TIDMDATA
RNS Number : 3610G
GlobalData PLC
26 July 2021
26 July 2021
GlobalData Plc
Unaudited Interim Report For The Six Months Ended 30 June
2021
"Strong underlying performance and continued margin
enhancement"
Key performance metrics June 2021 June 2020 Change Underlying
Constant Currency
(4)
Unaudited Unaudited % %
Revenue GBP91.1m GBP86.7m +5% +8%
Operating profit GBP18.3m GBP11.5m +59% -
Adj. EBITDA (1) GBP30.7m GBP27.2m +13% +17%
Adj. EBITDA margin 34% 31% +3p.p. +3p.p.
Statutory PBT GBP16.0m GBP9.3m +72% -
EPS 9.7p 4.9p +98% -
Adj. EPS (2) 16.1p 13.3p +21% +25%
Invoiced forward revenue GBP83.8m GBP81.3m +3% +9%
Net debt (3) GBP47.1m GBP41.2m +14% -
Financial Highlights
-- Underlying (4) revenue grew by 8% in the first half, driven
by strong growth in subscription revenue (9%). The impact of the
strengthening pound relative to USD meant that reported revenue
growth was 5%.
-- Adjusted EBITDA grew by 13% to GBP30.7m (30 June 2020:
GBP27.2m), improving margin by 3 percentage points to 34% (30 June
2020: 31%).
-- Operating profit increased to GBP18.3m (30 June 2020:
GBP11.5m), improving margin by 7 percentage points to 20% (30 June
2020: 13%).
-- Profit before tax increased by 72% to GBP16.0m (30 June 2020: GBP9.3m).
-- Underlying growth in invoiced forward revenue was 9%, as at
30 June 2021. The impact of currency movements meant the reported
growth was 3%.
-- Cash flow from operations increased by 1% to GBP40.8m (30
June 2020 restated: GBP40.2m), which represents cash conversion of
133% on an Adjusted EBITDA basis (30 June 2020 restated: 148%).
-- Interim dividend increase of 13% to 6.1 pence per ordinary
share (30 June 2020: 5.4 pence), in line with growth of Adjusted
EBITDA.
Mike Danson, Chief Executive Officer of GlobalData Plc,
commented:
"The Group has delivered a strong performance in the first half
and has continued to deliver and execute against its strategy. Our
8% underlying revenue growth and significant margin expansion
demonstrate clear progress against our two near term financial
ambitions of achieving at least 10% annual organic growth and an
Adjusted EBITDA margin of 35-40%.
Our One Platform operating model gives us significant
scalability to accelerate both organic and inorganic growth
opportunities. We are confident about the outlook and growth
prospects of the Group for the second half and beyond."
Note 1: Adjusted EBITDA: Earnings before interest, tax,
depreciation and amortisation, adjusted to exclude costs associated
with acquisitions, restructuring of the Group, share based
payments, impairment, unrealised operating exchange rate movements
and the impact of foreign exchange contracts. Adjusted EBITDA
margin is defined as: Adjusted EBITDA as a percentage of revenue.
This is reconciled to the Statutory operating profit on page 6.
Note 2: Adjusted EPS: Adjusted profit after tax per share
(reconciliation between statutory profit and adjusted profit shown
on page 6).
Note 3: Net debt: Short and long-term borrowings (excluding
lease liabilities) less cash and cash equivalents.
Note 4: Underlying Constant Currency: Defined as growth in
business excluding impact of movement in exchange rates. This is
reconciled to the reported change on page 7.
ENQUIRIES
GlobalData Plc
Mike Danson (Chief Executive Officer), Graham
Lilley (Chief Financial Officer) 0207 936 6400
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) 0207 886 2500
Hudson Sandler 0207 796 4133
Nick Lyon
Notes to Editors
GlobalData Plc
GlobalData Plc (AIM: DATA) is a leading data, insights, and
analytics platform for the world's largest industries. Our mission
is to help our clients decode the future, make better decisions,
and reach more customers.
One Platform Model
GlobalData's One Platform model is the foundation of our
business and is the result of years of continuous capital
investment, targeted acquisitions, and organic development. This
model governs everything we do, from how we develop and manage our
products, to our approach to sales and customer success, and
supporting business operations. At its core, this approach
integrates our unique data, expert analysis, and innovative
solutions into an integrated suite of client solutions and digital
community platforms, designed to serve a broad range of industry
markets and customer needs on a global basis. The operational
leverage this provides means we can respond rapidly to changing
customer needs and market opportunities, and continuously manage
and develop products quickly, at scale, with limited capital
investment as well as providing unique integration opportunities
for M&A.
Strategic Priorities
GlobalData's four strategic priorities are: World-Class
Products, Sales Excellence, Client Centric, and Operational
Agility.
Growth Optimisation Plan
GlobalData's Growth Optimisation Plan is a set of initiatives
designed to drive revenue growth and profitability. The Plan's
initiatives operate across all of GlobalData's operations but are
organised around the strategic priorities noted above.
Chief Executive's Review
The Group has delivered a strong performance in the first half
and has continued to deliver and execute against its strategy. Our
8% underlying revenue growth and significant margin expansion (of 3
percentage points) demonstrate clear progress against our two near
term financial ambitions of achieving at least 10% annual organic
growth and an Adjusted EBITDA margin of 35-40%.
Our mission remains to help our clients decode the future, make
better decisions, and reach more customers. We have continued to
consolidate and expand our strategic position as a leading data,
insights, and analytics platform within the growing information
services market.
Growth Optimisation Plan
We launched our Growth Optimisation Plan at the end of 2019 and
our clear focus is on profitable growth. Our One Platform operating
model gives us significant scalability to accelerate both organic
and inorganic (M&A) growth opportunities:
-- Organic growth: We have made progress against our ambition of
reaching annual 10% organic growth, achieving underlying revenue
growth of 8% in the first half and growth in underlying invoiced
forward revenues of 9%.
In the first half, we have:
-- Re-organised our global sales teams under our deputy CEO
-- Hired senior sales colleagues, focused on solution and custom
selling to our larger clients
-- Hired a senior team to increase brand awareness and increase
our wider audience
-- M&A: Our scalable platform is ideally positioned to
integrate new datasets and content into our existing vertical
offering or expand our breadth into new vertical markets. As a
management team we have extensive experience of acquiring and
integrating assets and we currently have an active pipeline of
businesses that we are assessing, as well as the firepower to
execute.
We assess potential acquisitions based upon our investment
criteria of:
-- Quality product/ service that meets the definition of "gold
standard" (demonstrated by strong renewal rates)
-- Adds depth to an existing vertical or gives us access to a
new vertical/ horizontal data sets that complements our current
coverage
-- Recurring revenue and operating gearing
-- Global and scalable product
We continue to make progress against our strategic priorities,
which are the four pillars of our Growth Optimisation Plan:
World-Class Products
The core value to our clients is the unique and proprietary
'Gold Standard' data. We continue to develop our capabilities
within each individual vertical, to maintain quality and enhance
existing data sets.
We continued to enhance our cross-vertical use of business
fundamentals (e.g. Companies, Deals, News, Macroeconomics),
proprietary Thematic Research, and expand our innovative horizontal
"Alternative" data and analytics. These integrated capabilities
help to differentiate our products in the marketplace by providing
our clients with a richer and more complete intelligence
offering.
We have given more focus on our custom research team to drive
additional engagement and deliver additional solutions for our
clients which complement the subscription service. We are starting
to see some early success within this team. We see the custom team
as being a key driver towards greater penetration with our existing
clients, which will help us create larger accounts with greater
average client values.
We continue to review M&A opportunities which will provide
additional data sets and content to infill our existing deep
coverage, as well as looking at opportunities within adjacent
sectors and data sets which have a cross vertical relevance.
Sales Excellence
Our sales teams have performed well in the first half and move
into the second half of the year with good growth momentum.
We have continued at pace to create a sales structure that is
geared for consistent annual growth. In order to achieve
consistency across all of our global sales teams, we restructured
the management organisation so that all regional commercial heads
report into our deputy CEO from 1 January 2021, supported by our
expanded sales performance team. We believe that an aligned focus
on the right processes, behaviours and growth levers will deliver
results for the long-term.
Our sales enablement capability, including the introduction of a
new structured salesperson on-boarding programme, continues to be
developed and enhanced with an active feedback loop from our
training & learning management and conversation intelligence
platforms.
We have focused during the first half on ensuring the sales
structures we have in place are the correct ones, as we begin to
increase the size of our sales teams, with a particular focus on
sales representatives with more experience in building
relationships with larger clients.
As well as the size of our sales team, we want to make our sales
efforts as efficient as possible and embedded automation presents a
real opportunity for us. This includes automated and client
friendly renewal processes as well as developing a sustained
inbound lead pipeline.
One of the key elements of creating a successful inbound sales
process, is to increase the brand awareness of GlobalData. We
currently have a strong brand amongst our 4,800 clients,
particularly amongst our core Pharmaceuticals, Consumer and
Technology offerings. However, we need to increase our brand
exposure and better leverage the GlobalData brand across a more
diverse audience.
As part of this drive to increase our brand awareness, we intend
to fully capitalise on the significant audience of our existing
media channels (formerly referred to as Communities), including our
B2B websites (2020 audience: 65 million unique visitors) and
increase the number of interactions with the GlobalData brand,
drive leads and provide further unique and proprietary audience
insight from key professional leaders.
Client Centric
Client centricity is central to our strategy and runs through
everything we do. As our business expands its number of clients and
audience, we continue to focus on client needs and on providing
unique and innovative solutions.
Following the increased client service headcount in 2020, we
intend to continue to expand this team as our renewal base expands.
