London Stock Exchange Group announce an interim dividend +12.6% to 35.7p, £400 million returned via buyback in H1; up to £750 million directed buyback expected by April 2024
Other financial highlights include:
Total income (excl. recoveries) up 7.9%; up 11.8% on a reported basis
Accelerating growth in Q2: Total income (excl. recoveries) up 8.4% vs Q2 2022
Broad-based growth: Data & Analytics +7.6%, Capital Markets +1.5%, Post Trade +19.2%
Strong subscription revenue: organic annual subscription value (ASV) up 6.9% at June 2023, consolidating the significant improvements made over the last two years
Good profitability: adjusted EBITDA up 5.8%. EBITDA and margin impacted by non-cash FX-related balance sheet adjustments. On track to deliver full year adjusted EBITDA margin around 48%3 excluding these items
Basic EPS -21.2% on a reported basis; adjusted EPS -3.9% to 160.9 pence, impacted by non-cash FX items and higher effective tax rate
Updated leverage target of 1.5-2.5x operating net debt to adjusted EBITDA (previously 1.0-2.0x) reflecting diversified and recurring nature of the Group's revenues; day-to-day leverage expected around the middle of this range (H1 2023: 1.8x); no credit rating impact anticipated
