 600,000 590,000 350,000 35,031,979
Shares held in trust (1,192,965) (10,743,817) (21,555,197) (600,000) (590,000) (350,000) (35,031,979)
Net dilution - - - - - - -
*The remaining share options in Scheme 1 can be exercised anytime until August
2033 and therefore for the purposes of this analysis we have assumed they will
be exercised within the next year.
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, which was suspended on 2 May 2025 following the
announcement of possible offer proposals on 30 April 2025. At the time it was
suspended, £39.0m of share buybacks had been purchased within this
programme. The Group will not be recommencing this share buyback programme,
instead the Group will look to return surplus capital to shareholders by way
of a tender offer of shares.
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 typically consists of net bank debt, which
includes borrowings (note 11) 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 ordinary share and was paid in
May 2025. The Board has announced an interim dividend of 0.3 pence per
ordinary share. The interim dividend will be paid on 3 October 2025 to
shareholders on the register at the close of business on 5 September 2025. The
ex-dividend date will be on 4 September 2025.
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.
Other reserve
Other reserve consists of a reserve created upon the reverse acquisition of
TMN Group Plc in 2009.
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 IFRS10: Consolidated Financial Statements, the Group has
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 30 June 2025 the non-controlling interest
represents 40% non-controlling interest in the Group's Healthcare business:
30 June 2025 31 December 2024
Unaudited Audited
£m £m
Statement of Financial Position Summary:
Non-current assets 79.5 76.1
Current assets 68.7 62.7
Current liabilities (71.9) (59.9)
Non-current liabilities (38.5) (36.1)
Equity attributable to owners of the Company 37.8 42.8
Non-controlling interest 15.1 17.1
Period ended Period ended
30 June 2025 30 June 2024
Unaudited Unaudited
£m £m
Income Statement Summary:
Revenue 59.9 7.6
Profit after tax 19.6 2.0
Other comprehensive (expense)/ income (5.8) 0.4
Total comprehensive income 13.8 2.4
Total comprehensive income - non-controlling interest 5.5 1.0
Statement of Cash Flows Summary:
Cash flows generated from/ (used in) operating activities 32.8 (5.9)
Cash flows used in investing activities (6.9) -
Cash flows (used in)/ generated from financing activities (1.1) 20.0
Total cash flows 24.8 14.1
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.
Share-based payments
Scheme 1
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) at any time during a prescribed period from the vesting date to
the date the option lapses. 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, needed
to exceed certain targets. The final financial target for the colleague share
option scheme (scheme 1) was met with the 2021 results. 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 period ended 30 June
2025, 0.5m of the deferred options were exercised. The remaining 0.7m options
can be exercised by participants at any point before August 2033, subject to
compliance with the Company's Share Dealing Code. LTIP Scheme 1 is now closed.
Scheme 2
In October 2019 the Group created and announced a new share option scheme and
granted the first options under the scheme on 31 October 2019 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 performance targets being met. For these options to vest the
Group's earnings before interest, taxation, depreciation and amortisation, as
adjusted by the Remuneration Committee for significant or one-off occurrences,
needs to exceed certain targets between 2023 to 2026. As a result of the
EBITDA target for 2024 being met, 6.0m options vested during the period ended
30 June 2025.
Scheme 4
In October 2021 the Group created the 2021 share option scheme (scheme 4).
Scheme 4 is targeted at management and senior colleagues below the Executive
Management Committee level. The EBITDA targets for Scheme 4 are aligned to
Scheme 2, however different proportions of granted options will vest once each
target is reached. As a result of the EBITDA target for 2024 being met, 2.4m
options vested during the period ended 30 June 2025.
The total charge recognised for these schemes during the six months to 30 June
2025 was £6.8m (30 June 2024: £9.6m). The awards of the schemes are settled
with ordinary shares of the Company.
13. 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.
The Group has taken advantage of the exemptions contained within IAS24:
Related Party Disclosures from the requirement to disclose transactions
between Group companies as these have been eliminated on consolidation.
Related Party Transactions: Ultimate Controlling Party
Mike Danson, GlobalData's Chief Executive, owned 58.8% of the Company's
ordinary shares as at 30 June 2025 and as at 5 August 2025 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 six months to 30 June 2025, the following related party
transactions were entered into by the Group:
Corporate support services
During the period ended 30 June 2025 net corporate support charges of £0.01m
were charged from NS Media Group Limited ("NSMGL") and net corporate support
charges of £0.04m were charged to Estel Property Investments No.3 Limited
("Estel"), both companies are related parties by virtue of common ownership
(30 June 2024: £0.01m charge to NSMGL and £0.04m 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.
Business Trade Media International Limited ('BTMI')
The Group completed the acquisition of BTMI on 30 August 2024, which was a
related party (by virtue of being indirectly owned by Mike Danson). During the
period ended 30 June 2025, total recharges from NSMGL in relation to BTMI were
£0.1m (30 June 2024: £nil).
Sales distribution
NSMGL acted as a sales distributor for some GlobalData products. On these
transactions they charged agent fees of £0.03m during the period ended 30
June 2025 (30 June 2024: £nil).
Balances Outstanding
As at 30 June 2025, the total balance receivable from NSMGL was £nil (31
December 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 £0.1m profit for the period ended 30 June
2025 (30 June 2024: £nil), which has been recognised in the Group's profit or
loss) plus the Group's share of the post-acquisition change in other
comprehensive income of SiA (totalling £nil for the period ended 30 June 2025
(30 June 2024: £nil), which has been recognised within other comprehensive
income of 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 2024.
Balances Outstanding
There were no balances outstanding in relation to Directors and Key Management
Personnel as at 30 June 2025 (31 December 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 30 June 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 period ended 30 June 2025, management fees charged from the Inflexion
group of companies to the Group totalled £0.2m (30 June 2024: £nil).