We have expanded the team by a further 12, meaning we have doubled
the size of the team since June 2020.
Within the client services team, we now have a dedicated
relationship team which is focused on more interactions with our
larger clients and ensuring that our clients are fully educated on
the tools and assets they have access to within their
subscription.
We continue to increase the technology investment in this area
to enhance our understanding of our clients to ensure that they are
gaining the full value of their subscription and are using
solutions that can help them better succeed in their markets.
Operational Agility
The centralised structure and support functions are geared to
support growth. We are making progress in developing and executing
our TechFirst programme and digital workplace strategy to increase
the level of automation within our core operations.
In addition to our existing solutions, our One Platform approach
to our product offering places us in a relatively unique position
for potential M&A. Our proprietary platform allows us to review
M&A opportunities with the confidence that we can 'plug-in' and
integrate new data sets effectively and execute at speed.
Regardless of whether the acquisition is an enhancement to an
existing vertical sector or represents an expansion into an
adjacent market, the platform software, data taxonomy and
architecture will add significant value to any acquired
business.
Our Colleagues
In what has been another challenging period for many of our
colleagues, against a back drop of varying COVID-19 restrictions, I
would like to thank all our global colleagues for their hard work,
professionalism and talent during the first half of 2021.
As part of supporting the well-being of colleagues working
remotely, we have maintained the Group wide internal communications
programme that we initiated in 2020 to keep colleagues connected to
the wider business. That continued connection has helped us to keep
up the pace on delivering the key aspects of our strategic
priorities, which could not have been achieved without the
engagement of colleagues worldwide.
There are some great attributes that continue to stand out
amongst our GlobalData teams and colleagues; none more so than
their ability to collaborate, work at pace and deliver against
projects despite the challenges that arise. Our colleagues have
demonstrated significant resilience and the desire to succeed, in
both work and charity initiatives, such as the 'GlobalData walks
the world' challenge.
We have also welcomed two new Non-Executive Directors to the
Board during the first half, who have already brought a
considerable degree of value in terms of their independent thought,
challenge and wide ranging experiences.
Dividend
The Group's policy is to pay a dividend that reflects the growth
and cash generation of the business. The Board is pleased to
announce an interim dividend of 6.1 pence per share (30 June 2020:
5.4 pence). The interim dividend will be paid on 1 October 2021 to
shareholders on the register at the close of business on 3
September 2021.
Current Trading and Outlook
We are confident about the outlook and growth prospects of the
Group for the second half and beyond.
Mike Danson
Chief Executive Officer
23 July 2021
Financial Review
GBPm Unaudited 6 months to Unaudited 6 months to Audited Year Ended 31 December
June 2021 June 2020 2020
Restated (1)
Revenue 91.1 86.7 178.4
Operating Profit 18.3 11.5 33.0
Adjusting items
Depreciation 3.6 3.2 7.0
Amortisation of acquired
intangible assets 2.7 6.9 10.7
Amortisation of software 0.5 0.6 1.1
Share based payments charge 4.7 1.5 4.2
Restructuring and refinancing
costs 0.9 0.4 0.6
Revaluation of short and
long-term derivatives 0.7 1.7 (0.3)
Unrealised operating foreign
exchange (gain) / loss (0.9) 1.0 (0.3)
M&A costs 0.2 0.4 0.7
Adjusted EBITDA 30.7 27.2 56.7
---------------------- ----------------------
Adjusted EBITDA margin (2) 34% 31% 32%
---------------------------------- ---------------------- ---------------------- ----------------------------------
Statutory Profit Before Tax 16.0 9.3 28.6
Amortisation of acquired
intangible assets 2.7 6.9 10.7
Share based payments charge 4.7 1.5 4.2
Restructuring and refinancing
costs 0.9 0.4 0.6
Revaluation of short and
long-term derivatives 0.7 1.7 (0.3)
Unrealised operating foreign
exchange (gain)/ loss (0.9) 1.0 (0.3)
M&A costs 0.2 0.4 0.7
---------------------------------- ---------------------- ---------------------- ----------------------------------
Adjusted Profit Before Tax 24.3 21.2 44.2
---------------------------------- ---------------------- ---------------------- ----------------------------------
Adjusted income tax expense (4) (5.6) (5.5) (8.4)
---------------------------------- ---------------------- ---------------------- ----------------------------------
Adjusted Profit After Tax 18.7 15.7 35.8
---------------------------------- ---------------------- ---------------------- ----------------------------------
Cash flow analysis
--------------------------------------------- ------- ------ ------
Cash flow generated from operations 40.8 40.2 59.8
Cash flow conversion % (3) 133% 148% 105%
------ ------
Earnings performance
--------------------------------------------- ------- ------ ------
Profit After Tax 11.2 5.8 22.6
Adjusted Profit After Tax 18.7 15.7 35.8
Basic shares (millions) 116.0 117.8 116.2
Diluted shares (millions) 125.2 126.1 124.8
Attributable to equity holders:
Basic earnings per share (pence) 9.7 4.9 19.4
Diluted earnings per share (pence) 8.9 4.6 18.1
Adjusted basic earnings per share (pence) 16.1 13.3 30.8
Adjusted diluted earnings per share (pence) 14.9 12.5 28.7
---------------------------------------------- ------ ------ ------
(1) Cash flow generated from operations has been reduced by
GBP0.9m to reflect a reclassification of repayment of loans into
investing activities. Full details included in note 1.
(2) Adjusted EBITDA margin is defined as: Adjusted EBITDA as a
percentage of revenue.
(3) Cash flow conversion is defined as: Cash flow generated from
operations divided by Adjusted EBITDA
(4) Adjusted income tax expense includes the effect of any tax
rate changes on adjusting items
The financial position and performance of the business are
reflective of the core financial elements of our business model:
visible and recurring revenues, high incremental margins, scalable
opportunity and strong cash flows. The Directors believe that
Adjusted EBITDA, Adjusted Profit After Tax and Adjusted earnings
per share (as detailed on page 6) provide additional useful
information on the core operational performance of the Group to
shareholders, and we review the results of the Group using these
measures internally. Within note 2, we disclose the rationale for
the adjusting items in detail.
Revenue
Sales orders in the first half (on an underlying basis excluding
events) grew by 11%, which contributed to strong performance in
both of our revenue and deferred revenue metrics.
Our underlying revenue growth (8%) reflected consistent renewal
rates and strong new business wins in our subscription business,
which saw underlying growth of 9%. The strengthening pound,
relative to USD, had a material impact on revenue growth and
reduced reported growth to 5%. Revenue for the first half was
GBP91.1m (30 June 2020: GBP86.7m).
The strong performance within our subscription offering also
contributed to an underlying growth in deferred revenue of 8% as at
30 June 2021. The sustained subscription performance was offset,
somewhat, by movements in the events deferred revenue as a result
of COVID-19. Deferred revenue as at 30 June 2021 was GBP82.0m (30
June 2020: GBP80.6m), reflecting reported growth of 2%. Due to the
deferral of revenue in line with sales contract periods, the income
statement is not affected by seasonality despite high renewals in
Q4 of each calendar year.
Operating Profit
Operating profit increased to GBP18.3m (30 June 2020: GBP11.5m),
improving margin by 7 percentage points to 20% (30 June 2020: 13%)
driven by revenue growth and a reduced cost base, primarily driven
by a fall in the amortisation of acquired intangible assets charge
to GBP2.7m (30 June 2020: GBP6.9m). Operating profit of GBP18.3m
(30 June 2020: GBP11.5m) does not include any government assistance
as a result of the COVID-19 pandemic as the Group chose not to take
advantage of these schemes.
Adjusted EBITDA
The Directors believe that Adjusted EBITDA provides additional
useful information on the core operational performance of the Group
to shareholders, and we review the results of the Group using this
measure internally. Adjusted EBITDA increased by 13% to GBP30.7m
(30 June 2020: GBP27.2m), which is reflective of revenue growth and
maintaining a relatively stable cost base at Adjusted EBITDA level,
which resulted in an incremental margin of 79%.
Our Adjusted EBITDA margin was 34% (30 June 2020: 31%), as we
continue to progress towards our stated margin ambition to get to
within a margin range of 35-40%.
Adjusted EBITDA benefited from the impact of IFRS 16, lease
accounting, by GBP3.0m (30 June 2020: GBP3.1m). The impact of
IFRS16 improved margins by 3 percentage points to 34% (30 June
2020: 3 percentage points to 31%).
Impact of Currency
The main currency movement in the period has been the
strengthening of Pound, relative to the US Dollar. Our revenues are
50% US Dollar denominated and therefore the movement in the average
rate of $1.39/GBP, compared with $1.27/GBP in 2020 (a 9% swing) has
had a material impact on our results.
The year-on-year movement on the US Dollar exchange rate reduced
revenue by GBP2.7m, with a further GBP0.2m in other currencies.
From a cost perspective, it had a more limited but opposite
effect of reducing costs by GBP0.5m in US Dollar denominated costs
and GBP1.4m in other currencies (mainly Indian Rupee). Below is a
summary of the currency impact.
GBPm Deferred Revenue Costs Adjusted Margin
Revenue EBITDA
As reported 82.0 91.1 60.4 30.7 34%
Add Back Currency
movements
US Dollar 4.7 2.7 0.5 2.2
Euro - - - -
Other 0.4 0.2 1.4 (1.2)
Underlying 87.1 94.0 62.3 31.7 34%
2020 80.6 86.7 59.5 27.2
Underlying growth 8% 8% 5% 17%
------------------- --------- -------- ------ --------- -------
Profit Before Tax
The profit before tax for the period has increased by 72% to
GBP16.0m (30 June 2020: GBP9.3m) driven by improved performance at
both operating profit and Adjusted EBITDA levels.
