Half Year Results

5 August 2025

FOR IMMEDIATE RELEASE

GlobalData Plc

Half Year Results

 30 June 2025

Resilient H1 performance and good progress in Growth Transformation Plan

GlobalData Plc (AIM: DATA, GlobalData, the Group), the leading data, insight, and technology company, today publishes its results for the half year ended 30 June 2025 (HY25).

· Revenue grew 12% to £156.5m (HY24: £139.6m), with underlying1 growth of 1% reflecting the transformation and investments in sales go-to-market and corporate infrastructure, alongside macro-economic headwinds.

· Investments ahead of sales growth have reduced underlying Adjusted EBITDA margin1 to 38% (2024: 41%), with the phasing of costs to deliver synergies from recent acquisitions and foreign currency impact further reducing Adjusted EBITDA1 to £52.1m, and Adjusted EBITDA margin to 33% (HY24: £57.8m). We expect to return to a normalised margin through the second half.

· Operating profit declined to £28.5m (HY24: £37.8m) having been impacted by acquisition and integration expenses and costs in relation to other corporate projects.

· Operating cash flow conversion was 127% of Adjusted EBITDA for the half (HY24: 130%).

· Momentum building in underlying Contracted Forward Revenue1 growth of 3%, providing strong visibility for the remainder of FY25 and beyond.

· Volume and value renewal rates have been consistent through the half.

· Continued investment in Growth Transformation Plan initiatives.

· Product offering strengthened with £34.5m investment in two value-creating acquisitions, Ai Palette (March 2025) and Stylus (July 2025).

· Process for move to Main Market listing expected to complete in Q4 2025.

· Tender offer of up to £60.0m to be launched on 5 August 2025 at £1.50 per share, following £39.7m shares bought back in the first half.

Mike Danson, Chief Executive Officer of GlobalData Plc, commented: "The first half of 2025 has been one of transition as we have embedded new ways of working to equip our sales teams to pivot to solutions-based selling. This is all part of our number one priority - customer obsession - to get even closer to our customers. We are starting to see good signs of progress with momentum building in improved Contracted Forward Revenue and a pipeline of stronger expanding relationships.

As part of our Growth Transformation Plan we continue to invest to make our 'One Platform' the best it can be, purposefully advancing our offering with AI and launching a suite of digital workers, helping our global customers make critical decisions. As we enter the second half, we look forward to joining the Main Market and believe that our continued investment in the business and platform, our strong balance sheet, cash flows and significant M&A firepower offers shareholders a compelling long-term opportunity for strong returns."

Highlights

Financial results for the six months ended 30 June 2025.

Growth transformation: solutions-based selling, AI innovation and strategic M&A

· Good progress against our three-year Growth Transformation Plan.

· Transforming sales organisation with new sales teams embedded and transitioning to solutions-based selling.

· Active strategic account management starting to drive a pipeline of expanding customer relationships.

· The Average Client Value for customers above £20,000 has increased to £81,000, 6% growth year-on-year.

· Continued investment in product enhancing AI capabilities and solutions.

· Launched "Sam", our first digital worker, using agentic AI to deliver personalised insights, automate workflows, and increase productivity for our sales professionals.

· Platform further strengthened with £34.5m of investment across two value-creating acquisitions:

o Ai Palette a leading AI powered platform for predictive consumer insights and product innovation, on 7 March 2025, and

o  Stylus, the consumer trends intelligence business, on 7 July 2025.

Financial performance: revenue growth and strategic investment impact

· Overall revenue growth of 12% to £156.5m (HY24: £139.6m).

· Underlying revenue growth flat at 1% reflecting the transformation and investments in sales go-to-market and corporate infrastructure, alongside macro-economic headwinds. Some evidence of momentum building through the second quarter.

· Contracted Forward Revenue grew 10% to £157.4m (HY24: £142.9m), reflecting underlying growth of 3% and providing strong visibility for the remainder of FY25 and beyond.

· Investments ahead of sales growth have reduced underlying Adjusted EBITDA margin to 38% (2024: 41%), with the phasing of costs to deliver synergies from recent acquisitions and foreign currency impact further reducing Adjusted EBITDA to £52.1m and Adjusted EBITDA margin to 33% (HY24: £57.8m). We expect to return to a normalised margin through the second half.

o  Starting to see the early benefits from sales reorganisation with increased focus on strategic accounts.

o  FY24 acquisitions are generating the associated cost synergies as planned and are expected to provide £8.0m of Adjusted EBITDA contribution through the second half of the year.

· Operating profit declined to £28.5m (HY24: £37.8m) having been impacted by acquisition and integration expenses.

· Operating cash flow conversion was 127% of Adjusted EBITDA for the half (HY24: 130%).

· Tender offer of up to £60.0m to be launched on 5 August 2025 at £1.50 per share as the Board seeks to return surplus capital to shareholders. This follows a total share buyback and cancellation of £39.7m during the first half under the previously announced share buyback programmes (HY24: £nil).

