On 27 February, London Stock Exchange Group plc presented its 2024 preliminary results, with total income reaching £8.5 billion.
LSEG reported total income, excluding recoveries, of approximately £8.5 billion in 2024. Reported growth was 6.1%, while organic growth on a constant‐currency basis was 7.7%. Adjusted EBITDA increased by 9.1%, with the EBITDA margin rising by 160 basis points to 48.8%, and the group generated equity free cash flow of £2.2 billion. CEO David Schwimmer stated, “We have delivered on our strategy in 2024. LSEG has achieved a strong performance across the Group.”
Management at LSEG view the business through a value chain lens going from capital formation to post trade processing.
In Data & Analytics, revenue was about £4 billion, which grew by 2.0% on a reported basis, driven by improvements in workflow solutions and the broader availability of data via cloud platforms like Snowflake.
The FTSE Russell division, in charge of indexes, generated £918 million in revenue, growing by 8.8% on a reported basis from both subscription and asset‐based fees.
Risk Intelligence revenue reached £531 million, reflecting a reported growth of 7.9% driven by increased demand for screening and compliance services.
Capital Markets posted total revenue of £1.8 billion, with reported growth of 18.2%. Within this segment, equities revenue was £236 million – up 4.6% on a constant‐currency basis – while Tradeweb, which is 50.8% owned by LSEG and fully consolidated into its results, recorded a 25.2% increase in revenue year-on-year and a 36.7% growth in average daily volume in Q4.
The Post Trade segment recorded revenue of £1.2 billion, growing by 5.7% on a reported basis, and provided clearing, settlement and post‐trade analytics services.
Looking ahead, LSEG expects organic, constant‐currency income growth of 6.5–7.5% in 2025, with EBITDA margins improving by 50–100 basis points and capital expenditure of roughly 10% of total income (excluding recoveries). Equity free cash flow is forecast to reach at least £2.4 billion, with an underlying effective tax rate projected between 24–25%.
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