Tax
The interim period income tax expense has been calculated using
the forecast effective tax rate that would be applicable to
expected total annual earnings, i.e. the estimated average annual
effective income tax rate applied to the pre-tax income of the
interim period. To the extent practicable, where different income
tax rates apply to different categories of income, a separate rate
has been used for each individual category of interim period
pre-tax income.
Using this approach, the overall annual effective income tax
rate is currently forecast to be 25% (30 June 2020: 25%). This
broadly represents the standard corporation tax rate in the UK of
19% adjusted for the higher rates of overseas tax in the
jurisdictions where the Group operates (3%), expenses which are not
deductible for tax purposes (2%) and the effect of re-measuring the
Group's UK deferred tax balances in anticipation of the corporation
tax rate increase from 1 April 2023 (1%).
Cash Generation
Cash from operations was largely flat at GBP40.8m in the period
(30 June 2020 restated: GBP40.2m) but represented 133% of Adjusted
EBITDA (30 June 2020 restated: 148%). Cash generation was impacted
by movements in cash flow in the events business. In the first half
of 2020, we collected cash on events that were postponed to the
latter part of the year or delayed until 2021 and therefore a large
degree of revenues in the first half were related to cash already
received. Cash collected on events was GBP2.7m higher in 2020 for
the same period.
Net Debt (1)
Since the last reporting period, December 2020, net debt has
reduced from GBP58.1m to GBP47.1m. The reduction has largely been
due to the increase in cash flow from operations, offset by
dividend payments of GBP13.4m, purchase of own shares of GBP6.1m,
taxes of GBP3.8m, capital expenditure of GBP1.0m, leasing costs of
GBP3.1m and interest of GBP1.3m.
Equity
There has been significant movement since the last reporting
period across the equity balances. A capital reduction has been
performed which reduced the Company's merger reserve and other
reserve by a total of GBP171.0m, by way of a bonus issue of shares
which were shortly thereafter cancelled, and the Company's share
premium account was also cancelled. The share premium account
totalled GBP0.7m meaning that as a result of these actions,
distributable reserves increased by a total of GBP171.7m in the
period ended 30 June 2021. Further information has been disclosed
in note 12.
Property, Plant and Equipment
Property, Plant and Equipment has reduced by GBP7.4m in the
period ended 30 June 2021, this is largely due to a depreciation
charge of GBP3.6m and the disposal of a significant lease asset
with a net book value of GBP4.2m and an associated lease liability
of GBP4.3m as at the date of disposal.
(1) We define net debt as short and long-term borrowings
(excluding lease liabilities) less cash and cash equivalents.
Independent review report to GlobalData Plc
We have been engaged by the Company to review the condensed set
of financial statements in the half-yearly financial report for the
six months ended 30 June 2021 which comprises the consolidated
income statement, consolidated statement of comprehensive income,
consolidated statement of financial position, the consolidated
statement of changes in equity, the consolidated statement of
cashflows and related notes 1 to 13. We have read the other
information contained in the half-yearly financial report and
considered whether it contains any apparent misstatements or
material inconsistencies with the information in the condensed set
of financial statements.
Directors' responsibilities
The half-yearly financial report is the responsibility of, and
has been approved by, the directors. The directors are responsible
for preparing the half-yearly financial report in accordance with
the AIM Rules of the London Stock Exchange.
As disclosed in note 2, the annual financial statements of the
group will be prepared in accordance with United Kingdom adopted
International Financial Reporting Standards. The condensed set of
financial statements included in this half-yearly financial report
has been prepared in accordance with United Kingdom adopted
International Accounting Standard 34, "Interim Financial
Reporting".
Our responsibility
Our responsibility is to express to the Company a conclusion on
the condensed set of financial statements in the half-yearly
financial report based on our review.
Scope of review
We conducted our review in accordance with International
Standard on Review Engagements (UK and Ireland) 2410 "Review of
Interim Financial Information Performed by the Independent Auditor
of the Entity" issued by the Financial Reporting Council for use in
the United Kingdom. A review of interim financial information
consists of making inquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other
review procedures. A review is substantially less in scope than an
audit conducted in accordance with International Standards on
Auditing (UK) and consequently does not enable us to obtain
assurance that we would become aware of all significant matters
that might be identified in an audit. Accordingly, we do not
express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that
causes us to believe that the condensed set of financial statements
in the half-yearly financial report for the six months ended 30
June 2021 is not prepared, in all material respects, in accordance
with United Kingdom adopted International Accounting Standard 34
and the AIM Rules of the London Stock Exchange.
Use of our report
This report is made solely to the Company in accordance with
International Standard on Review Engagements (UK and Ireland) 2410
"Review of Interim Financial Information Performed by the
Independent Auditor of the Entity" issued by the Financial
Reporting Council. Our work has been undertaken so that we might
state to the Company those matters we are required to state to it
in an independent review report and for no other purpose. To the
fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the Company, for our review
work, for this report, or for the conclusions we have formed.
Deloitte LLP
Statutory Auditor
London, England
23 July 2021
Consolidated Income Statement
Notes 6 months 6 months Year to
to 30 to 30 31 December
June 2021 June 2020 2020
Unaudited Unaudited Audited
Continuing operations GBPm GBPm GBPm
Revenue 4 91.1 86.7 178.4
Operating expenses 5 (72.5) (74.6) (145.4)
Losses on trade receivables 5 (0.9) (1.2) (1.3)
Other income 0.6 0.6 1.3
-------------------------------------- ------ ----------- ----------- -------------
Operating profit 18.3 11.5 33.0
Net finance costs 7 (2.3) (2.2) (4.4)
Profit before tax 16.0 9.3 28.6
Income tax expense (4.8) (3.5) (6.0)
-------------------------------------- ------ ----------- ----------- -------------
Profit for the period 11.2 5.8 22.6
-------------------------------------- ------ ----------- ----------- -------------
Attributable to:
Equity holders of the parent 11.2 5.8 22.6
Earnings per share attributable to
equity holders:
Basic earnings per share (pence) 8 9.7 4.9 19.4
Diluted earnings per share (pence) 8 8.9 4.6 18.1
-------------------------------------- ------ ----------- ----------- -------------
Reconciliation to Adjusted EBITDA(1)
:
Operating profit 18.3 11.5 33.0
Depreciation 3.6 3.2 7.0
Amortisation of software 0.5 0.6 1.1
Adjusting items 6 8.3 11.9 15.6
-------------------------------------- ------ ----------- ----------- -------------
Adjusted EBITDA(1) 30.7 27.2 56.7
-------------------------------------- ------ ----------- ----------- -------------
The accompanying notes form an integral part of this financial
report.
(1) We define Adjusted EBITDA as EBITDA adjusted to exclude
costs associated with acquisitions, restructuring of the Group,
share based payments, impairment, unrealised operating exchange
rate movements and the impact of foreign exchange contracts. We
present Adjusted EBITDA as additional information because it is
used internally as a key indicator to assess financial performance.
However, other companies may present Adjusted EBITDA differently.
EBITDA and Adjusted EBITDA are not measures of financial
performance under IFRS and should not be considered as an
alternative to operating profit or as a measure of liquidity or an
alternative to net income as indicators of our operating
performance or any other measure of performance derived in
accordance with IFRS. Adjusted EBITDA margin is defined as:
Adjusted EBITDA as a percentage of revenue.
Consolidated Statement of Comprehensive Income
6 months to 30 June 2021 6 months to 30 June 2020 Year to 31 December 2020
Unaudited Unaudited Audited
GBPm GBPm GBPm
Profit for the period 11.2 5.8 22.6
Other comprehensive income
Items that will be classified
subsequently to profit or loss:
Net exchange (losses)/ gains on
translation of foreign entities (0.6) 0.6 (0.6)
Other comprehensive (loss)/ gain,
net of tax (0.6) 0.6 (0.6)
------------------------------------- ------------------------- ------------------------- -------------------------
Total comprehensive income for the
period 10.6 6.4 22.0
------------------------------------- ------------------------- ------------------------- -------------------------
Attributable to:
------------------------------ ----- ---- -----
Equity holders of the parent 10.6 6.4 22.0
The accompanying notes form an integral part of this financial
report.
