For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220427:nRSa4463Ja&default-theme=true
RNS Number : 4463J London Stock Exchange Group PLC 27 April 2022
London Stock Exchange Group plc: Q1 2022 Trading Update
This release contains revenues, cost of sales and key performance indicators
(KPIs) for the three months ended 31 March 2022 (Q1). All figures quoted in
this release are on an underlying basis. Q1 2022 is compared against Q1 2021
on both a statutory and pro-forma basis. Pro-forma figures assume that the
acquisition of Refinitiv took place on 1 January 2021. Revenues and cost of
sales associated with the BETA+ divestment have been classed as discontinued
and are excluded from all periods. Revenues and cost of sales associated with
the Borsa Italiana Group divestment, which completed in H1 2021, are also
excluded. Constant currency variance is calculated on the basis of consistent
FX rates applied across the current and prior year period. For more
information on accounting treatments and approach to FX please refer to the
"Accounting and modelling notes" section below.
Q1 2022 highlights - continued strong financial and operational progress
Note: Unless otherwise stated, variances refer to growth rates on a constant
currency basis, with the comparator, Q1 2021, on a pro-forma basis which also
excludes the impact of a deferred revenue accounting adjustment(1).
· LSEG continues to make strong financial and operational progress
· Q1 total income (excluding recoveries) up 6.3% with good growth
across all divisions; up 6.8% adjusting for the actions LSEG has taken in
response to the Ukraine and Russia (U/R) conflict(2)
· Good Q1 performance driven by new business growth and high
customer retention, building on the strong foundations in 2021
· Data & Analytics up 4.5% on an underlying basis; up 5.1%
excluding U/R impacts, with Trading & Banking growing; Annual Subscription
Value (ASV) growth of 4.9% adjusted for U/R, or 3.6% unadjusted
· Capital Markets up 11.9%, with good contributions across Fixed
Income (Tradeweb), FX and Equities
· Post Trade up 6.6% with broad-based growth
· 73% of Group income (excluding recoveries) is highly recurring in
nature; diversified across customer, activity, product and geography
· Continued achievement of cost and revenue synergies during the
quarter; £25 million run-rate revenue synergies achieved by end of Q1
· On track to meet all financial targets
· Continued focus on portfolio enhancement: acquisitions of
Quantile, TORA and GDC, which will enhance our offerings in Post Trade,
Trading & Banking and Customer & Third-Party Risk respectively, are
all on track for completion during 2022; divestment of BETA+, with a
significant proportion of the net proceeds of the divestment to be returned to
shareholders via a share buyback likely to commence in Q3 2022
(1) The deferred revenue impact is a one-time, non-cash, negative revenue
impact resulting from the accounting treatment of deferred revenue within
Refinitiv's accounts which have been re-evaluated upon acquisition by LSEG
under purchase price accounting rules. This reduced Q1 2021 revenue by £22m,
mainly in Data & Analytics with a smaller impact in the FX business within
Capital Markets. There is no material impact in 2022. More details can be
found in the "Accounting and modelling notes" section
(2) Growth rates excluding the Ukraine / Russia conflict impact have been
calculated by excluding income in the region and from sanctioned customers and
related business from both periods
David Schwimmer, CEO said:
"LSEG has delivered a good first quarter, with strong underlying performance
across all divisions. During the quarter we announced two acquisitions to
enhance our product offerings in Trading & Banking and Customer &
Third-Party Risk. We also announced the divestment of BETA+, which will
simplify and refocus our Wealth Solutions business.
"Our ability to invest for growth, make strategic acquisitions and return
capital to shareholders demonstrates the strength of the Group and its
high-quality recurring revenues. The Group is well positioned and we look
forward to further progress during the rest of 2022."
Q1 2022 Summary
Variances are provided on a pro-forma and constant currency basis. Unless
stated otherwise, commentary is provided on the constant currency variance
(excluding the deferred revenue adjustment) to provide insight into
performance on a comparable basis. Revenues and cost of sales associated with
the BETA+ divestment have been classed as discontinued and are excluded from
all periods. Revenues and cost of sales associated with the Borsa Italiana
Group divestment, which completed in H1 2021, are also excluded.