· Interim dividend of 0.3p (HY24: 1.5p), reflecting the rebasing of the dividend as announced in June 2024.

Outlook: building momentum and growth trajectory to £500m revenue target

· Enter H2 with momentum in Contracted Forward Revenue which provides visibility for the remainder of FY25 and beyond.

· Our new sales teams are now embedded. Active strategic account management is starting to drive a pipeline of stronger expanding relationships.

· Foreign exchange headwinds expected to have a c.£10.0m impact on revenue for FY25, given that c.50% of Group revenues are derived in USD.

· Despite a slower start to the financial year, the Board expects to regain Adjusted EBITDA margin in the second half, driven by operational improvements and M&A contributions.

· Well positioned to maintain resilient growth and strong execution of the Growth Transformation Plan.

Note 1: Defined in the explanation of non-IFRS measures on page 14.

-ENDS-

ENQUIRIES

Notes to Editors 

About 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. On 6 February 2025, GlobalData announced its intention to apply for its ordinary shares to be admitted to the Equity Shares (commercial company) listing segment of the Official List and to trading on the main market for listed securities (the "Main Market") of the London Stock Exchange plc.

One Platform Model 

GlobalData's One Platform model is the foundation of our business and is the result of years of continuous 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: Customer Obsession, World-Class Product, Sales Excellence and Operational Agility.

Cautionary Statement

This interim statement has been prepared solely to provide information to shareholders to assess how the directors have performed their duty to promote the success of the company.

The interim statement contains certain forward-looking statements. These statements are made by the directors in good faith based on the information available to them up to the time of their approval of this report and such statements should be treated with caution due to the inherent uncertainties, including both economic and business risk factors, underlying any such forward-looking information.

CHIEF EXECUTIVE'S REVIEW

Strategic evolution: solutions focus and AI-driven growth

GlobalData has delivered a resilient first half with good momentum in our Growth Transformation Plan 2024-2026. We have continued to reorganise our business to improve sales and efficiencies, invest in our AI capability and client solutions, as well as pursue our strategic M&A ambitions.

In HY25, we delivered steady revenue growth of 12% to £156.5m (HY24: £139.6m). Transformation projects, change agenda and continued uncertainty in the macro-economic environment meant that the underlying revenue growth was flat at +1%.

Following a more modest start to the year because of both external factors (the macro environment) and internal (the reshaping of and investment in our go-to-market function), we saw momentum building during the second quarter with underlying Contracted Forward Revenue growth of 3%, which gives us strong visibility for the remainder of FY25 and beyond. We also demonstrated good momentum and progress executing our Growth Transformation Plan initiatives.

The focus on sales excellence during the half is all part of advancing our number one priority of customer obsession, getting even closer to our customers by pivoting towards strategic account management, with the aim to drive a strong pipeline of expanding relationships across our larger customers.

Work advanced during the first half to embed our solutions-based selling approach. This has taken time during the period to equip our new sales teams and embed new ways of working as we continue to invest in strengthening our offering.

To achieve this, significant change has been underway within our sales organisation, including continued hiring, more robust onboarding and scaling of our strategic account management teams. The realignment of our sales structure will allow for much greater focus on how we engage with our customers and in particular expanding our partnerships with our larger customers. This has also been supplemented with the rollout of our new offering of Solutions, including Sales Intelligence, Competitive Intelligence and Strategic Intelligence. Our Sales Intelligence solution is starting to achieve some early strong traction in its pipeline. We secured a material partnership in June 2025 with a large construction and engineering plant & machinery business for a sales intelligence solution across multiple end markets. This contract is an initial three-year partnership, with annual revenues in excess of £1m.

As part of our growth strategy, we continued to pursue strategic, value-creating M&A opportunities and have closed two acquisitions, Ai Palette on 7 March 2025 and Stylus on 7 July 2025. Both acquisitions enhance our proprietary data and AI capability. The four acquisitions in the second half of 2024 have started to generate associated cost synergies as planned, but we are yet to see positive EBITDA contribution from these acquisitions, however £8m of Adjusted EBITDA is expected in the second half.

Investment in our solutions and AI capabilities continued in the first half, demonstrated by higher levels of usage among customers - our AI Hub usage increased twofold with over 100,000 users. New solutions have been further embedded in our customer offering, including the launch of "Sam", our first digital worker to transform the future of work, by using agentic AI to deliver personalised insights, automate workflows, and increase productivity for sales professionals.

Strong progress in our Growth Transformation Plan 2024-2026

Now in year two of our plan, in HY25, the Group demonstrated good performance across our growth pillars, primarily through sales and operational improvements, product development and our wider AI transformation programme, and strategic M&A.

Building and retaining strong customer relationships through improved sales function

Our number one priority remains our customer obsession, ensuring we are understanding our customers better. In order to do this, we have invested a great deal of time and effort in the first half instilling new ways our sales teams operate and work together as we endeavour to get even closer to our customers.