Consolidated Statement of Financial Position
Notes 30 June 30 June 31 December
2021 2020 2020
Unaudited Unaudited Audited
Restated
(1)
GBPm GBPm GBPm
Non-current assets
Property, plant and equipment 36.1 46.4 43.5
Intangible assets 9 239.0 244.9 242.0
Trade and other receivables 0.1 0.9 0.9
Deferred tax assets 7.4 8.2 5.4
------------------------------------ ---------- ----------- ----------- ------------
282.6 300.4 291.8
------------------------------------ ---------- ----------- ----------- ------------
Current assets
Trade and other receivables 40.0 41.8 44.9
Current tax receivable 0.6 - 1.6
Short-term derivative assets 10 0.6 0.1 1.2
Cash and cash equivalents 26.5 22.0 17.7
------------------------------------ ---------- ----------- ----------- ------------
67.7 63.9 65.4
------------------------------------ ---------- ----------- ----------- ------------
Total assets 350.3 364.3 357.2
------------------------------------ ---------- ----------- ----------- ------------
Current liabilities
Trade and other payables (103.8) (107.0) (100.2)
Short-term borrowings 11 (5.0) (5.0) (5.0)
Short-term lease liabilities 11 (4.0) (4.2) (4.1)
Current tax payable (2.7) (4.2) (1.6)
Short-term derivative liabilities 10 (0.2) (1.0) (0.1)
Short-term provisions (0.2) (0.2) (0.2)
------------------------------------ ---------- ----------- ----------- ------------
(115.9) (121.6) (111.2)
------------------------------------ ---------- ----------- ----------- ------------
Net current liabilities (48.2) (57.7) (45.8)
------------------------------------ ---------- ----------- ----------- ------------
Non-current liabilities
Long-term provisions (0.5) (0.5) (0.5)
Deferred tax liabilities - (4.4) (1.2)
Long-term lease liabilities 11 (30.0) (38.8) (35.8)
Long-term borrowings 11 (68.6) (58.2) (70.8)
------------------------------------ ---------- ----------- ----------- ------------
(99.1) (101.9) (108.3)
------------------------------------ ---------- ----------- ----------- ------------
Total liabilities (215.0) (223.5) (219.5)
------------------------------------ ---------- ----------- ----------- ------------
Net assets 135.3 140.8 137.7
------------------------------------ ---------- ----------- ----------- ------------
Equity
Share capital 12 0.2 0.2 0.2
Share premium account - 0.7 0.7
Treasury reserve (26.2) (3.7) (21.4)
Other reserve (44.3) (37.1) (37.1)
Merger reserve - 163.8 163.8
Foreign currency translation
reserve (0.4) 1.4 0.2
Retained profit 12 206.0 15.5 31.3
------------------------------------ ---------- ----------- ----------- ------------
Equity attributable to equity
holders of the parent 135.3 140.8 137.7
------------------------------------ --- ------ ------------------------ --------------
The accompanying notes form an integral part of this financial
report.
(1) Share premium account and retained profit have been restated
for the period ended 30 June 2020 in relation to entries
recognising the vesting of share options, as identified and
reflected in the financial statements for the year ended 31
December 20, further information contained in note 1.
Consolidated Statement of Changes in Equity
Share Share Other Foreign Merger Retained Equity
capital premium Treasury reserve currency reserve profit attributable
account reserve translation Restated to
Restated reserve (1) equity
(1) holders
of
the
parent
GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
Balance at 31
December 2019 0.2 0.7 (11.0) (37.1) 0.8 163.8 34.0 151.4
Profit for the
six month
period ended 30
June 2020 - - - - - - 5.8 5.8
Other
comprehensive
income:
Net exchange
gain on
translation
of foreign
entities - - - - 0.6 - - 0.6
----------------- --------- ---------- ----------- --------- ------------- --------- ---------- --------------
Total
comprehensive
income
for the period - - - - 0.6 - 5.8 6.4
----------------- --------- ---------- ----------- --------- ------------- --------- ---------- --------------
Transactions
with owners:
Share Buyback - - (6.0) - - - - (6.0)
Dividend - - - - - - (11.6) (11.6)
Vesting of share
options - - 13.3 - - - (13.3) -
Share based
payments charge - - - - - - 1.5 1.5
Deferred tax on
share based
payments - - - - - - (0.9) (0.9)
----------------- --------- ---------- ----------- --------- ------------- --------- ---------- --------------
Balance at 30
June 2020 0.2 0.7 (3.7) (37.1) 1.4 163.8 15.5 140.8
Profit for the
six month
period ended 31
December
2020 - - - - - - 16.8 16.8
Other
comprehensive
income:
Net exchange
loss on
translation
of foreign
entities - - - - (1.2) - - (1.2)
----------------- --------- ---------- ----------- --------- ------------- --------- ---------- --------------
Total
comprehensive
income
for the period - - - - (1.2) - 16.8 15.6
----------------- --------- ---------- ----------- --------- ------------- --------- ---------- --------------
Transactions
with owners:
Share Buyback - - (17.7) - - - - (17.7)
Dividend - - - - - - (6.4) (6.4)
Share based
payments charge - - - - - - 2.7 2.7
Deferred tax on
share based
payments - - - - - - 2.7 2.7
Balance at 31
December 2020 0.2 0.7 (21.4) (37.1) 0.2 163.8 31.3 137.7
Profit for the
six month
period ended 30
June 2021 - - - - - - 11.2 11.2
Other
comprehensive
income:
Net exchange
loss on
translation
of foreign
entities - - - - (0.6) - - (0.6)
----------------- --------- ---------- ----------- --------- ------------- --------- ---------- --------------
Total
comprehensive
income
for the period - - - - (0.6) - 11.2 10.6
----------------- --------- ---------- ----------- --------- ------------- --------- ---------- --------------
Transactions
with owners:
Bonus issue of
shares 171.0 - - (7.2) - (163.8) - -
Capital
reduction (171.0) (0.7) - - - - 171.7 -
Share Buyback - - (6.1) - - - - (6.1)
Dividend - - - - - - (13.4) (13.4)
Vesting of share
options - - 1.3 - - - (1.3) -
Share based
payments charge - - - - - - 4.7 4.7
Deferred tax on
share based
payments - - - - - - 1.8 1.8
Balance at 30
June 2021 0.2 - (26.2) (44.3) (0.4) - 206.0 135.3
----------------- --------- ---------- ----------- --------- ------------- --------- ---------- --------------
The accompanying notes form an integral part of this financial
report.
(1) Share premium account and retained profit have been restated
for the period ended 30 June 2020 in relation to entries
recognising the vesting of share options, as identified and
reflected in the financial statements for the year ended 31
December 2020, further information contained in note 1.
Consolidated Statement of Cash Flows
6 months 6 months Year to
to 30 June to 30 June 31 December
Continuing operations 2021 2020 2020
Unaudited Unaudited Audited
Restated
(1)
Cash flows from operating activities GBPm GBPm GBPm
Profit for the period 11.2 5.8 22.6
Adjustments for:
Depreciation 3.6 3.2 7.0
Amortisation 3.2 7.5 11.8
Impairment of goodwill 0.4 - -
Net finance costs 2.3 2.2 4.4
Taxation recognised in profit or
loss 4.8 3.5 6.0
Share based payments charge 4.7 1.5 4.2
Decrease in trade and other receivables 5.3 5.6 1.5
Increase in trade and other payables 4.8 9.2 2.5
Revaluation of short and long-term
derivatives 0.7 1.7 (0.3)
Movement in provisions (0.2) - 0.1
------------------------------------------- ------------ ------------ -------------
Cash generated from continuing operations 40.8 40.2 59.8
Interest paid (1.3) (1.2) (2.4)
Income taxes paid (3.8) (2.4) (6.4)
------------------------------------------- ------------ ------------ -------------
Total cash flows from operating
activities 35.7 36.6 51.0
------------------------------------------- ------------ ------------ -------------
Cash flows from investing activities
Acquisitions (1.1) (1.0) (1.0)
Cash received from repayment of
loans receivable 0.9 0.9 0.9
Purchase of property, plant and
equipment (0.4) (1.6) (3.5)
Purchase of intangible assets (0.6) (0.5) (1.5)
------------------------------------------- ------------ ------------ -------------
Total cash flows used in investing
activities (1.2) (2.2) (5.1)
------------------------------------------- ------------ -------------
Cash flows from financing activities
Repayment of borrowings (2.5) (2.8) (5.3)
Proceeds from borrowings - - 15.0
Loan refinancing fees - (0.7) (0.7)
Acquisition of own shares (6.1) (6.0) (23.7)
Principal elements of lease payments (3.1) (3.1) (6.1)
Dividend paid (13.4) (11.6) (18.0)
------------------------------------------- ------------ ------------ -------------
Total cash flows used in financing
activities (25.1) (24.2) (38.8)
------------------------------------------- ------------ ------------ -------------
Net increase in cash and cash equivalents 9.4 10.2 7.1
Cash and cash equivalents at beginning
of period 17.7 11.2 11.2
Effects of currency translation
on cash and cash equivalents (0.6) 0.6 (0.6)
------------------------------------------- ------------ ------------ -------------
Cash and cash equivalents at end
of period 26.5 22.0 17.7
------------------------------------------- ------------ ------------ -------------
The accompanying notes form an integral part of this financial
report.
(1) Restatement
The results for the period ended 30 June 2020 have been restated
to reclassify cash received from the repayment of loans of GBP0.9m
from cash flows from operating activities into cash flows used in
investing activities, as identified and reflected in the financial
statements for the year ended 31 December 2020. Full disclosure
included within note 1.
Notes to the Interim Financial Statements
1. General information
Nature of operations
The principal activity of GlobalData Plc and its subsidiaries
(together 'the Group') is to provide business information in the
form of high quality proprietary data, analytics and insights to
clients in multiple sectors.
GlobalData Plc ('the Company') is a company incorporated in the
United Kingdom and listed on the Alternative Investment Market
(AIM). The registered office of the Company is John Carpenter
House, John Carpenter Street, London, EC4Y 0AN. The registered
number of the Company is 03925319.
Basis of preparation
These interim financial statements are for the six months ended
30 June 2021. They have been prepared in accordance with IAS 34,
Interim Financial Reporting as adopted in the United Kingdom. They
do not include all of the information required for full annual
financial statements, and should be read in conjunction with
GlobalData Plc's audited financial statements for the year ended 31
December 2020.
The financial information for the year ended 31 December 2020
set out in this interim report does not constitute statutory
accounts as defined in Section 434 of the Companies Act 2006. The
Group's statutory financial statements for the year ended 31
December 2020 have been filed with the Registrar of Companies and
can be found on the Group's website www.globaldata.com. The
auditor's report on those financial statements was unqualified and
did not contain statements under Section 498(2) or Section 498(3)
of the Companies Act 2006.
These interim financial statements have been prepared under the
historical cost convention as modified by the revaluation of
derivative financial instruments.
