27th Jul 2020 11:43
(Alliance News) - Market research firm GlobalData PLC on Monday reported a first half profit surge, despite revenue nudging lower.
In the six months to June 30, revenue slipped 2.0% annually to GBP86.7 million from GBP88.5 million.
Pretax profit jumped 79% to GBP9.3 million from GBP5.2 million. Operating expenses fell 7.1% year-on-year to GBP75.8 million.
"The first half results reflect sustained performance across our subscription based data and analytics business, driven by growing demand for our trusted intelligence products," Chief Executive Officer Mike Danson said.
"Although Covid-19 was an unprecedented challenge which posed abnormal trading conditions, our robust business model enabled continued revenue growth across our subscription business and earnings growth for the group."
Revenue at the Subscription business was 7% higher year-on-year.
GlobalData raised its interim dividend by 8.0% to 5.4 pence from 5.0 a year ago.
"We are confident about the outlook and prospects of the group for the second half and believe we have a good opportunity to accelerate into 2021," the company added.
GlobalData shares were 2.2% higher at 1,394.00p each in London on Monday morning.
By Eric Cunha; [email protected]
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