Continuing operations Q1 2022 Pro-forma Variance(2) Constant Currency Variance(3) Constant Currency Variance
£m Q1 2021(1) % % (excl. deferred revenue adjustment)( 3,4)
£m %
Trading & Banking Solutions 378 372 1.6% 1.0% (0.9%)
Enterprise Data Solutions 304 279 9.0% 8.8% 6.5%
Investment Solutions 308 274 12.4% 10.8% 9.4%
Wealth Solutions 63 61 3.3% 2.2% 0.9%
Customer & Third-Party Risk Solutions 94 85 10.6% 9.9% 7.8%
Data & Analytics 1,147 1,071 7.1% 6.3% 4.5%
Equities 67 61 9.8% 10.0% 10.0%
FX 60 57 5.3% 2.7% 2.4%
Fixed Income, Derivatives & Other 232 200 16.0% 15.2% 15.2%
Capital Markets 359 318 12.9% 11.9% 11.9%
OTC Derivatives 93 87 6.9% 7.5% 7.5%
Securities & Reporting 64 63 1.6% 5.1% 5.1%
Non-Cash Collateral 24 22 9.1% 10.5% 10.5%
Net Treasury Income 57 55 3.6% 5.2% 5.2%
Post Trade 238 227 4.8% 6.6% 6.6%
Other 7 5 40.0% 44.1% 44.1%
Total income (excl. recoveries) 1,751 1,621 8.0% 7.6% 6.3%
Recoveries 80 88 (9.1%) 1.6% (0.5%)
Total income (incl. recoveries) 1,831 1,709 7.1% 7.3% 6.0%
Cost of sales (240) (230) 4.3% 2.9% 2.9%
Gross profit 1,591 1,479 7.6% 8.0% 6.4%
(1) The Q1 2021 comparator is pro-forma and assumes that the acquisition of
Refinitiv took place on 1 January 2021
(2 )Variance is the difference between current and prior year periods using FX
rates prevalent at each time, therefore any changes in the FX rates are
reflected in the variance percentage alongside business performance
(3) Constant currency variance shows underlying financial performance,
excluding currency impacts, by comparing the current and prior period at
consistent exchange rates
(4) Excludes the deferred revenue adjustment further explained in the
"Accounting and modelling notes" section
Q1 2022 Highlights
Group Income (excluding recoveries) grew 6.3% at constant currency and up 6.8%
adjusting for the actions LSEG has taken in response to the Ukraine and Russia
(U/R) conflict. The revenue impact of U/R is anticipated to be c.£60 million
in 2022. Most of the impact reflects the suspension of Data & Analytics
services to customers in Russia, with the largest impact in Trading &
Banking.
· Data & Analytics: revenues up 4.5%; up 5.1% excluding U/R
impacts
o Trading & Banking Solutions down 0.9%; but grew 0.1% excluding U/R
impacts - Driven by better understanding and servicing of customer needs, with
growth in Banking products and an improved performance in Trading revenues.
Acquisition of TORA, expected to complete in H2, will enhance customers'
ability to trade multiple asset classes across global markets through our
platform
o Enterprise Data Solutions up 6.5% - Continued acceleration in revenue
growth reflects our investment in broadening and deepening our data &
analytics offering, and innovation in our delivery of this content. This has
reinforced our #1 position in real-time data and continues to support market
share gains in pricing and reference data
o Investment Solutions up 9.4% - Good growth in FTSE Russell with
subscription revenues up 10.3%. Asset-based revenues rose 17.0%, despite
volatile market conditions over the quarter. Further revenue synergy
realisation in the quarter from cross-selling of FTSE Russell and Refinitiv
data products
o Wealth Solutions up 0.9% - Steady growth in our subscription-based
services providing data and analytics to Wealth advisory companies.
