David Schwimmer, CEO said:
“We have delivered on our strategy in 2024. LSEG has achieved a strong performance across the Group enhanced by an exceptional year for Tradeweb. The product innovation we are bringing to customers continues to strengthen our position in the market, and we have made great progress on our transformation. We have successfully generated top line growth with improved profitability.
“Key highlights for the year include material enhancements to the Workspace platform; the availability of more of our leading datasets across cloud-based platforms, meeting our customers where they want to work; and continued significant progress across products and geographies for Post Trade. In addition, we have been a driving force behind reforms that secure London’s position as a leading global venue for capital raising. We also reached an important milestone in our partnership with Microsoft, with the first products now generally available for customers, and a strong pipeline for 2025.
“Our guidance for continued growth and improving profitability in 2025 demonstrates our confidence in our model, which has consistently delivered strong performance across a range of market conditions. We remain committed to innovating for customers and driving returns for shareholders.”
| Reported | 2024 £m | 2023 £m | Variance % |
Constant currency variance % |
Organic constant currency variance % |
|---|---|---|---|---|---|
| Total Income (excl. recoveries) | 8,494 | 8,009 | 6.1% | 8.4% | 7.7% |
| Recoveries1 | 364 | 370 | (1.6%) | 0.6% | 0.6% |
| Total Income (incl. recoveries) | 8,858 | 8,379 | 5.7% | 8.0% | 7.4% |
| Reported | 2024 £m | 2023 £m | Variance % |
|
|
|---|---|---|---|---|---|
| EBITDA | 3,945 | 3,514 | 12.3% | ||
| Operating profit | 1,463 | 1,371 | 6.7% | ||
| Profit before tax | 1,258 | 1,195 | 5.3% | ||
| Basic earnings per share (p) | 128.8 | 138.9 | (7.3%) | ||
| Dividends per share (p) | 130.0 | 115.0 | 13.0% |
| Adjusted2 | 2024 £m | 2023 £m | Variance % | Constant currency variance % | Organic constant currency variance % |
|---|---|---|---|---|---|
| Operating expenses before depreciation, amortisation and impairment | (3,560) | (3,474) | 2.5% | 7.4% | 6.4% |
| EBITDA | 4,148 | 3,777 | 9.8% | 9.6% | 9.1% |
| EBITDA margin | 48.8% | 47.2% | |||
| Operating profit | 3,165 | 2,862 | 10.6% | 9.5% | 9.0% |
| Earnings per share (p) | 363.5 | 323.9 | 12.2% |
Financial highlights
(all growth rates are expressed on an organic, constant currency basis, unless otherwise stated)
- Total income (excl. recoveries) +7.7% (Q4 +7.7%); +6.1% on a reported basis
- Broad-based growth: Data & Analytics +4.5% (Q4 +4.8%); FTSE Russell +10.9% (Q4 +11.2%); Risk Intelligence +11.3% (Q4 +12.0%); Capital Markets +17.8% (Q4 +14.3%); Post Trade +2.4% (Q4 +5.0%)
- ASV growth at December 2024 +6.3%
- Improving profitability: Adjusted EBITDA +9.1%, margin +160 bps, constant currency margin +80 bps. EBITDA +12.3% on a reported basis
- £235 million of non-underlying asset impairments
- Strong adjusted earnings growth: Adjusted EPS +12.2% to 363.5p, driven by revenue growth and increased efficiency. Reported EPS down 7.3%, affected by impairments
- Excellent cash conversion: equity free cash flow £2.2 billion, combining good profit growth and reducing capital intensity
Strategic progress
- High pace of innovation: over 500 enhancements to Workspace, increased availability of LSEG data on new platforms, new Post Trade Solutions and Risk Intelligence services launched
- First LSEG Microsoft Partnership products now generally available, with strong product pipeline and increased customer adoption in 2025
- Acquisition of ICD: gives Tradeweb access to an important fourth client channel, through services to corporate treasury; additional synergy opportunities across LSEG
- Active portfolio management: acquired a further 11.6% of LCH Group, taking ownership to 94.2%; sold 4.92% stake in Euroclear
- Significant shareholder returns: £1 billion returned via buybacks in 2024, with a further £500 million to be completed by July 2025; final dividend +12.2% to 89.0p per share3, to be paid on 21 May 2025 to all shareholders on the share register at the record date of 22 April 2025, subject to shareholder approval. The ex-dividend date is 17 April 2025
2025 guidance
- Organic constant currency growth in total income (excl. recoveries) of 6.5-7.5%
- Constant currency EBITDA margin +50-100 bps, and + c 250 basis points 2024-2026 against a 2023 baseline
- Capex intensity c 10%
- Equity free cash flow at least £2.4 billion
- Underlying effective tax rate 24-25%
This release contains revenues, costs and earnings and key performance indicators (KPIs) for the twelve months ended 31 December 2024. FY 2024 is compared against FY 2023 on a statutory basis. Constant currency variances are calculated on the basis of consistent FX rates applied across the current and prior year period (GBP:USD 1.243 GBP:EUR 1.150). Organic growth is calculated on a constant currency basis, adjusting the results to remove disposals from the entirety of the current and prior year periods, and by including acquisitions from the date of acquisition with a comparable adjustment to the prior year. Within the financial information and tables presented, certain columns and rows may not cast due to the use of rounded numbers for disclosure purposes.
1 Recoveries mainly relate to fees for third-party content, such as exchange data, that is distributed directly to customers.
2 For definition, see page 10.
3 ISIN: GB00B0SWJX34; TIDM: LSEG
Preliminary results investor and analyst presentation, webcast and conference call:
David Schwimmer (Chief Executive Officer) and Michel-Alain Proch (Chief Financial Officer) will host a webcast presentation on LSEG’s 2024 Preliminary Results for analysts and institutional shareholders today at 10:00am (UK time). This will be followed by the opportunity to ask questions via the conference call line.
To access the webcast or telephone conference call please register in advance using the following link and instructions below:
Webcast:
Conference call:
https://registrations.events/direct/LON6893187
Presentation slides can be viewed at http://www.lseg.com/en/investor-relations