Increasingly, we are selling on a corporate-wide basis as we position ourselves to secure more long-term customer partnerships. To do that, we have adopted a solutions-based selling and strategic account management approach, which we have spent the first half of the year refining. There has been significant change in the way our sales teams are organised, we have grown the size of our global sales team by 17% in the last 12 months, but also re-focused to a more strategic account management strategy, with significant latent growth in the US and professional services market. Our strategic accounts team has more than doubled in the last 18 months.

Momentum here is starting to build, shown by our recent three-year £1m+ annualised revenue Sales Intelligence contract partnership for a large construction and engineering plant & machinery business, with a strong pipeline building further. This is further evidence of our team's focus on pivoting from volume to value mandates. Targeting larger clients, for higher value brings a need for different types of sales techniques along with longer deal timelines. Furthermore, the partnership showcases our multi-industry approach and required significant collaboration between our sales, consulting and analyst teams in order to deliver a truly unique solution to our client, which will deliver significant return on investment for their business.

Our focus on sales excellence and customer experience has helped us ensure that our volume renewal rates with larger customers (spending >£20,000) remained the same at 83%, despite a tough macro-economic environment and reduced customer budgets in the broader market.

In addition, the Average Client Value for customers above £20,000 has increased to £81,000, 6% growth year-on-year. This has also meant longer deal timelines, but ultimately generating higher value and higher margin. The underlying Contracted Forward Revenue has demonstrated 3% growth for the first half, which gives us confidence and strong visibility for the remainder of FY25 and beyond.

We have also brought new senior talent into the business. Last year, we hired a Chief Revenue Officer ("CRO") and Chief Operating Officer ("COO") within the Healthcare division as well as a Global CRO covering all other industry sectors, each with a customer-centric and growth transformation mandate. Both CRO's have overseen a period of significant transformation of our sales team, including a step up in recruitment but also a transformation in the capabilities and talent within the organisation.

Our investment in our sales teams has also included the creation of a new sales excellence team that will focus on performance management, planning and delivery of new internal technology and AI tools to enhance our internal efficiency.

Continued investment in products, solutions and embedding AI capability

Through the investment undertaken in our technology stack and enhancing AI powered solutions in the first year of our Growth Transformation Plan, we now offer a more personalised customer experience. This is driven by increasing demand from customers for more sophisticated and efficient solutions, and we are achieving this through the integration of AI tools in our solutions-based model.

Our vision is to transform the future of work for knowledge workers across almost any organisation and industry. AI - particularly generative and agentic AI - is integral to achieving this and empowering our customers to do more meaningful, value-adding work to achieve better outcomes every day. We are actively developing a suite of digital workers purpose-built to augment the critical decision-making workflows we serve, spanning sales, strategy, innovation, and more. Each AI worker will harness the trusted, proprietary data and insights from the GlobalData platform, combining intelligent automation with contextual insights to elevate human impact at scale.

· The first of these specialised AI agents, "Sam", is an AI Sales Analyst, purpose-built to transform productivity across the entire go-to-market value chain, including commercial strategy and operations, account management, business development, sales enablement, revenue operations, and marketing.

· "AVA", our AI Virtual Assistant, is designed to democratise and accelerate access to tailored, authoritative insights, with customer research indicating that users are experiencing up to an 8x increase in productivity by using the tool.

· Following the successful beta trial of AI Hub last year, we see a demonstrable impact for customers, and a 2.1x increase in user subscriptions compared to HY24, now with c100,000 users.

GlobalData's value proposition and competitive advantage is underpinned by a connected platform that integrates proprietary data, human expertise, and purpose-built AI into a unified portfolio of next generation intelligence solutions. This platform enables GlobalData to provide customers with seamless access to valuable insights underpinned by authoritative data points, curated for their specific decision-making needs.

Supporting our operational excellence through strategic M&A

In the first half of 2025, we continued to invest in value-creating M&A opportunities, particularly those strengthening our AI capability. 

Our most recent acquisitions of Ai Palette and Stylus further emphasise our focus on product innovation and customer experience. The Ai Palette acquisition has brought us a high-quality product providing insights on current and near-term consumer trends using a data-driven approach from the world's largest data lake. Stylus, adds both the longer-term trends forecasting and complements the rest of our Innovation product suite with a more human expertise-driven approach and qualitative reporting which is an important element for our customers. 

Together, these will help address evolving customer needs through a combination of the Group's proprietary data and expertise and AI platform, and strengthen our new Consumer Innovation Intelligence Solution. Both acquisitions are expected to deliver material sales synergies in combination with our existing Consumer Innovation datasets.

Rapid integration and the extraction of synergies is critical to our model, and we are building dedicated teams in these areas. Having completed four acquisitions in the second half of FY24, we are already seeing early benefits and cost synergies. The acquisitions had a marginally negative impact on the first half result, diluting Group Adjusted EBITDA margin, however £8.0m of Adjusted EBITDA is expected to be reflected in the Group's Adjusted EBITDA through the second half.