Contribution from the transaction-orientated BETA+ business moved to
discontinued operations ahead of expected divestment in H2 2022
o Customer & Third-Party Risk Solutions up 7.8% - Double-digit organic
growth maintained in Q1, reduced on a reported basis by disposal of ERMT
business in November 2021. Strong growth in the core screening business,
WorldCheck, reflecting market share gains and customer demand for
comprehensive, reliable and timely sanctions and KYC data
· Capital Markets: revenues up 11.9%
o Equities up 10.0% - Robust secondary market activity in Q1, reflecting the
value customers place on the breadth and depth of LSEG's liquidity, especially
during periods of heightened volatility. This more than offsets the impact of
weaker primary market issuance and suspension of securities impacted by the
U/R conflict
o FX up 2.4% - Strong growth in our leading global dealer-to-client FX
platform, FXall, reflects investment in customer service and platform
functionality. Performance partially offset by weaker volumes on Matching
platform, our dealer-to-dealer FX trading venue. We continue to make good
progress towards transitioning Matching to our modern, proprietary trading
architecture in 2023
o Fixed Income, Derivatives & Other up 15.2% - Strong performance at
Tradeweb(1) which saw $1.17 trillion of total Average Daily Volume traded in
the quarter, an increase of 11%. Growth was driven by continued market share
gains and a more volatile macroeconomic backdrop
· Post Trade: total income up 6.6%
o OTC Derivatives up 7.5% - Strong volumes seen across SwapClear,
ForexClear, CDSClear and SwapAgent, as we support OTC market participants'
need for robust risk management and capital optimisation
o Securities & Reporting up 5.1% - Good volume growth at RepoClear and
EquityClear as they continue to provide an essential service through volatile
markets and the introduction of Central Securities Depository Regulation
(CSDR)
o Non-Cash Collateral up 10.5% - Mainly driven by an increase in average
non-cash collateral balances
o Net Treasury Income up 5.2% - Reflecting the benefit of larger cash
collateral balances due to increased clearing activity in Q1
(1 )Tradeweb Q1 2022 results will be released on 28 April 2022 and will
provide more detailed commentary on performance
Statutory financials(1)
Continuing operations Q1 2022 Q1 2021
£m £m
Trading & Banking Solutions 378 247
Enterprise Data Solutions 304 194
Investment Solutions 308 238
Wealth Solutions 63 40
Customer & Third-Party Risk Solutions 94 57
Data & Analytics 1,147 776
Equities 67 61
FX 60 39
Fixed Income, Derivatives & Other 232 141
Capital Markets 359 241
OTC Derivatives 93 87
Securities & Reporting 64 63
Non-Cash Collateral 24 22
Net Treasury Income 57 55
Post Trade 238 227
Other 7 4
Total income (excl. recoveries) 1,751 1,248
Recoveries 80 58
Total income (incl. recoveries) 1,831 1,306
Cost of sales (240) (171)
Gross profit 1,591 1,135
( )
(1 )The comparator Q1 2021 figures are statutory results, incorporating
Refinitiv from acquisition at the end of January 2021. Revenues and cost of
sales associated with the BETA+ divestment have been classed as discontinued
and are excluded from all periods. Revenues and cost of sales associated with
the Borsa Italiana Group divestment, which completed in H1 2021, are also
excluded
Contacts: London Stock Exchange Group plc
Investors
Paul Froud / Chris Turner - Investor Relations ir@lseg.com
Media
Lucie Holloway / Rhiannon Davies - Financial Communications +44 (0) 20 7797 1222
newsroom@lseg.com
Additional information can be found at www.lseg.com (http://www.lseg.com)
Q1 investor and analyst conference call:
The Group will host a conference call on its Q1 Trading Statement for analysts
and institutional shareholders today at 08:30am (UK time). On the call will be
David Schwimmer (Chief Executive Officer), Anna Manz (Chief Financial Officer)
and Paul Froud (Group Head of Investor Relations).
To access the telephone conference call or webcast please register in advance
using the following link and instructions below:
https://www.lsegissuerservices.com/spark/LondonStockExchangeGroup/events/7c30d30d-da35-461a-8d5e-4314cd811e0e
(https://www.lsegissuerservices.com/spark/LondonStockExchangeGroup/events/7c30d30d-da35-461a-8d5e-4314cd811e0e)
· If you wish to participate in Q&A, questions can be submitted
by clicking the 'Ask a question button' on the page or by emailing the LSEG
Investor Relations team at ir@lseg.com (mailto:ir@lseg.com) . Questions can be
submitted in advance and during the event itself
· If you wish to ask a question live, you will need to register for
the telephone conference call here:
https://cossprereg.btci.com/prereg/key.process?key=PQ6N49EQ8
(https://cossprereg.btci.com/prereg/key.process?key=PQ6N49EQ8)
· NOTE: Once you have registered for the conference call, you will
be provided with the information you need to join the conference, including
dial-in numbers and passcodes. Please save this information to your calendar
or print this information
Presentation slides can be viewed at https://www.lseg.com/investor-relations
(https://www.lseg.com/investor-relations)
Accounting and modelling notes
Minor business revenue reclassification - As indicated at Preliminary results
2021
To better align with our operating model, some small revenue items have been
reallocated between business lines from Q1 2022. All results in this release
reflect this reclassification. At a divisional level, the impact on the 2021
results previously reported is:
· £7 million of revenue moves from Post Trade to Data & Analytics
· £6 million of revenue moves from Capital Markets to Data &
Analytics
Deferred revenue accounting adjustment
This adjustment is as previously described in 2021. There is no material
impact in 2022. An adjusted variance, excluding the deferred revenue
adjustment, has been presented to show true underlying business growth on the
prior year.