Balances Outstanding
There were no balances outstanding in relation to the Inflexion group of
companies as at 30 June 2025 (31 December 2024: £nil).
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 repayable on 30 June 2025 and accrued interest at an
annual rate of 12%. The repayment date for the loan note has been extended to
30 September 2025.
14. Acquisitions
Ai Palette
On 7 March 2025, the Group acquired the entire share capital of AI Palette
Pte. Ltd and its wholly owned subsidiary for cash consideration of £7.2m, of
which £1.2m is yet to be cash settled as at 30 June 2025. AI Palette is an AI
Powered consumer insights platform offering an Innovation Intelligence
solution to the Consumer-packaged goods sector.
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 - 0.9 0.9
Database - 1.6 1.6
Trade names - 0.3 0.3
Net assets acquired consisting of:
Intangible assets 1.7 (0.1) 1.6
Cash and cash equivalents 1.0 - 1.0
Trade and other receivables 0.5 - 0.5
Trade and other payables (3.5) 0.3 (3.2)
Deferred tax - (0.6) (0.6)
Fair value of net (liabilities)/ assets acquired (0.3) 2.4 2.1
The goodwill recognised in relation to the acquisition is as follows:
Fair value
£m
Consideration paid in cash 6.0
ESCROW payments yet to be cash settled as at 30 June 2025 1.2
Less net assets acquired (2.1)
Goodwill 5.1
At the date of acquisition, the Group paid £1.8m on behalf of the parent
company of the Ai Palette group in order for the parent to purchase the
remaining shares in its subsidiary which it did not own prior to the date of
acquisition. The Group will pay an additional £0.6m on behalf of the parent
company of the Ai Palette group during H2 2025 in relation to an outstanding
ESCROW payment relating to the share purchase. The initial payment has been
recognised as an inter-company payable due back to the Group at the date of
acquisition within the statement of financial position of the acquiree. The
ESCROW payment has been recognised as an accrual at the date of acquisition
within the statement of financial position of the acquiree, this will transfer
to being an inter-company payable due back to the Group at the point this is
cash settled by the Group. These payments have not been treated as part of the
acquisition consideration.
In line with the provision of IFRS3, 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 2024. The amount of goodwill which
is expected to be deductible for tax purposes is £nil.
The Group incurred legal and professional expenses of £0.01m 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 30 June 2025,
the trade of Ai Palette generated revenues of £0.4m and Adjusted EBITDA loss
of £0.1m. If the acquisition had occurred on 1 January 2025, Group revenue
would have been £156.9m and Group Adjusted EBITDA would have been £52.1m.
Cash Cost of Acquisitions
The cash cost of acquisitions comprises:
Period to 30 June 2024
Period to 30 June 2025 Unaudited
Unaudited
£m £m
Presented within Operating Activities
Acquisition of MBI:
Contingent consideration 0.3 -
Acquisition of TS Lombard:
Contingent consideration - 0.5
0.3 0.5
Period to 30 June 2024
Period to 30 June 2025 Unaudited
Unaudited
£m £m
Presented within Investing Activities
Acquisition of Ai Palette:
Cash consideration 6.0 -
Cash acquired (1.0) -
Payment to Ai Palette Pte. Ltd to fund purchase of non-controlling interest in 1.8 -
its subsidiary to bring ownership to 100% (not included within consideration)
Acquisition of Jobdig, Inc:
Working capital adjustment 0.1 -
Acquisition of Celent:
Transaction bonuses settled 0.1 -
Acquisition of Deallus:
Working capital adjustment 1.2 -
Acquisition of minority investment in SIA - Strategy in Action:
Cash consideration - 4.0
8.2 4.0
15. Subsequent events
The Group completed on the acquisition of Stylus Media Group Limited 'Stylus',
and its subsidiaries, on 7 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 £0.5m of
transaction bonuses on behalf of the acquiree. The Group drew down £26.5m
from the Non-Healthcare ACF on 3 July 2025 in order to facilitate the
acquisition. 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. In accordance with
IFRS3.B66, Management has not been able to estimate the fair value of goodwill
and intangible assets acquired as the acquisition occurred in close proximity
to the issuance of these condensed financial statements. No revenues or
profits are included in the Group's results for the period ended 30 June 2025.
Advisers
Company Secretary
Bob Hooper
Head Office and Registered Office
John Carpenter House
John Carpenter Street
London
EC4Y 0AN
Tel: + 44 (0) 20 7936 6400
Nominated Adviser and Joint Broker
J.P. Morgan Cazenove
25 Bank Street
Canary Wharf
London
E14 5JP
Joint Broker
Panmure Liberum
Ropemaker Place
25 Ropemaker Street
London
EC2Y 9LY
Joint Broker
Investec Bank Plc
30 Gresham Street
London
EC2V 7PG
Financial PR LLP
FTI Consulting
200 Aldersgate
Aldersgate Street
London
EC1A 4HD
Lawyers
Reed Smith
20 Primrose Street
London
EC2A 2RS
Auditor
Deloitte LLP
2 New St Square
London
EC4A 3BZ
Registrars
MUFG Corporate Markets
Central Square
29 Wellington Street
Leeds
LS1 4DL
Advisers (continued)
Bankers
NatWest Group
280 Bishopsgate
London
EC2M 4RB
Bankers
HSBC UK Bank Plc
1 Centenary Square
Birmingham
B1 1HQ
Registered number
Company No. 03925319
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AnnouncementREG - Goldman Sachs (EPT) GlobalData PLC - Form 8.5 (EPT/NON-RI) - GlobalData
Announcement