Maintaining a disciplined approach to capital allocation

GlobalData is in a strong financial position and continues to generate robust cash flow from operations. Our objective remains to achieve long-term compounding profit growth to enhance shareholder value, and we maintain a disciplined approach to capital.

On 6 February 2025, we announced a share buyback of £50.0m, which was suspended on 2 May 2025 following the announcement of the possible offer proposals on 30 April 2025. At the time it was suspended, £39.0m had been returned to shareholders under the share buyback programme. We will not be recommencing this share buyback programme in the short-term, instead we will look to return surplus capital to shareholders by way of a tender offer of shares.

The Board will launch a tender offer of up to £60.0m at a tender offer price of £1.50 per share following release of the half year results. Further details of the tender offer will be included in a separate announcement when the tender offer is launched to the market. It is expected that the tender offer will conclude prior to admission on the Main Market.

Proposed move from AIM to Main Market

On 6 February 2025, the Group announced its proposed move to the Main Market of the London Stock Exchange. Following this announcement, we received preliminary, conditional proposals regarding possible cash and partial share alternative offers from two parties, as announced on 30 April 2025.

The Board carefully reviewed these proposals but ultimately could not agree terms that represented an attractive value for all shareholders, having regard for the medium and long-term prospects of the Group and the discussions were terminated. Since then, we have reconfirmed our intention to proceed with plans to move to a Main Market listing and expect to complete this process in Q4 2025. We believe that this will allow GlobalData to access a deeper pool of international capital and shareholders.

We believe that our continued investment in the business and platform, our strong balance sheet, positive cash flows and significant M&A firepower offers shareholders a compelling long-term opportunity for strong returns.

Our Colleagues

We have gone through a significant amount of change in the last 12 months, and we acknowledge that change is not always easy and takes time to embed. However, I am pleased with the progress that we have made in transforming the business over the past year and thank our global colleagues, including our colleagues in the leadership team, new colleagues from our recent acquisitions and the significant number of colleagues across the business that have joined us recently as well as those that have stayed loyal and committed over many years.

There is still much to do and this year we will see further operational achievements as we continue to reorganise our business to be more efficient and successful, with a key focus on collaboration across our multi-disciplinary teams as a critical enabler of our plans. I encourage everyone to continue showing our core values of Courage, Curiosity and Collaboration. When our human expertise aligns with our proprietary data and our powerful technology and AI, we have a truly unique proposition and opportunity to build significant partnerships with all of the world's leading companies.

Current Trading and Outlook

Looking ahead, we are confident in GlobalData's outlook for 2025, underpinned by high levels of revenue visibility, strong progress in the Growth Transformation Plan and financial position that allows continued investment in strategic growth opportunities.

We are already seeing early operational wins from our structural reorganisation and expect to see further positive results by the end of the year.

As previously reported, a mix of currency headwinds and recent acquisitions will affect our top line performance, reducing revenue for the full year by around c.£10.0m. However, we also expect a contribution from last year's acquisitions of £8.0m of Adjusted EBITDA through the second half which, alongside the underlying business, will drive a normalised Adjusted EBITDA margin in the second half.

During the second half, we expect to progress our move to the Main Market and remain well positioned to maintain resilient growth and strong execution of the Growth Transformation Plan.

Mike Danson

Chief Executive Officer

5 August 2025

FINANCIAL REVIEW

1 Defined in the explanation of non-IFRS measures on page 14.

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 EBITDA margin, Adjusted profit before tax, Adjusted profit after tax and Adjusted earnings per share provide additional useful information on the operational performance of the Group to shareholders, and internally we review the results of the Group using these measures. 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.

Revenue

Revenue grew by 12% in the six months to June 2025; this was driven mainly by recent acquisitions, which contributed £18.3m of YoY growth (13%) alongside underlying revenue growth of 1%. These were, somewhat, offset by adverse foreign currency movements of £2.1m (2%). Total revenue for the half was £156.5m (HY 2024: £139.6m).

Subscription revenue (representing 74% of revenue, 2024: 78%) grew by 7%, 1% underlying. The volume and value renewal rates (measured over the last twelve months) have remained consistent at 83% and 93% respectively (HY 2024: 83% & 93%) for clients spending >£20,000.

Other, non-subscription revenue, grew by 31%, which is representative of recent acquisitions having a slightly different mix of other revenue, such as consulting, single copy and events, as well as subscription revenue.

Contracted Forward Revenue

Contracted Forward Revenue grew from £142.9m as at 30 June 2024 to £157.4m as at 30 June 2025. Contracted Forward Revenue is a major component of our significant revenue visibility for the forthcoming period.

Foreign exchange impact on results

The Group derives around 60% of revenues in currencies other than Sterling, compared with around 40% of its cost base. The impact of currency movements in the period reduced revenue by £2.1m, which mainly reflected US Dollar weakness against Sterling over the last 12 months, but in particularly from March 2025.

