IHS Markit, a data and information provider to the financial services industry, has published its financial results for the first quarter of its 2019 financial year, which ended on February 28, 2019.
Taking a look at the results, the firm managed to increase its revenue by $114.3 million or 12 percent year-on-year, to reach $1.046 billion. Contributing to this figure is organic revenue growth of five percent.
Net income, however, fell on an annual comparison, dropping by $131.6 million or 55 percent from $241.3 million in the first quarter of its 2018 fiscal year, down to $109.7 in the most recent quarter.
“We are pleased with the start of the year and believe we are well positioned to deliver upon our full-year financial commitments,” commented Todd Hyatt, the chief financial officer at IHS Markit.
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Financial Services Revenues Increase by 28% YoY for IHS Markit
IHS Markit revenues are comprised of the company’s four main segments – financial services, transportation, resources, and consolidated markets & solutions. The company’s financial services business offers a range of products for financial firms, including trading firms and brokerages.
For this segment, the revenue for the first quarter increased by $90 million or 28 percent to reach $409 million. From this growth, 6 percent was organic. Based on the results, financial services revenue contributed to around 39 percent of total revenues for the quarter.
The financial services sector is the biggest contributor to revenues out of the four segments. The adjusted EBITDA for the first quarter also managed to increase by 26 percent, to reach $183 million.
Speaking on the results, Lance Uggla, Chairman and Chief Executive officer at IHS Markit said: “We continue to deliver strong diversified revenue growth and margin expansion while making the right level of investment to be able to sustain long-term financial returns for our shareholders.”