LSE Results Presentation Deck
Meeting or beating our financial targets
Total income
growth (1)
EBITDA
margin (2²)
Revenue
synergies (³)
Cost synergies
delivered (3)
Cost synergies
identified - total(³)
Leverage
OLSEG
6.1%
48.2%
c.25%
of products in our
synergy plan launched
£151m
run-rate
At least
£400m
1.9x
DELIVERY IN 2021
Ahead of the 4-5% range indicated at Q3
190bps pro-forma margin expansion in 2021
£15m run-rate revenue synergies in 2021;
run-rate of £40-60m expected in 2022
Exceeded H1 expectation of £125m FY run-rate
Additional £50m of savings identified
Down from 3.3x in Dec 2020
ORIGINAL TARGET
5-7%
2020-23 CAGR
>50%
by exit 2023
>£225m
run-rate basis by end 2025
£88m
run-rate basis by end 2021
>£350m
run-rate basis by end 2025
1.0-2.0x
2 years post-completion(4)
✓ ✓
Note:
With the exception of EBITDA margin, all guidance is on a constant currency basis and does not factor in any movements in currencies, notably USD and EUR versus GBP
All figures and prior year comparative performance are based on pro-forma performance assuming Refinitiv has been part of LSEG for the full-period with financial performance from Borsa Italiana excluded
(1) Total income, excluding recoveries and the impact of the deferred revenue accounting adjustment
(2) Adjusted EBITDA Margin is calculated as Adjusted EBITDA / Total Income (excl. recoveries)
(3) Revenue and cost synergy targets run to 31 December 2025
(4) 24 months from the date of Completion of the Refinitiv transaction: 29 January 2021View entire presentation