The interim financial statements are presented in Pounds
Sterling (GBP), which is also the functional currency of the
Company. These interim financial statements have been approved for
issue by the Board of Directors.
Restatements
Share premium account and retained profit have been restated for
the period ended 30 June 2020 in relation to entries recognising
the vesting of share options, as identified and reflected in the
financial statements for the year ended 31 December 2020.
Previously, part of the vesting entries were recognised within the
share premium account in error. As a result of the restatement,
share premium account has reduced by GBP8.3m to GBP0.7m and
retained profit has increased by GBP8.3m to GBP15.5m. Profit before
tax, net assets and earnings per share are unaffected for the
comparative period.
The cash flow statement for the period ended 30 June 2020 has
been restated to reclassify GBP0.9m cash received from the
repayment of loans from cash flows from operating activities to
cash flows used in investing activities, as identified and
reflected in the financial statements for the year ended 31
December 2020.
Notes to the Interim Financial Statements (continued)
Critical accounting estimates and judgements
When preparing the Interim Financial Statements, the Group makes
a number of estimates, judgements and assumptions regarding the
future. Estimates, judgements and assumptions are continually
evaluated based on historical experience and other factors,
including expectations of future events that are believed to be
reasonable under the circumstances. In the future, actual
experience may deviate from these estimates and assumptions.
The judgements, estimates and assumptions applied in the Interim
Financial Statements, including the key sources of estimation
uncertainty, were the same as those applied in the Group's last
annual financial statements for the year ended 31 December 2020.
The only exceptions are the estimate of income tax liabilities,
which is determined in the Interim Financial Statements using the
estimated average annual effective income tax rate applied to the
pre-tax income of the interim period.
Principal and emerging risks and uncertainties
The Directors consider that the principal and emerging risks and
uncertainties facing the Group are consistent with those reported
within the Strategic Report of the annual financial statements for
the year ended 31 December 2020. The key risks identified were as
follows:
-- Business and strategic risks: Product; People and Succession;
Competition and Clients; Economic and Global Political Changes;
Acquisition and Disposal Risk
-- Operational risks: Financial; Loss, Misuse or Theft of
Proprietary, Employee or Customer Data; IT, Cyber and Systems
Failure; Regulatory Compliance
Going concern
The Group has closing cash of GBP26.5m as at 30 June 2021 and
net debt of GBP47.1m (30 June 2020: net debt of GBP41.2m), being
cash and cash equivalents less short and long-term borrowings,
excluding lease liabilities. The Group has outstanding loans of
GBP74.2m which are syndicated with The Royal Bank of Scotland, HSBC
and Bank of Ireland. The Group has a further facility to draw upon
of GBP65m RCF plus a further uncommitted accordion facility of
GBP75m. The Group's current banking facilities are in place until
April 2023. The Group has generated GBP40.8m in cash from
operations during the period ended 30 June 2021.
The Directors have a reasonable expectation that there are no
material uncertainties that cast significant doubt about the
Group's ability to continue in operation and meet its liabilities
as they fall due for the foreseeable future, being a period of at
least 12 months from the date of announcement of the interim
financial statements. The Directors recognise that the COVID-19
pandemic does create risks and uncertainties, and in response to
this have modelled a number of scenarios to consider the potential
impact of COVID-19 on the Group's results, cash flow and loan
covenant forecast. Key assumptions built into the scenarios focus
on consulting growth, Communities revenue and events revenue. There
remains headroom on the covenants under each scenario. In addition
to performing scenario planning, the Directors have also conducted
stress testing of the business' forecasts and, taking into account
reasonable downside sensitivities (acknowledging that such risks
and uncertainties exist), the Directors are satisfied
that the business is expected to operate within its
facilities.
Through our normal business practices we are in regular
communication with our lenders and are satisfied they will be in a
position to continue supporting us for the foreseeable future.
The Directors therefore consider the strong balance sheet, with
good cash reserves and working capital along with group financing
arrangements, provide ample liquidity. Accordingly, the Directors
have prepared the interim financial statements on a going concern
basis.
2. Accounting policies
This interim report has been prepared based on the accounting
policies detailed in the Group's financial statements for the year
ended 31 December 2020, and applied consistently. The annual
financial statements of the Group are prepared in accordance with
IFRSs as adopted by the United Kingdom.
Presentation of non-statutory alternative performance
measures
The Directors believe that Adjusted EBITDA, Adjusted EBITDA
margin, Adjusted profit before tax, Adjusted profit after tax and
Adjusted earnings per share provide additional useful information
on the core operational performance of the Group to shareholders,
and we review the results of the Group using these measures
internally. The term 'adjusted' is not a defined term under IFRS
and may not therefore be comparable with similarly titled profit
measures reported by other companies. It is not intended to be a
substitute for, or superior to, IFRS measures of profit.
Notes to the Interim Financial Statements (continued)
Adjustments are made in respect of:
Share based payments Share based payment expenses are excluded from
Adjusted EBITDA as they are a non-cash charge,
the awards are equity-settled and the Directors
believe they result in a level of charge that
would distort the user's view of the core trading
performance of the Group.
Restructuring, M&A The Group considers these items of expense as
and refinancing costs exceptional and excludes them from Adjusted EBITDA
where the nature of the item, or its size, is
not related to the core underlying trading of
the Group so as to assist the user of the financial
statements to better understand the results of
the core operations of the Group and allow comparability
of underlying results.
----------------------------------------------------------
Amortisation and The amortisation charge for those intangible
impairment of acquired assets recognised on business combinations is
intangible assets excluded from Adjusted EBITDA since they are
non-cash charges arising from historical investment
activities. Any impairment charges recognised
in relation to these intangible assets is also
excluded from Adjusted EBITDA. This is a common
adjustment made by acquisitive information service
businesses and therefore consistent with peers.
----------------------------------------------------------
Revaluation of short Gains and losses are recognised within Adjusted
and long-term derivatives EBITDA when they are realised in cash terms and
therefore we exclude such non-cash movements,
arising from fluctuations in exchange rate which
may not reflect the underlying performance of
the Group, and which better aligns Adjusted EBITDA
to the cash performance of the business.
----------------------------------------------------------
Unrealised operating
foreign exchange
gain/ loss
----------------------------------------------------------
3. Taxation
Income tax on the profit or loss for the period comprises
current and deferred tax.
Current tax is the expected tax payable on the taxable income
for the period, using rates substantively enacted at the reporting
date, and any adjustments to the tax payable in respect of previous
years.
Deferred taxation is provided in full on temporary differences
between the carrying amount of the assets and liabilities in the
financial statements and the tax base. Deferred tax assets are
recognised only to the extent that it is probable that future
taxable profits will be available against which the temporary
difference can be utilised. Deferred tax is determined using the
tax rates that have been enacted or substantially enacted by the
reporting date, and are expected to apply when the deferred tax
liability is settled or the deferred tax asset is realised.
Tax is recognised in the income statement for interim reporting
purposes using the tax rate that would be applicable to expected
total annual earnings, being the estimated average annual effective
income tax rate applied to the pre-tax income of the interim
period. To the extent practicable, a separate estimated average
annual effective income tax rate is determined for each tax
jurisdiction and applied individually to the interim period pre-tax
income of each jurisdiction. Similarly, if different income tax
rates apply to different categories of income (such as capital
gains), to the extent practicable, a separate rate is applied to
each individual category of interim period pre-tax income.
4. Segment analysis
The principal activity of GlobalData Plc and its subsidiaries
(together 'the Group') is to provide business information in the
form of high quality proprietary data, analytics and insights to
clients in multiple sectors.
IFRS 8 "Operating Segments" requires the segment information
presented in the financial statements to be that which is used
internally by the chief operating decision maker to evaluate the
performance of the business and to decide how to allocate
resources. The Group has identified the Chief Executive Officer
(CEO) as its chief operating decision maker.
Notes to the Interim Financial Statements (continued)
The Group maintains a centralised operating model and single
product platform ('One Platform'), which is underpinned by a common
taxonomy, shared development resource, and new data science
technologies. The fundamental principle of the GlobalData business
model is to provide our clients subscription access to our
proprietary data, analytics, and insights platform, with the
offering of ancillary services such as consulting, single copy
reports and events. The vast majority of data sold by the Group is
produced by a central research team which produces data for the
Group as a whole. The team reports to one central individual, the
Managing Director of the India operation who reports to the Group
CEO. Data, analytics and insights is therefore considered to be the
operating segment of the Group.
The Group profit or loss is reported to the Chief Executive
Officer on a monthly basis and consists of earnings before
interest, tax, depreciation, amortisation, central overheads and
other adjusting items. The Chief Executive Officer also monitors
revenue within the operating segment.
The Group considers the use of a single operating segment to be
appropriate due to:
- The CEO reviewing profit or loss at the Group level
- Utilising a centralised operating model
- Being an integrated solutions based business, rather than a portfolio business
A reconciliation of Adjusted EBITDA to profit before tax from
continuing operations is set out below:
6 months 6 months Year to
to 30 June to 30 June 31 December
2021 2020 2020
Unaudited Unaudited Audited
GBPm GBPm GBPm
Adjusted EBITDA 30.7 27.2 56.7
Adjusting items (see note 6) (8.3) (11.9) (15.6)
Depreciation (3.6) (3.2) (7.0)
Amortisation (excluding amortisation
of acquired intangible assets) (0.5) (0.6) (1.1)
Finance costs (2.3) (2.2) (4.4)
Profit before tax 16.0 9.3 28.6
-------------------------------------- ------------ ------------ -------------
The Group generates revenue from services provided over a period
of time such as recurring subscriptions and other services which
are deliverable at a point in time such as reports, events and
custom research.
