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25 Nov 2020 07:00
25 November 2020
GlobalData Plc
Trading Update
Continued strong performance, full year outlook in-line with expectations
GlobalData PLC, the global provider of data, analytics, and insights, provides the following trading update for the 10 months to 31 October 2020 (the "period").
Key highlights:
· Revenue excluding events grew by +5% compared to the 10 months ended 31 October 2019 (the "previous period"), driven by 7% growth in subscription revenue. Overall Group revenue is flat versus the previous period.
· Forward contracted revenue increase of +8% versus 31 October 2019 (+ 9% excluding events)
· Adjusted EBITDA is 12% up for the period, with a margin improvement of 3 percentage points to 32% versus the previous period.
· Strong cash flow from operations, which has grown 8% versus the previous period.
· Net debt has risen from £41.2m at June 2020 to £51.4m, with strong operating cash flow offset by dividend payment and purchase of IT equipment.
The Group has continued to perform well despite the challenging macro environment, with subscription revenue growth of 7% in line with our recent half-year results. We have started to see momentum in sales order growth at the end of Q3 and the start of Q4 2020, which is encouraging, and will be a key driver of revenues in 2021. Despite the headwind impact of COVID-19 on our events revenue, full year total Group revenues are expected to be flat.
In line with our normal renewal cycle we still have work to do in November and December to secure renewal business, but the momentum we are currently seeing gives us confidence that we will deliver a strong finish to the year and start the new financial year with a significant percentage of our annual revenues already secure.
Full Year Adjusted EBITDA for the current financial year is expected to be in line with the Board's expectations.
The financial results for the year ending 31 December 2020 will be announced on 1 March 2021 and will be available on our website www.globaldata.com
ENQUIRIES:
GlobalData Plc
Mike Danson, Chief Executive Officer 0207 936 6400
Graham Lilley, Chief Financial Officer
Brokers
Bill Hutchings/ Mose Adigun - J.P. Morgan Cazenove (Nomad and joint broker) 0207 742 4000
Sam Barnett - HSBC (Joint broker) 0207 991 8888
Erik Anderson/ Alina Vaskina - Panmure Gordon (Joint Broker) 020 7886 2500
Hudson Sandler
Nick Lyon 0207 796 4133
Adjusted EBITDA - Earnings before interest, tax, depreciation, amortisation adjusted for costs associated with acquisitions, restructuring of the Group, share based payments, impairment, unrealised operating exchange rate movements and impact of foreign exchange contracts.
Forward contracted revenue - Deferred revenue plus contracted revenue for the next 2021 months with a future billing date.
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