As a reminder, the adjustment results from the acquisition of Refinitiv and
the associated purchase price accounting rules. Refinitiv's deferred revenue
balances were subject to a one-time haircut at the time of acquisition. This
was a non-cash adjustment. 2021 saw a negative revenue impact of £25 million,
with £22 million in Q1; £1 million in Q2; £1 million in Q3; £1 million in
Q4. The impact is mostly in the Group's Data & Analytics division, with a
much smaller impact on the Group's FX venues business sitting within Capital
Markets.
FX conversion
As a result of the acquisition of Refinitiv, the majority of LSEG revenues and
expenses are in USD followed by GBP, EUR and other currencies. All guidance
given by LSEG, including the longer-term targets associated with the
acquisition of Refinitiv as well as specific guidance for the 2022 financial
year, has been given on a constant currency basis.
The results for Q1 2022 have been translated into Sterling using the average
exchange rates for the period. The rates for the largest two currency pairs
are shown in the table below.
Average rate Closing rate at Average rate Closing rate at
3 months ended
31-Mar-22
3 months ended
31-Mar-21
31-Mar-22
31-Mar-21
GBP : USD 1.342 1.317 1.379 1.374
GBP : EUR 1.196 1.180 1.143 1.173
Divisional revenue, gross profit and non-financial KPIs
1. Data & Analytics
Results to gross profit (1)
Continuing operations Q1 2022 Pro-forma Variance(2) Constant Currency Variance(3) Constant Currency Variance (excl. deferred revenue adjustment)(3,4)
£m Q1 2021(1) % % %
£m
Trading & Banking Solutions 378 372 1.6% 1.0% (0.9%)
Trading 298 297 0.3% - (2.0%)
Banking 80 75 6.7% 5.2% 3.3%
Enterprise Data Solutions 304 279 9.0% 8.8% 6.5%
Real Time Data 195 178 9.6% 9.2% 6.6%
PRS 109 101 7.9% 8.2% 6.4%
Investment Solutions 308 274 12.4% 10.8% 9.4%
Benchmark Rates, Indices & Analytics 137 122 12.3% 10.6% 10.3%
Index - Asset-Based 70 58 20.7% 17.0% 17.0%
Data & Workflow 101 94 7.4% 7.0% 3.7%
Wealth Solutions 63 61 3.3% 2.2% 0.9%
Customer & Third-Party Risk Solutions 94 85 10.6% 9.9% 7.8%
Total revenue (excl. recoveries) 1,147 1,071 7.1% 6.3% 4.5%
Recoveries 80 88 (9.1%) 1.6% (0.5%)
Total revenue (incl. recoveries) 1,227 1,159 5.9% 6.0% 4.1%
Cost of sales (198) (192) 3.1% 1.5% 1.5%
Gross profit 1,029 967 6.4% 6.9% 4.6%
Non-financial KPIs (1)
Q1 2022 Q1 2021 Variance
%
Annual Subscription Value growth (%) (5) 3.6% 3.0%
Annual Subscription Value growth excl. U/R impact (%) (5, 6) 4.9% 3.0%
Subscription revenue growth (%) (5, 7) 3.7%
Subscription revenue growth excl. U/R impact (%) (5, 6, 7) 3.9%
Index - ETF AUM ($bn) 1,100 956 15.1%
Index - ESG Passive AUM ($bn) (8) 167 63 165.1%
( )
(1) The Q1 2021 comparator is pro-forma and assumes that the acquisition of
Refinitiv took place on 1 January 2021. Revenues and cost of sales associated
with the BETA+ divestment have been classed as discontinued and are excluded
from all periods. Revenues and cost of sales associated with the Borsa
Italiana Group divestment, which completed in H1 2021, are also excluded
(2 )Variance is the difference between current and prior year periods using FX
rates prevalent at each time, therefore any changes in the FX rates are
reflected in the variance percentage alongside business performance
(3) Constant currency variance shows underlying financial performance,
excluding currency impacts, by comparing the current and prior period at
consistent exchange rates
(4) Excludes the deferred revenue adjustment further explained in the
"Accounting and modelling notes" section
