Company Announcements

LSEG Q1 2022 Trading Statement

Source: RNS
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 adjustment1.

·      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) conflict2

·      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

£m

Pro-forma

Q1 20211

£m

Variance2

%


Constant Currency Variance3

%

Constant Currency Variance

(excl. deferred revenue adjustment) 3,4

%

Trading & Banking Solutions

378 

372 

1.6% 


1.0%

(0.9%)

Enterprise Data Solutions

304 

279 

9.0% 


8.8%

6.5% 

Investment Solutions

308 

274 

12.4% 


10.8%

9.4% 

Wealth Solutions

63 

61 

3.3% 


2.2%

0.9% 

Customer & Third-Party Risk Solutions

94 

85 

10.6% 


9.9%

7.8% 

Data & Analytics

1,147 

1,071 

7.1% 


6.3%

4.5% 








Equities

67 

61 

9.8% 


10.0%

10.0% 

FX

60 

57 

5.3% 


2.7%

2.4% 

Fixed Income, Derivatives & Other

232 

200 

16.0% 


15.2%

15.2% 

Capital Markets

359 

318 

12.9% 


11.9%

11.9% 








OTC Derivatives

93 

87 

6.9% 


7.5%

7.5% 

Securities & Reporting

64 

63 

1.6% 


5.1%

5.1% 

Non-Cash Collateral

24 

22 

9.1% 


10.5%

10.5% 

Net Treasury Income

57 

55 

3.6% 


5.2%

5.2% 

Post Trade

238 

227 

4.8% 


6.6%

6.6% 








Other

7 

5 

40.0% 


44.1%

44.1% 

Total income (excl. recoveries)

1,751 

1,621 

8.0% 


7.6%

6.3% 

Recoveries

80 

88 

(9.1%)


1.6%

(0.5%)

Total income (incl. recoveries)

1,831 

1,709 

7.1% 


7.3%

6.0% 

Cost of sales

(240)

(230)

4.3% 


2.9%

2.9% 

Gross profit

1,591 

1,479 

7.6% 


8.0%

6.4% 

1 The Q1 2021 comparator is pro-forma and assumes that the acquisition of Refinitiv took place on 1 January 2021

2 Variance is the difference between current and prior year periods using FX rates prevalent at each time, therefore any changes in the FX rates are reflected in the variance percentage alongside business performance

3 Constant currency variance shows underlying financial performance, excluding currency impacts, by comparing the current and prior period at consistent exchange rates

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

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

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

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

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

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%

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

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

Fixed Income, Derivatives & Other up 15.2% - Strong performance at Tradeweb1 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%

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

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)

Non-Cash Collateral up 10.5% - Mainly driven by an increase in average non-cash collateral balances

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 financials1

Continuing operations

Q1 2022

£m

Q1 2021

£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


 

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:

·    £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
3 months ended
31-Mar-22

Closing rate at
31-Mar-22

Average rate
3 months ended
31-Mar-21

Closing rate at
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

£m

Pro-forma

Q1 20211

£m

Variance2

%


Constant Currency Variance3

%

Constant Currency Variance (excl. deferred revenue adjustment)3,4

%

Trading & Banking Solutions

378 

372 

1.6% 


1.0%

(0.9%)

    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

£m

Pro-forma

Q1 20211

£m

Variance2

%


Constant Currency Variance3

%

Constant Currency Variance (excl. deferred revenue adjustment) 3,4

%

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

£m

Pro-forma

Q1 20211

£m

Variance2

%


Constant Currency Variance3

%

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

£m

Pro-forma

Q1 20211

£m

Variance2

%


Constant Currency Variance3

%

Constant Currency Variance (excl. deferred revenue adjustment) 3,4

%

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

10 

9

10 

34 


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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