1 Operating costs excluding adjusting items.  

2 Defined in the explanation of non-IFRS measures on page 14.

Profit before tax

Profit before tax for the year reduced by £2.2m to £24.7m (HY 2024: £26.9m), which reflects a decrease in Adjusted EBITDA of £5.7m to £52.1m (HY 2024: £57.8m) (as noted below) as well as increases in other adjusted operating costs derived from M&A, restructuring activity and costs associated with the proposed AIM to Main Market movement and the offer process from Private Equity firms KKR & ICG, partly offset with a reduction in finance charges.

Adjusted EBITDA

Adjusted EBITDA decreased by 10% to £52.1m (HY 2024: £57.8m). On an underlying basis, revenue grew by 1% to £140.3m which was offset by planned investment in sales headcount and corporate team infrastructure. Underlying Adjusted EBITDA reduced to £53.0m (underlying Adjusted EBITDA margin: 38%, HY 2024: 41%).

Adjusted EBITDA and margin were further reduced by the impact of acquired businesses and foreign currency. The impact of M&A reduced Adjusted EBITDA by £0.1m and foreign currency movements reduced Adjusted EBITDA by a further £0.8m.

The acquisitions were completed in the latter part of 2024 (except for AI Palette, which completed in March 2025), and the integration process and phasing of cost synergies meant that the businesses delivered a loss of £0.1m in the first half. The cost synergy actions have now been largely completed, and we expect the businesses to contribute to the Group's profitability in the second half of 2025 and going forwards. The Stylus acquisition was completed after the balance sheet date and therefore does not impact any of the financials for the period ended 30 June 2025.

The resulting reported Group Adjusted EBITDA margin of 33% for the half is not reflective of the margin of the business going forward. A mix of currency headwinds and recent acquisitions will affect our top line performance, reducing revenue for the full year by around c.£10.0m. However, we also expect a contribution from last year's acquisitions of £8.0m of Adjusted EBITDA through the second half which, alongside the underlying business, will drive a normalised Adjusted EBITDA margin in the second half.

Segmental performance

The Healthcare segment generated profit after tax during the period of £19.6m, of which 40% was allocated to Non-Controlling Interest ('NCI'), totalling £7.8m. In the comparative period, 40% of the Healthcare segment's profit after tax was allocated to NCI from 4 June 2024 onwards, with profit after tax for this period totalling £1.9m and allocation to NCI totalling £0.8m. 

Finance costs

Net finance costs have decreased by £7.1m to £3.8m (HY 2024: £10.9m), including IFRS16 leases interest cost of £0.6m (HY 2024: £0.5m). The reduction is as a result of reduced average drawn debt in the period of H1 2025 compared with H1 2024. The cash paid in interest in HY 2025 was £3.2m (HY 2024: £12.3m).

Adjusting items

Adjusting items (detailed in note 7) totalled £19.0m during the period (HY 2024: £16.2m). Significant items include:

· Share-based payment charge totalling £6.8m (HY 2024: £9.6m).

· Restructuring and refinancing costs of £2.9m were incurred, reflecting the significant amount of transformation that the Group initiated. Corporate projects costs of £3.3m were additionally incurred in relation to the proposed AIM to Main Market movement and the offer process from Private Equity firms KKR & ICG.

· Revaluation of short- and long-term derivatives and unrealised operating foreign exchange contributed a total gain in the first half of £3.7m (HY 2024 £0.2m gain). This is a result of fluctuations in currency exchange rates.

Leases

Within our operating costs, depreciation in relation to right-of-use assets was £2.4m (HY 2024: £2.4m). Our net finance costs include interest of £0.6m in relation to lease liabilities (HY 2024: £0.5m).

Taxation

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 31.8% (HY 2024: 29.9%). This broadly represents the blended corporation tax rate for FY 2025 in the UK of 25.0%, adjusted for expenses which are not deductible for tax purposes (5.8%), including M&A and restructuring costs incurred to facilitate the Company's strategic agenda, and an increase in un-recognised deferred tax assets (1.0%).

Reconciliation of statutory income tax charge to adjusted income tax charge is presented below:

Earnings per share

Basic EPS was 0.8 pence per share (HY 2024: 2.5 pence per share). Diluted EPS was 0.8 pence per share (HY 2024: 2.5 pence per share).

Adjusted EPS reduced from 3.8 pence per share to 3.0 pence per share, representing a 21% reduction. Adjusted diluted EPS reduced from 3.8 pence per share to 3.0 pence per share.

Dividends

We are pleased to declare an interim dividend of 0.3 pence per share (HY 2024: 1.5 pence). The amount is reflective of the rebased dividend that was announced by the Board as part of interim reporting in 2024. The dividend paid over the 12 month period will total £10m. The Group will operate a progressive dividend policy following this dividend. The interim dividend will be paid on 3 October 2025 to shareholders on the register at the close of business on 5 September 2025. The ex-dividend date will be on 4 September 2025.

Reconciliation of net (bank debt)/ cash

The Group defines net (bank debt)/ cash as short- and long-term borrowings less cash and cash equivalents. The amount excludes items related to leases.