(5 )The variance is a constant currency variance adjusted for acquisitions and
disposals
(6) Growth rates excluding the Ukraine / Russia conflict impact have been
calculated by excluding income in the region and from sanctioned customers and
related business from both periods
(7 )The variance is a 12-month rolling constant currency variance excluding
the impact of the deferred revenue accounting adjustment. The comparator is
not available due to different methodologies applied to the data for the
periods before the completion of the Refinitiv acquisition
(8) ESG Passive AUM is at 30 June 2021 and prior period comparator is at 30
June 2020. The metric is updated bi-annually
2. Capital Markets
Results to gross profit (1)
Continuing operations Q1 2022 Pro-forma Variance(2) Constant Currency Variance(3) Constant Currency Variance (excl. deferred revenue adjustment) (3,4)
£m Q1 2021(1) % % %
£m
Equities 67 61 9.8% 10.0% 10.0%
FX 60 57 5.3% 2.7% 2.4%
Fixed Income, Derivatives & Other 232 200 16.0% 15.2% 15.2%
Total revenue 359 318 12.9% 11.9% 11.9%
Cost of sales (8) (6) 33.3% 12.7% 12.7%
Gross profit 351 312 12.5% 11.9% 11.8%
Non-financial KPIs (1)
Q1 2022 Q1 2021 Variance
%
Equities
Primary Markets
New issues 27 35 (22.9%)
Total money raised (£bn) 2.6 6.9 (62.3%)
Secondary Markets - Equities
UK Value Traded (£bn) - Average Daily Value 5.7 4.9 16.3%
SETS Yield (bps) 0.66 0.71 (7.0%)
FX
Average daily total volume ($bn) 484 471 2.8%
Fixed income, Derivatives and Other
Tradeweb Average Daily ($m)
Rates - Cash 387,494 378,323 2.4%
Rates - Derivatives 361,041 287,477 25.6%
Credit - Cash 10,793 10,382 4.0%
Credit - Derivatives 22,420 16,690 34.3%
( )
(1) The Q1 2021 comparator is pro-forma and assumes that the acquisition of
Refinitiv took place on 1 January 2021. Revenues and cost of sales associated
with the Borsa Italiana Group divestment, which completed in H1 2021, are
excluded from all periods
(2 )Variance is the difference between current and prior year periods using FX
rates prevalent at each time, therefore any changes in the FX rates are
reflected in the variance percentage alongside business performance
(3) Constant currency variance shows underlying financial performance,
excluding currency impacts, by comparing the current and prior period at
consistent exchange rates
(4) Excludes the deferred revenue adjustment further explained in the
"Accounting and modelling notes" section
3. Post Trade
Results to gross profit (1)
( )
Continuing operations Q1 2022 Pro-forma Variance(2) Constant Currency Variance(3)
£m Q1 2021(1) % %
£m
OTC Derivatives 93 87 6.9% 7.5%
Securities & Reporting 64 63 1.6% 5.1%
Non-Cash Collateral 24 22 9.1% 10.5%
Total revenue 181 172 5.2% 7.0%
Net Treasury Income 57 55 3.6% 5.2%
Total income 238 227 4.8% 6.6%
Cost of sales (34) (32) 6.3% 9.9%
Gross profit 204 195 4.6% 6.0%
Non-financial KPIs (1)
( )
Q1 2022 Q1 2021 Variance
%
OTC
SwapClear
IRS notional cleared ($trn) 324 271 19.6%
SwapClear members 123 121 1.7%
Client trades ('000) 658 574 14.6%
Client average 10-year notional equivalent ($trn) 4.2 4.8 (12.5%)
ForexClear
Notional cleared ($bn) 6,512 5,474 19.0%
ForexClear members 36 35 2.9%
CDSClear
Notional cleared (€bn) 927 627 47.8%
CDSClear members 25 26 (3.8%)
Securities & Reporting
EquityClear trades (m) 647 506 27.9%
Listed derivatives contracts (m) 77.8 74.9 3.9%
RepoClear - nominal value (€trn) 67.5 55.6 21.4%
Non-Cash Collateral
Average non-cash collateral (€bn) 172.0 160.6 7.1%
Net Treasury Income
Average cash collateral (€bn) 121.5 106.4 14.2%
( )