Subscription income for online services, data and analytics
(typically 12 months) is normally received at the beginning of the
service and is therefore recognised as a contract liability,
"deferred revenue", on the statement of financial position. Revenue
is recognised evenly over the period of the contractual term as the
performance obligations are satisfied evenly over the term of
subscription.
The revenue on services delivered at a point in time is
recognised when our contractual obligation is satisfied, such as
delivery of a static report or delivery of an event. The obligation
on these types of contracts is a discrete obligation, which once
met satisfies the Group performance obligation under the terms of
the contract.
Any invoiced contracted amounts which are still subject to
performance obligations and where the payment has been received or
is contractually due, is recognised within deferred revenue at the
statement of financial position date. Typically, the Group receives
settlement of cash at the start of each contract and standard terms
are zero days. Similarly, if the Group satisfies a performance
obligation before it receives the consideration or is contractually
due the Group recognises a contract asset within accrued income in
the statement of financial position.
Notes to the Interim Financial Statements (continued)
Revenue recognised in the Consolidated Income Deferred Revenue recognised within the
Statement Consolidated Statement of Financial Position
Period ended Period ended Year ended 31 As at 30 June As at 30 June As at 31
30 June 2021 30 June 2020 December 2020 2021 2020 December 2020
GBPm GBPm GBPm GBPm GBPm GBPm
Services
transferred:
Over a period
of time (1) 76.6 72.3 149.1 75.4 68.2 64.2
Immediately
on delivery 14.5 14.4 29.3 6.6 12.4 10.5
---------------- --------------- --------------- --------------- --------------- --------------- ---------------
Total 91.1 86.7 178.4 82.0 80.6 74.7
(1) Subscriptions
As subscriptions are typically for periods of 12 months the
majority of deferred revenue held at 31 December will be recognised
in the income statement in the following year. As at 30 June 2021,
GBP0.5m (30 June 2020: GBP1.3m) of the deferred revenue balance
will be recognised beyond the next 12 months.
In instances where the Group enters into transactions involving
a range of the Group's services, for example a subscription and
custom research, the total transaction price for a contract is
allocated amongst the various performance obligations based on
their relative stand-alone selling prices.
Geographical analysis
The below disaggregated revenue is derived from the geographical
location of our customers rather than the team structure we are
organised by.
From continuing operations
6 months to 30 June 2021 UK Europe Americas Asia Pacific MENA (1) Rest of World Total
GBPm GBPm GBPm GBPm GBPm GBPm GBPm
Revenue from external customers 15.0 25.5 29.0 11.6 7.2 2.8 91.1
--------------------------------- ----- ------- --------- ------------- --------- -------------- --------
6 months to 30 June 2020 UK Europe Americas Asia Pacific MENA (1) Rest of World Total
GBPm GBPm GBPm GBPm GBPm GBPm GBPm
Revenue from external customers 13.8 23.5 28.7 10.6 7.1 3.0 86.7
--------------------------------- ----- ------- --------- ------------- --------- -------------- ------
Year ended 31 December 2020 UK Europe Americas Asia Pacific MENA (1) Rest of World Total
GBPm GBPm GBPm GBPm GBPm GBPm GBPm
Revenue from external customers 26.3 49.7 62.8 19.2 13.1 7.3 178.4
--------------------------------- ----- ------- --------- ------------- --------- -------------- ------
1. Middle East & North Africa
Notes to the Interim Financial Statements (continued)
5. Operating profit
Operating profit is stated after the following expenses relating
to continuing operations:
6 months 6 months to Year to 31
to 30 June 2020 December 2020
30 June Unaudited Audited
2021
Unaudited
GBPm GBPm GBPm
Cost of sales 50.1 49.1 101.0
Administrative costs 22.4 25.5 44.4
----------------------------- ------------ --------------- ----------------
72.5 74.6 145.4
Losses on trade receivables 0.9 1.2 1.3
Total operating expenses 73.4 75.8 146.7
----------------------------- ------------ --------------- ----------------
6. Adjusting items
6 months 6 months to Year to 31
to 30 June 2020 December 2020
30 June Unaudited Audited
2021
Unaudited
GBPm GBPm GBPm
Restructuring costs 0.9 0.2 0.4
M&A costs 0.2 0.4 0.7
Refinancing costs - 0.2 0.2
Share based payment charge 4.7 1.5 4.2
Revaluation of short and long-term
derivatives 0.7 1.7 (0.3)
Unrealised operating foreign
exchange (gain)/ loss (0.9) 1.0 (0.3)
Amortisation of acquired intangibles 2.7 6.9 10.7
Total adjusting items 8.3 11.9 15.6
-------------------------------------- ------------ --------------- ----------------
The adjustments made are as follows:
-- Restructuring relates to GBP0.4m in redundancy payments,
GBP0.4m impairment of goodwill previously held in relation to
Progressive Media International FZ LLC, which has been dissolved
and GBP0.1m in professional fees incurred in relation to group
reorganisation projects.
-- The M&A costs consist of professional fees incurred in
performing due diligence relating to potential acquisition
targets.
-- The share based payments charge is in relation to the three s
hare based compensation plans under which the entity receives
services from employees as consideration for equity instruments
(options) of the Group. The fair value of the employee services
received in exchange for the grant of the options and awards is
recognised as an expense in the income statement. The total amount
to be expensed is determined by reference to the fair value of the
options granted (fair value at the date of grant determined using
the Black-Scholes model for schemes 1 and 3 and the Monte Carlo
method for scheme 2), excluding the impact of any non-market
service and performance vesting conditions (for example,
profitability, sales growth targets and remaining an employee of
the entity over a specified time period).
-- The revaluation of short and long-term derivatives relates to
movement in the fair value of the short and long-term derivatives
detailed in note 10.
-- Unrealised operating foreign exchange (gains)/ losses relate
to non-cash exchange losses made on operating items.
-- Refinancing costs are in relation to the re-financing
activity completed in May 2020.
Notes to the Interim Financial Statements (continued)
7. Net finance costs
6 months 6 months to Year to 31
to 30 June 2020 December 2020
30 June Unaudited Audited
2021
Unaudited
GBPm GBPm GBPm
Loan interest cost 1.5 1.3 2.8
Lease interest cost 0.8 0.9 1.7
Other interest cost - 0.1 -
Other interest income - (0.1) (0.1)
2.3 2.2 4.4
----------------------- ------------ --------------- ----------------
8. Earnings per share
The calculation of the basic earnings per share is based on the
earnings attributable to ordinary shareholders of the parent
company divided by the weighted average number of shares in issue
during the period . The Group also has a share options scheme in
place and therefore the Group has calculated the dilutive effect of
these options.
6 months to
30 June 2021
Unaudited
6 months to
30 June 2020 Year to 31 December 2020
Unaudited Audited
Earnings per share attributable to equity holders from
continuing operations:
Basic
Profit for the period attributable to ordinary
shareholders of the parent company (GBPm) 11.2 5.8 22.6
Weighted average number of shares (no' m) 116.0 117.8 116.2
Basic earnings per share (pence) 9.7 4.9 19.4
Diluted
Profit for the period attributable to ordinary
shareholders of the parent company (GBPm) 11.2 5.8 22.6
Weighted average number of shares (no' m) 125.2 126.1 124.8
Diluted earnings per share (pence) 8.9 4.6 18.1
Reconciliation of basic weighted average number of shares to the
diluted weighted average number of shares:
6 months to 6 months to
30 June 2021 30 June 2020
Unaudited Unaudited
No' m No' m
Year to 31 December 2020
Audited
No' m
Basic weighted average number of shares, net of shares
held in Treasury reserve 116.0 117.8 116.2
Share options in issue at end of period, net of shares
not paid up 9.2 8.3 8.6
--------------------------------------------------------- --------------- --------------- -------------------------
Diluted weighted average number of shares 125.2 126.1 124.8
--------------------------------------------------------- --------------- --------------- -------------------------
Notes to the Interim Financial Statements (continued)
9. Intangible assets
Software Customer Brands IP rights Goodwill Total
relationships and Database
GBPm GBPm GBPm GBPm GBPm GBPm
Cost
As at 31 December
2020 12.2 44.0 16.1 50.2 227.7 350.2
Additions: Separately
acquired 0.5 - - 0.1 - 0.6
As at 30 June
2021 12.7 44.0 16.1 50.3 227.7 350.8
----------------------- --------- --------------- ------- -------------- --------- --------
Amortisation
As at 31 December
2020 (9.9) (28.8) (10.7) (48.3) (10.5) (108.2)
Charge for the
period (0.6) (1.8) (0.3) (0.5) - (3.2)
Impairment of
goodwill - - - - (0.4) (0.4)
As at 30 June
2021 (10.5) (30.6) (11.0) (48.8) (10.9) (111.8)
----------------------- --------- --------------- ------- -------------- --------- --------
Net book value
As at 30 June
2021 2.2 13.4 5.1 1.5 216.8 239.0
As at 31 December
2020 2.3 15.2 5.4 1.9 217.2 242.0
----------------------- --------- --------------- ------- -------------- --------- --------
Impairment in the period of GBP0.4m relates to group
restructuring in which goodwill previously held in relation to
Progressive Media International FZ LLC, which has been dissolved,
has been fully written down in value. The impairment has been
classified within restructuring costs which forms part of adjusting
items (note 6).
10. Derivative assets and liabilities
30 June 2021 30 June 31 December
Unaudited 2020 2020
GBPm Unaudited Audited
GBPm GBPm
Short-term derivative assets 0.6 0.1 1.2
Short-term derivative liabilities (0.2) (1.0) (0.1)
Net derivative asset/ (liability) 0.4 (0.9) 1.1
----------------------------------- --------------- ------------ --------------
The Group uses derivative financial instruments in the form of
currency forward contracts to reduce its exposure to fluctuations
in foreign currency exchange rates.