A reconciliation of cash generated from operations, free cash flow and opening and closing net bank debt is set out below.

1Reflects 12 month rolling Adjusted EBITDA results. £111.1m reconciles as H2 2024 (£59.0m) and H1 2025 (£52.1m), £115.1m reconciles as H2 2023 (£57.3m) and H1 2024 (£57.8m).

Cash generated from operations reduced by 12% to £66.1m (HY 2024: £75.2m), representing 127% of Adjusted EBITDA (HY 2024: 130%). The reduction of operating cash flow is reflective of a reduced Adjusted EBITDA result and increased costs associated with restructuring and M&A.

Capital expenditure was £3.9m during the period (HY 2024: £3.1m). Capital expenditure represented 2.5% of revenue (HY 2024: 2.2%).

Free cash flow increased by 9% to £42.6m, reflecting trading movements discussed above, but offset with reduced interest payments because of the reduction in drawn down debt. Free Cash Flow represented 97% of Adjusted Profit Before Tax (HY 2024: 97%).

Explanation of non-IFRS Measures

Responsibility Statement

We confirm that to the best of our knowledge:

a) the consolidated interim financial statements have been prepared in accordance with the United Kingdom adopted International Accounting Standard 34, "Interim Financial Reporting";

b) the consolidated interim financial statements, which have been prepared in accordance with the applicable set of accounting standards, give a true and fair view of the assets, liabilities, financial position and profit or loss of the issuer, or the undertakings included in the consolidation as a whole as required by DTR 4.2.4R;

c) the interim management report includes a fair review of the information required by DTR 4.2.7R, namely;

i. an indication of important events that have occurred during the first six months of the financial year and their impact on the consolidated interim financial statements; and

ii. a description of the principal risks and uncertainties for the remaining six months of the financial year.

d) the interim management report includes, as required by DTR 4.2.8R, a fair review of material related party transactions that have taken place in the first six months of the financial year and any material changes in the related-party transactions described in the Annual Report and Accounts for the year ended 31 December 2024 that could have a material effect on the financial position or performance of the enterprise in the first six months of the current financial year.

Approved by the Board on 5 August 2025 and signed on its behalf by:

Mike Danson

Chief Executive

Independent review report to GlobalData Plc

Conclusion

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 2025 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 cash flows and related notes 1 to 15.

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 2025 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.

Basis for Conclusion 

We conducted our review in accordance with International Standard on Review Engagements (UK) 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 (ISRE (UK) 2410). 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.

As disclosed in note 1, the annual financial statements of the group will be prepared in accordance with United Kingdom adopted international accounting 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".

Conclusion Relating to Going Concern

Based on our review procedures, which are less extensive than those performed in an audit as described in the Basis for Conclusion section of this report, nothing has come to our attention to suggest that the directors have inappropriately adopted the going concern basis of accounting or that the directors have identified material uncertainties relating to going concern that are not appropriately disclosed.

This conclusion is based on the review procedures performed in accordance with this ISRE (UK) 2410, however future events or conditions may cause the entity to cease to continue as a going concern.

Responsibilities of the directors

The directors are responsible for preparing the half-yearly financial report in accordance with the AIM rules of the London Stock Exchange.

In preparing the half-yearly financial report, the directors are responsible for assessing the group's ability to continue as a going concern, disclosing as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's Responsibilities for the review of the financial information

In reviewing the half-yearly financial report, we are responsible for expressing to the group a conclusion on the condensed set of financial statement in the half-yearly financial report. Our conclusion, including our Conclusions Relating to Going Concern, are based on procedures that are less extensive than audit procedures, as described in the Basis for Conclusion paragraph of this report.

Use of our report

This report is made solely to the company in accordance with ISRE (UK) 2410. 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

Leeds, United Kingdom

5 August 2025

Consolidated Income Statement

The accompanying notes form an integral part of this financial report.

Consolidated Statement of Comprehensive Income

The accompanying notes form an integral part of this financial report.

Consolidated Statement of Financial Position

The accompanying notes form an integral part of this financial report.

Consolidated Statement of Changes in Equity

The accompanying notes form an integral part of this financial report.

Consolidated Statement of Cash Flows

The accompanying notes form an integral part of this financial report.

Notes to the Interim Financial Statements

1. General information

Nature of operations

The principal activity of GlobalData Plc and its subsidiaries (together 'the Group'), a data, insight, and technology group, is to provide decision-makers across the world's most successful companies with the intelligence to act with conviction. Our connected platform uniquely integrates proprietary data, expert insight, and purpose-built AI into a unified operating system that powers the next generation of intelligence solutions.

GlobalData Plc ('the Company') is a company incorporated in the United Kingdom (England & Wales) and listed on the Alternative Investment Market (AIM), therefore is publicly owned and limited by shares. 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 2025. They have been prepared in accordance with United Kingdom adopted International Accounting Standard 34, "Interim Financial Reporting". 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 2024.

