TIDMLSEG
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; GBP25 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 GBP22m, 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 Constant
Currency Currency
Variance(3) Variance
GBPm Q1 2021(1) % % (excl.
deferred
revenue
adjustment)
(3,4)
GBPm %
-------- ------------ ------------ -------------
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.GBP60 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
GBPm GBPm
--------
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
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
-- 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 .
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
-- 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
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:
-- GBP7 million of revenue moves from Post Trade to Data & Analytics
-- GBP6 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 GBP25 million, with GBP22
million in Q1; GBP1 million in Q2; GBP1 million in Q3; GBP1 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 Average rate Closing rate
3 months at 3 months at
ended 31-Mar-22 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 Constant
Currency Currency
Variance(3) Variance
(excl. deferred
revenue
adjustment)
(3,4)
GBPm Q1 2021(1) % % %
GBPm
-------- ------------ ------------- -----------------
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 Constant
Currency Currency
Variance(3) Variance
(excl. deferred
revenue
adjustment)
(3,4)
GBPm Q1 2021(1) % % %
GBPm
-------- ------------ ------------- -----------------
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 (GBPbn) 2.6 6.9 (62.3%)
Secondary Markets - Equities
UK Value Traded (GBPbn)
- 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 ($m)
Rates - Cash 387,494 378,323 2.4%
Rates - Derivatives 361,041 287,477 25.6%
Credit - Cash 10,793 10,382 4.0%
Credit - Derivatives 22,420 16,690 34.3%
------------------------------ --------- --------- ---------
(1) The Q1 2021 comparator is pro-forma and assumes that the
acquisition of Refinitiv took place on 1 January 2021. Revenues and
cost of sales associated with the Borsa Italiana Group divestment,
which completed in H1 2021, are excluded from all periods
(2) Variance is the difference between current and prior year
periods using FX rates prevalent at each time, therefore any
changes in the FX rates are reflected in the variance percentage
alongside business performance
(3) Constant currency variance shows underlying financial
performance, excluding currency impacts, by comparing the current
and prior period at consistent exchange rates
(4) Excludes the deferred revenue adjustment further explained
in the "Accounting and modelling notes" section
3. Post Trade
Results to gross profit (1)
Continuing operations Q1 2022 Pro-forma Variance(2) Constant
Currency
Variance(3)
GBPm Q1 2021(1) % %
GBPm
-------- ------------ -------------
OTC Derivatives 93 87 6.9% 7.5%
Securities & Reporting 64 63 1.6% 5.1%
Non-Cash Collateral 24 22 9.1% 10.5%
Total revenue 181 172 5.2% 7.0%
Net Treasury Income 57 55 3.6% 5.2%
------------------------ -------- ------------ ------------ -------------
Total income 238 227 4.8% 6.6%
Cost of sales (34) (32) 6.3% 9.9%
------------------------ -------- ------------ ------------ -------------
Gross profit 204 195 4.6% 6.0%
------------------------ -------- ------------ ------------ -------------
Non-financial KPIs (1)
Q1 2022 Q1 2021 Variance
%
-------- --------
OTC
SwapClear
IRS notional cleared ($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 (EURbn) 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
(EURtrn) 67.5 55.6 21.4%
Non-Cash Collateral
Average non-cash collateral
(EURbn) 172.0 160.6 7.1%
Net Treasury Income
Average cash collateral
(EURbn) 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 Constant
Currency Currency
Variance(3) Variance
(excl. deferred
revenue
adjustment)
(3,4)
GBPm Q1 2021(1) % % %
GBPm
-------- ------------ ------------- -----------------
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.
GBPm 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
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