Classification is based on when the derivatives mature. The fair
values of derivatives are expected to impact the income statement
over the next year, dependant on movements in the fair value of the
foreign exchange contracts. The movement in the period was an
expense of GBP0.7m to the income statement (30 June 2020: expense
of GBP1.7m).
The Group uses the following hierarchy for determining and
disclosing the fair value of financial instruments by valuation
technique:
-- Level 1: quoted (unadjusted) prices in active markets for
identical assets or liabilities;
-- Level 2: other techniques for which all inputs which have a
significant effect on the recorded fair value are observable,
either directly or indirectly; and
-- Level 3: techniques which use inputs which have a significant
effect on the recorded fair value that are not based on observable
market data.
Notes to the Interim Financial Statements (continued)
As at 30 June 2021, the only financial instruments measured at
fair value were derivative financial assets/ liabilities and these
are classified as Level 2.
Type of Financial Instrument Measurement technique Main assumptions Main inputs used
at Level 2
------------------------------ ---------------------- ------------------------------ ------------------------------
Derivative assets and Present-value method Determining the present value Observable market exchange
liabilities of financial instruments as rates
the current value of future
cash
flows, taking into account
current market exchange rates
11. Borrowings and Lease Liabilities
30 June 2021 30 June 31 December
Unaudited 2020 2020
GBPm Unaudited Audited
GBPm GBPm
Short-term lease liabilities 4.0 4.2 4.1
Short-term borrowings 5.0 5.0 5.0
Current liabilities 9.0 9.2 9.1
------------------------------ --------------- ------------ --------------
30 June 2021 30 June 31 December
Unaudited 2020 2020
GBPm Unaudited Audited
GBPm GBPm
Long-term lease liabilities 30.0 38.8 35.8
Long-term borrowings 68.6 58.2 70.8
Non-current liabilities 98.6 97.0 106.6
----------------------------- --------------- ------------ --------------
Term loan and RCF
In May 2020, the Group announced that it had agreed to increase
its current banking facilities with NatWest Group, HSBC and Bank of
Ireland, extending the current maturity to April 2023 (previously
April 2022). The new arrangements increased the total committed
facility to GBP145.5m (previously GBP100m), plus a further
uncommitted accordion facility of GBP75m. The committed facility
comprises a term loan of GBP50m and a revolving credit facility
(RCF) of GBP95.5m.
The term loan is repayable in quarterly instalments, with total
repayments due in the next 12 months of GBP5.0m. The outstanding
term loan balance as at 30 June 2021 is GBP43.7m, with a fair value
in accordance with IFRS9 of GBP43.2m. As at 30 June 2021, the Group
had drawn down GBP30.5m of the RCF, with a fair value in accordance
with IFRS9 of GBP30.4m. Interest is currently charged on the term
loan and drawn down RCF at a rate of 2.25% over the London
Interbank Offered Rate.
Lease payments not recognised as a liability
The Group has elected not to recognise a lease liability for
short term leases (leases with an expected term of 12 months or
less) or for leases of low value assets. Payments made under such
leases are expensed on a straight line basis. In addition, certain
variable lease payments are not permitted to be recognised as lease
liabilities and are expensed as incurred. The expense relating to
payments not included in the measurement of a lease liability is
GBP0.0m for the period ended 30 June 2021 (30 June 2020:
GBP0.3m).
During the period ended 30 June 2021, the Group entered into a
lease contract for an office based in Tokyo, Japan. The lease
commencement date is 1 August 2021, therefore as at 30 June 2021
this is not reflected within right-of-use assets or lease
liabilities, in line with provisions of IFRS16. As at 1 August 2021
(commencement date), the group will recognise a right-of-use asset
of GBP0.7m and associated lease liability of the same amount.
Notes to the Interim Financial Statements (continued)
The changes in the Group's borrowings can be classified as
follows:
Long-term Short-term
Short-term borrowings lease Long-term lease
borrowings liabilities liabilities Total
GBPm GBPm GBPm GBPm GBPm
As at 1 January 2021 5.0 70.8 4.1 35.8 115.7
----------------------------------- ---------------- ----------------- ---------------- ---------------- ------
Cash-flows:
* Repayment (2.5) - (3.1) - (5.6)
Non-cash:
* Loan fee amortisation - 0.3 - - 0.3
* Lease additions - - 0.3 - 0.3
* Lease liabilities - - 0.8 (3.9) (3.1)
* Reclassification 2.5 (2.5) 1.9 (1.9) -
As at 30 June 2021 5.0 68.6 4.0 30.0 107.6
----------------------------------- ---------------- ----------------- ---------------- ---------------- ------
12. Equity
Share capital
Allotted, called up and
fully paid:
30 June 2021 30 June 2020 31 December
Unaudited Unaudited 2020
Audited
No'000s GBP000s No'000s GBP000s No'000s GBP000s
Ordinary shares (1/14(th)
pence) 118,303 84 118,303 84 118,303 84
Deferred shares of GBP1.00
each 100 100 100 100 100 100
---------------------------- -------- -------- -------- -------- -------- --------
Total allotted, called
up and fully paid 118,403 184 118,403 184 118,403 184
---------------------------- -------- -------- -------- -------- -------- --------
Share Purchases
During the period the Group's Employee Benefit Trust purchased
an aggregate amount of 0.4m shares at a total market value of
GBP6.1m. The purchased shares will be held for the purpose of
satisfying the exercise of share options under the Company's
Employee Share Option Plan.
In April 2021, 125,000 outstanding share options held by Bernard
Cragg vested in accordance with the date of employment target being
satisfied within Tranche BC. The Group satisfied the share options
exercised using the shares held by the Trust. Movements to the
treasury reserve and retained earnings have arisen on the
accounting for the vesting of the options as detailed in the
Statement of Changes in Equity. This recognises the fact that no
current year expense is incurred, as the vesting of options is a
transaction with shareholders only.
Capital management
The Group's capital management objectives are:
-- To ensure the Group's ability to continue as a going concern
-- To fund future growth and provide an adequate return to
shareholders and, when appropriate, distribute dividends
The capital structure of the Group consists of net debt, which
includes borrowings and cash and cash equivalents, and equity.
The Company has two classes of shares. The ordinary shares carry
no right to fixed income and each share carries the right to one
vote at general meetings of the Company. The deferred shares do not
confer upon the holders the right to receive any dividend,
distribution or other participation in the profits of the Company.
The deferred shares do not entitle the holders to receive notice of
or to attend and speak or vote at any general meeting of the
Company.
Notes to the Interim Financial Statements (continued)
On distribution of assets on liquidation or otherwise, the
surplus assets of the Company remaining after payments of its
liabilities shall be applied first in repaying to holders of the
deferred shares the nominal amounts and any premiums paid up or
credited as paid up on such shares, and second the balance of such
assets shall belong to and be distributed among the holders of the
ordinary shares in proportion to the nominal amounts paid up on the
ordinary shares held by them respectively.
There are no specific restrictions on the size of a holding nor
on the transfer of shares, which are both governed by the general
provisions of the Articles of Association and prevailing
legislation. The Directors are not aware of any agreements between
holders of the Company's shares that may result in restrictions on
the transfer of securities or on voting rights.
No person has any special rights of control over the Company's
share capital and all its issued shares are fully paid.
With regard to the appointment and replacement of Directors, the
Company is governed by its Articles of Association, the principles
of the UK Corporate Governance Code, the Companies Act and related
legislation. The Articles themselves may
be amended by special resolution of the shareholders. The powers
of Directors are described in the Board Terms of Reference, copies
of which are available on request.
Capital Reduction
On 19 May 2021, following the passing of Special Resolutions at
the Group's Annual General Meeting, GlobalData Plc ("the Company")
reduced its merger reserve and other reserve by a total of
GBP171.0m, by way of a bonus issue of shares which were shortly
thereafter cancelled and further resolved to cancel the Company's
share premium account. The share premium account totalled GBP0.7m
meaning that as a result of these actions, distributable reserves
increased by a total of GBP171.7m. The Directors are permitted to
allot shares and convert the merger reserve and other reserve into
shares under section 551 of the Companies Act 2006.
Merger reserve and other reserve
In order to utilise the merger reserve and other reserve to
create additional distributable reserves, it was necessary to
capitalise those reserves, totalling GBP171.0m, by way of a bonus
issue of new shares (named the Capital Reduction Shares) and
thereafter cancel the Capital Reduction Shares. At the Annual
General Meeting held on 20 April 2021, the Company's shareholders
approved by way of Special Resolution to carry out the Capital
Reduction Bonus Issue. The Capital Reduction Shares were allotted
and issued on 17 May 2021. The Court confirmed the cancellation of
the Capital Reduction Shares at a Court Hearing held on 19 May
2021.
The Capital Reduction Shares were not admitted to trading on any
regulated market. No share certificates were issued in respect of
the Capital Reduction Shares. The Capital Reduction Shares had
extremely limited rights. In particular, the Capital Reduction
Shares carried no rights to vote, no rights to participate in the
profits of the Company and no rights to participate in the
Company's assets save on a winding-up in extremely limited
circumstances, such that they have no effective market value.
Share premium account
The share premium account has arisen as a result of the vesting
of share options, held by employees of the Company's group. Under
the Companies Act, the amount credited to the share premium account
constitutes a non-distributable reserve. At the Annual General
Meeting held on 20 April 2021, the Company's shareholders approved
by way of Special Resolution the cancellation of its whole share
premium account. The cancellation was subsequently confirmed by the
Court on 19 May 2021.