The financial information for the year ended 31 December 2024 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 2024 have been filed with the Registrar of Companies and can be found on the Group's website www.globaldata.com. The independent auditors' report on the full financial statements for the year ended 31 December 2024 was unqualified and did not contain an emphasis of matter paragraph or any statement under section 498 of the Companies Act 2006.

These interim financial statements have been prepared on the historical cost basis, except for derivative financial instruments, which are measured at fair value.

The interim financial statements are presented in Pounds Sterling (£), which is also the functional currency of the Company. These interim financial statements have been approved for issue by the Board of Directors.

Critical accounting estimates and judgements

In the application of the Group's accounting policies, which are described in the Annual Report and Accounts, the Group is required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The same accounting policies and methods of computation are followed in the Consolidated Financial Statements for the six months ended 30 June 2025 as compared with the most recent Annual Report and Accounts. There are no critical accounting judgements or key sources of estimation uncertainty relating to climate-related risks.

Critical accounting judgements

As at 31 December 2024, Management identified two critical accounting judgements in relation to segmental reporting and identification of cash-generating units. As at 30 June 2025, Managements' assessments of these judgements remains unchanged from those disclosed in the most recent Annual Report and Accounts.

Key sources of estimation uncertainty

As at 30 June 2025, the Group noted the following key sources of estimation uncertainties:

Share-based payment targets

The Company operates two LTIP Schemes (Scheme 2 and Scheme 4), the performance targets for which are detailed in the Directors' Remuneration Report of the 2024 Annual Reports and Accounts. The share-based payments charge in respect of both Schemes during the six months to 30 June 2025 was £6.8m (30 June 2024: £9.6m). The current period charge of £6.8m includes £2.0m for performance against 2025 full year targets and £3.4m for performance against 2026 full year targets. 

Management have reviewed the detailed forecasts for the business for the second half of 2025 and the twelve months to 31 December 2026 and, whilst recognising the sensitivity of the forecasts, have concluded that it remains appropriate to assume the Adjusted EBITDA targets will be met. If the 2025 full year target is not met cumulative charges of £10.3m would be credited to the income statement in the six months to 31 December 2025. Further evaluation would then be needed to assess the achievability of the 2026 targets. If it is deemed probable that the 2026 full year target will not be met, cumulative charges of a further £15.6m would be credited to the income statement in the six months to 31 December 2025.

Carrying value of goodwill and other intangibles

The Group tests goodwill and intangible assets annually, or more frequently if impairment indicators are identified, by comparing the carrying value of the underlying cash-generating unit ('CGU') to its recoverable amount. Impairment indicators were noted due to a reduction in the Group's Adjusted EBITDA margin during the first half of 2025. In response, and in accordance with IAS 36 'Impairment of Assets', Management performed a full impairment test across its CGUs as at 31 May 2025. Overall, within the impairment review performed, the Group had sufficient headroom across all three CGUs supporting their carrying values.

Management has also undertaken a sensitivity analysis taking into consideration the impact of key impairment test assumptions arising from a range of possible future trading and economic scenarios on each CGU. This analysis showed that significant changes to the assumptions would be required for the assets to be impaired within the DA&I: Healthcare and DA&I: Non-Healthcare CGUs, which Management deems extremely remote in likelihood. Management acknowledges the sensitivity of the revenue growth, cost growth and discount rate assumptions applied to the MBI CGU; however, Management is comfortable with these assumptions and will continue to monitor performance regularly for any indicators of future impairment loss.

Within the impairment review performed for MBI, the key assumptions are set out below:

The following individual scenarios would need to occur before impairment is triggered for MBI:

Principal and emerging risks and uncertainties

The Directors consider that the principal and emerging risks and uncertainties facing the Group as at 30 June 2025, and looking forwards into H2 2025, are consistent with those reported within the Strategic Report of the annual financial statements for the year ended 31 December 2024. The key risks identified were as follows:

· Business and strategic risks: Product; Cyber and IT; People; Market (Competition and Clients); Economic and Geo-political; Acquisition and Integration

· Operational risks: Data Privacy; Regulatory Compliance

Climate change remains an emerging risk for the Group and one that the Board continues to monitor closely. However, as a data and analytics company in which our products are created and distributed digitally, our carbon footprint is considerably smaller than those of many other companies of our size. Therefore, we have concluded that climate change (including existing and emerging regulatory requirements related to climate change) does not represent a principal risk to our business.

Going concern

The Group meets its day-to-day working capital requirements through free cash flow. The Group has closing cash of £60.0m as at 30 June 2025 and net bank debt of £16.8m (31 December 2024: net cash of £10.1m), being cash and cash equivalents less short and long-term borrowings, excluding lease liabilities. During December 2024, the Group secured new debt financing facilities which mature in December 2027 (with an option to extend further by a year). The facilities comprise of a £200.0m facility for the Healthcare business and a separate £185.0m facility for the rest of the Group. As at 30 June 2025, the Group had drawn £37.0m from the Healthcare facility and £44.5m from the rest of the Group facility. A further drawdown in the rest of the Group facility was made during July 2025 of £26.5m to fund M&A.