(1) The Q1 2021 comparator is pro-forma and assumes that the acquisition of
Refinitiv took place on 1 January 2021
(2 )Variance is the difference between current and prior year periods using FX
rates prevalent at each time, therefore any changes in the FX rates are
reflected in the variance percentage alongside business performance
(3) Constant currency variance shows underlying financial performance,
excluding currency impacts, by comparing the current and prior period at
consistent exchange rates
Appendix - Total income by type (1)
Continuing operations Q1 2022 Pro-forma Variance(2) Constant Currency Variance(3) Constant Currency Variance (excl. deferred revenue adjustment) (3,4)
£m Q1 2021(1) % % %
£m
Recurring 1,273 1,189 7.1% 6.6% 4.9%
Transactional 414 372 11.3% 10.7% 10.7%
Net Treasury Income 57 55 3.6% 5.2% 5.2%
Other income 7 5 40.0% 44.1% 44.1%
Total income (excl. recoveries) 1,751 1,621 8.0% 7.6% 6.3%
Recoveries 80 88 (9.1%) 1.6% (0.5%)
Total income (incl. recoveries) 1,831 1,709 7.1% 7.3% 6.0%
(1) The Q1 2021 comparator is pro-forma and assumes that the acquisition of
Refinitiv took place on 1 January 2021
(2 )Variance is the difference between current and prior year periods using FX
rates prevalent at each time, therefore any changes in the FX rates are
reflected in the variance percentage alongside business performance
(3) Constant currency variance shows underlying financial performance,
excluding currency impacts, by comparing the current and prior period at
consistent exchange rates
(4) Excludes the deferred revenue adjustment further explained in the
"Accounting and modelling notes" section
Appendix - Total income and gross profit by quarter (1)
The table below has used FX rates on a YTD average basis which is the basis
upon which the Group presents its financials. The 2021 results have been
rebased to reflect the minor revenue reclassifications described in the
"Accounting and modelling notes" section. Revenues and cost of sales
associated with the BETA+ divestment have been classed as discontinued and are
excluded in all periods. Revenues and cost of sales associated with the Borsa
Italiana Group divestment, completed in H1 2021, are also excluded.
£m Q1 Q2 Q3 Q4 2021 Q1
Trading & Banking Solutions 372 373 373 375 1,493 378
Trading 297 297 296 296 1,186 298
Banking 75 76 77 79 307 80
Enterprise Data Solutions 279 282 284 296 1,141 304
Real Time Data 178 182 182 188 730 195
PRS 101 100 102 108 411 109
Investment Solutions 274 286 294 302 1,156 308
Benchmark Rates, Indices & Analytics 122 126 136 134 518 137
Index - Asset-Based 58 64 62 69 253 70
Data & Workflow 94 96 96 99 385 101
Wealth Solutions 61 62 61 65 249 63
Customer & Third-Party Risk Solutions 85 90 92 92 359 94
Data & Analytics 1,071 1,093 1,104 1,130 4,398 1,147
Equities 61 59 60 61 241 67
FX 57 53 56 57 223 60
Fixed Income, Derivatives & Other 200 187 193 205 785 232
Capital Markets 318 299 309 323 1,249 359
OTC Derivatives 87 82 86 103 358 93
Securities & Reporting 63 60 60 63 246 64
Non-Cash Collateral 22 24 24 25 95 24
Net Treasury Income 55 53 47 52 207 57
Post Trade 227 219 217 243 906 238
Other 5 10 9 10 34 7
Total income (excl. recoveries) 1,621 1,621 1,639 1,706 6,587 1,751
Recoveries 88 90 90 86 354 80
Total income (incl. recoveries) 1,709 1,711 1,729 1,792 6,941 1,831
Cost of sales (230) (222) (227) (241) (920) (240)
Gross profit 1,479 1,489 1,502 1,551 6,021 1,591
( )
(1) Q1 2021 is pro-forma and assumes that the acquisition of Refinitiv took
place on 1 January 2021
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END TSTPPUCGCUPPGBQ