Impact of capital reduction
There has been no impact on the nominal value of the Ordinary
shares, and there has been no dilution to holders of Ordinary
shares. There was also no impact on the Company's cash position or
on its net assets, and the capital reduction did not itself involve
any distribution or repayment of capital or share premium and will
not result in any changes to the Group's existing dividend
policy.
Notes to the Interim Financial Statements (continued)
Dividends
The final dividend for 2020 was 11.6 pence per ordinary share
and was paid in April 2021. The Board has announced an interim
dividend of 6.1 pence per ordinary share. The interim dividend will
be paid on 1 October 2021 to shareholders on the register at the
close of business on 3 September 2021. The ex-dividend date will be
on 2 September 2021.
Following the 2020 year end, the Directors became aware that the
Company had made unlawful distributions in 2018, 2019 and 2020 on
account of the fact that it had incorrectly included reserves
arising from share based payments, relating to employees of
subsidiaries, as distributable and had not filed interim accounts
in accordance with section 838 of the Companies Act 2006 to
demonstrate sufficient reserves were available for distribution.
Therefore, during the period from May 2018 through to January 2021,
contributions made to the Employee Benefit Trust, in order to buy
back shares to satisfy the employee share options plan, and
distributions by way of dividends were unlawful distributions in
accordance with section 838 of the Companies Act 2006.
In order to correct the position, the Company filed interim
(unaudited) accounts with Companies House on 23 March 2021 (in
advance of the Annual General Meeting) to demonstrate it had
sufficient reserves. At the Company's Annual General Meeting, the
Company proposed a resolution to remove any right the Company may
have had to claim from Directors and Shareholders in respect of the
relevant contributions and distributions. The payments deemed to be
unlawful during this period were GBP7.1m in 2018, GBP18.3m in 2019,
GBP34.8m in 2020 and GBP0.3m in January 2021. Upstream dividends
were paid in advance of the interim accounts to create additional
distributable reserves in the Company and the resolutions
regularised the matter. In addition, as disclosed above, the
Company undertook a Capital Reduction and cancelled the Share
Premium account which created additional distributable reserves of
GBP171.7m. Interim (unaudited) accounts were filed on 31 May 2021
to demonstrate sufficient distributable reserves in advance of the
interim dividend being paid.
Treasury reserve
The treasury reserve represents the cost of shares held in the
Group's Employee Benefit Trust for the purpose of satisfying the
exercise of share options under the Company's Employee Share Option
Plan.
Foreign currency translation reserve
The foreign currency translation reserve contains the
translation differences that arise upon translating the results of
subsidiaries with a functional currency other than Sterling. Such
exchange differences are recognised in the income statement in the
period in which a foreign operation is disposed of.
Share based payments
The Group created a share option scheme during the year ended 31
December 2010 and granted the first options under the scheme on 1
January 2011 to certain senior employees. Each option granted
converts to one ordinary share on exercise. A participant may
exercise their options (subject to employment conditions) at any
time during a prescribed period from the vesting date to the date
the option lapses. For these options to be exercised the Group's
earnings before interest, taxation, depreciation and amortisation,
as adjusted by the Remuneration Committee for significant or
one-off occurrences, must exceed certain targets.
In October 2019 the Group created and announced a new share
option scheme and granted the first options under the scheme on 31
October 2019 to certain senior employees. Each option granted
converts to one ordinary share on exercise. A participant may
exercise their options subject to employment conditions and
performance targets being met. For these options to be exercised
the Group's Total Shareholder Return must exceed an annual rate of
16% over the vesting period.
The total charge recognised for these schemes during the six
months to 30 June 2021 was GBP4.7m (30 June 2020: GBP1.5m). The
awards of the schemes are settled with ordinary shares of the
Company. During the period the Group purchased an aggregate amount
of 0.4m shares at a total market value of GBP6.1m. The purchased
shares will be held in treasury and in the Group's Employee Benefit
Trust for the purpose of satisfying the exercise of share options
under the Company's Employee Share Option Plan.
Notes to the Interim Financial Statements (continued)
13. Related party transactions
During the first half we have made significant progress in
reducing the amount of related party relationships and
transactions.
Mike Danson, GlobalData's Chief Executive Officer, owned 64.94%
of the Company's ordinary shares as at 23 July 2021. Mike Danson
owns a number of businesses that interact with GlobalData Plc, in
part as a result of past M&A transactions (GlobalData Holdings
in 2016 and Research Views Limited in 2018). It is the intention of
the Board and management to reduce the number of related party
transactions and wind down the service agreements that are
currently in place. The Related Party Committee, consisting of 4
Non-Executive directors, oversee related party transactions and
review to ensure that the transactions are in the best interest of
GlobalData and its stakeholders and that the transactions are
recorded and disclosed on an arms-length basis.
During the first half of 2021, we have made significant progress
towards this goal. In particular, as at 30 June 2021 the Group now
has no related party landlords, following the sale of the John
Carpenter and Essex Street properties by the Estel Properties Group
to third party landlords and secondly, the surrender of the Hatton
Garden lease by GlobalData. The surrender of the lease is
beneficial to the Group and removes the liability, which was due to
run to 2028, a non-cash gain of GBP129k has been recognised on
disposal of the lease. This represents the difference between the
value of the lease asset and lease liability under IFRS16 at the
date of surrender.
The Group will continue to reduce the number and value of
related party transactions over the course of the next 18 months,
with the objective of eliminating transactions with related parties
by 1 January 2023.
The principal transactions in the period to 30 June 2021 are in
line with the transactions disclosed in the financial statements
for December 2020, namely: accommodation charges of GBP0.9m (30
June 2020: GBP1.8m), corporate support charges of GBP0.2m (30 June
2020: GBP0.3m) and interest income on an outstanding loan of
GBP0.05m (30 June 2020: GBP0.04m) issued to Progressive Trade Media
Limited. The initial GBP4.5m loan issued has one further instalment
of GBP0.9m remaining, repayable in full in January 2022. Except for
disbursement and pass through costs, all costs were charged at an
appropriate arms-length valuation based upon benchmarks specific to
the service and transaction.
In March 2021, the Group hired 51 employees who at the time were
working for NS Media Group Limited ("NSMGL"), a related party by
virtue of common ownership. The Related Party Committee oversaw the
hiring process and all negotiations and contracting was done
directly with the employees themselves. No fees or compensation
were given to NSMGL.
Separately, GlobalData purchased two start up websites from
NSMGL for GBP55k. These websites, energymonitor.ai and
investmentmonitor.ai, were new websites with no revenues or sales
contracts attached and low audience figures. The valuation was
conducted on an arms-length basis and benchmarked audience figures
and comparable valuations, as well as using a discounted cash flow
valuation. The Related Party Committee reviewed the calculations to
ensure a fair and reasonable arms-length basis was used.
Because of the proximity of the hire of the team from NSMG and
the purchase of the websites, management reviewed the provisions of
IFRS 3; Business Combinations to assess whether the fact pattern
met the requirements of a business combination. Management
concluded that the assets and the team being brought into
GlobalData did not constitute the definition of a business under
IFRS 3, because the majority of the inputs that the team will be
applying process to are pre-existing GlobalData assets and there
were no outputs brought into the Group (no revenues, contracts or
customer relationships). Therefore, management concluded that this
did not meet the definition of a business combination under
IFRS3.
In addition to the principle transactions, the ongoing data
services agreement with NSMGL continued into its 2nd year of the 5
year service contract signed in June 2020. The agreed suite of data
services provided to NSMGL have been contracted on terms equivalent
to those that prevail in arm's length transactions. During the
first half of 2021, the content delivery was modified based upon
the client's revised requirements. Therefore, the revenue arising
in the period has reduced in the period compared to the original
contractual terms. In the period ended 30 June 2021, the total
revenue generated from this contract was GBP0.9m and the net
contribution generated was GBP0.5m. Each year's fixed fees are
invoiced quarterly in advance.
Notes to the Interim Financial Statements (continued)
In addition to the IP and content, there are other shared costs
such as software development, webinar production, lead generation
and content creation platforms with NSMGL, for which GlobalData
received a net charge of GBP0.01m.
As at 30 June 2021, the total balance receivable from NSMGL was
GBPnil. There is no specific credit loss provision in place in
relation to this receivable and the total expense recognised during
the period in respect of bad or doubtful debts was GBPnil.
The Group has taken advantage of the exemptions contained within
IAS 24 - Related Party Disclosures from the requirement to disclose
transactions between Group companies as these have been eliminated
on consolidation. The amounts outstanding for other related parties
were GBP0.9m due within one year owed from Progressive Trade Media
Limited for the outstanding loan (30 June 20: GBP1.9m). There were
no other balances owing to or from related parties.
Advisers
Company Secretary
Charles Strickland
Head Office and Registered Office
John Carpenter House
John Carpenter Street
London
EC4Y 0AN
Tel: + 44 (0) 20 7936 6400
Corporate Broker
Panmure Gordon
One New Change
London
EC4M 9AF
Corporate Broker
HSBC
8 Canada Square
London
E14 5HQ
Nominated Adviser and Corporate Broker
J.P. Morgan Cazenove
25 Bank Street
Canary Wharf
London
E14 5JP
Solicitors
Reed Smith
20 Primrose Street
London
EC2A 2RS
Auditor
Deloitte LLP
Hill House
1 Little New Street
London
EC4A 3BZ
Registrars
Link Group
10th Floor, Central Square
29 Wellington Street
Leeds
LS1 4DL
Bankers
NatWest Group
280 Bishopsgate
London
EC2M 4RB
Registered number
Company No. 03925319
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END
IR EAPXDADXFEFA
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