The finance facilities were issued with debt covenants which are measured on a quarterly basis. There have been no breaches of covenants in the period ended 30 June 2025. Management has reviewed forecast cash flows and there is no indication that there will be any breach in the next 12 months.

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 approval of the interim financial statements. The Directors have modelled a number of worst-case scenarios to consider their potential impact on the Group's results, cash flow and loan covenant forecast. Key assumptions built into the scenarios focus on revenue and cost growth. In addition to performing scenario planning, the Directors have also conducted stress testing of the Group's 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. The plausible downside scenarios modelled were as follows: (i) subscription sales being approximately 14% lower than expectation for the Non-Healthcare segment and 8% lower for the Healthcare segment, (ii) cost increases of c.£2.5m within the Non-Healthcare segment and (iii) both scenarios combined. There remains headroom on the covenants under each scenario.

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 financing arrangements, provides ample liquidity. Accordingly, the Directors have prepared the Interim results 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 2024, which have been applied consistently. The annual financial statements of the Group are prepared in accordance with United Kingdom adopted international accounting standards. The financial statements also comply with International Financial Reporting Standards (IFRSs) as issued by the IASB.

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 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.

Adjustments are made in respect of:

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 enacted or substantively enacted at the reporting date, and any quantifiable 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 substantively 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. 

A standard rate of corporation tax is applied in each jurisdiction to interim items affecting net income that are unusual because of their nature, size or incidence.

The major components of income tax expense in the interim consolidated income statement are:

The current income tax expense for the comparative period ended 30 June 2024 includes the impact of transferring overseas assets into a stand-alone perimeter to facilitate the Inflexion investment in the Healthcare business (£21.4m expense). The deferred income tax credit for the comparative period ended 30 June 2024 includes the recognition of a deferred tax asset arising from the corresponding stepped-up basis in the transferred assets (£23.4m income).

4. Segment analysis

The principal activity of GlobalData Plc and its subsidiaries (together 'the Group'), a data, insight, and technology group, is to provide decision-makers across the world's most successful companies with the intelligence to act with conviction. Our connected platform uniquely integrates proprietary data, expert insight, and purpose-built AI into a unified operating system that powers the next generation of intelligence solutions.

IFRS8 "Operating Segments" requires the segment information presented in the financial statements to be that which is used internally by the Chief Operating Decision Maker (CODM) to evaluate the performance of the business and to decide how to allocate resources. The Group has identified the Chief Executive as its Chief Operating Decision Maker.

The fundamental principle of the GlobalData business model is to provide our clients with 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 Group's two reportable segments are 'Data, Analytics and Insights: Healthcare' and 'Data, Analytics and Insights: Non-Healthcare'. The results of the two segments are reported to the Group Chief Executive on a monthly basis.

There is no difference between the Group's operating segments and the Group's reportable segments.

Each segment 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. The services differ by subject matter which have been grouped into the categories of: Healthcare and Non-Healthcare. There is no material trade between segments.

The Group profit or loss along with Adjusted EBITDA by segment is reported to the Chief Executive on a monthly basis. The Chief Executive also monitors revenue within the operating segments.

The Group considers the use of two operating segments to be appropriate due to:

· The Chief Executive reviewing Adjusted EBITDA at the Group level and segment level on a monthly basis;

· Each segment engages in business activities from which it earns revenues and incurs expenses;

· Discrete financial information is available for each segment.

Each operating segment is assessed by the Board on an Adjusted EBITDA basis. Reportable segment Adjusted EBITDA is used to measure performance as management believes that such information is most relevant in evaluating the results of the reportable segments.

Following the separation of the Group's Healthcare business into separate legal entities during 2024, the Group can now allocate adjusting items, depreciation, amortisation, finance income and cost between segments. However, restatement of comparative information was determined to be impracticable due to unavailability of historical information under the new cost allocation structure.

A reconciliation of revenue to Profit before Tax on a reportable segment basis is set out below:

A reconciliation of revenue to Adjusted EBITDA on a reportable segment and at a Group level to Profit before Tax for the comparative period is set out below:

Segment assets and liabilities are not presented as these are not reported to the CODM.

5. Revenue

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 invoiced at the beginning of the services and is therefore recognised as a contract liability, "deferred revenue", in 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 are 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.

As subscriptions are typically for periods of 12 months the majority of deferred revenue held at the balance sheet date will be recognised in the income statement in the following 12 months. As at 30 June 2025, £2.0m (31 December 2024: £1.7m) of the deferred revenue balance will be recognised beyond the next 12 months and therefore has been presented within non-current liabilities within the consolidated statement of financial position. 

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

Our primary geographical markets are serviced by our global sales teams which are organised as Europe, US and Asia Pacific by virtue of the team location. The below disaggregated revenue is derived from the geographical location of our customers rather than the team structure the Group is organised by. The geographical analysis is calculated based on sales order data apportioned over the Group's revenue for each financial period.

From continuing operations