Markit Ltd. (Nasdaq:MRKT), a provider of financial information services, has reported its financial results for Q2 ending June 30th, 2015, according to a Markit statement.
Markit has had an eventful quarter, having already undergone a secondary offering of a share repurchase back in June worth $350 million. The latest public offering at Markit saw approximately 24,586,022 common shares for sale, representing a bid at future growth for the provider.
In terms of Q2 financial metrics, Markit saw an increase in its revenues of 6.7% YoY on a constant currency basis from Q2 2014. This compared with a jump of 5.1% YoY in organic revenue growth, fueled in large part by growth across its information and solutions segments.
How to Trade In a Volatile MarketGo to article >>
Furthermore, Markit revealed an adjusted EBITDA margin during Q2 at 44.6% with adjusted earnings per share, diluted at $0.36. Reflective in this was the aforementioned $650 million secondary offering of common shares, which included a concurrent $350 million share repurchase.
According to Lance Uggla, Chairman and Chief Executive Officer (CEO) of Markit, in a recent statement on the Q2 metrics and results, “The share repurchase demonstrates our commitment to disciplined capital allocation while preserving financial flexibility to support our future growth. In addition, the two bolt on acquisitions we announced recently will enhance growth in our Information and Solutions businesses, aligning with our strategy to achieve double digit growth through acquisitions. One year after our IPO, we are in a very strong position to deliver on our long-term strategic priorities.”
Q2 also saw Markit acquire Information Mosaic, a software provider for corporate actions and post-trade securities processing – the acquisition was formally completed on July 1, 2015. Additionally, Markit also acquired CoreOne Technologies today, expanding its focus towards data management, regulatory reporting, and prime brokerage services.
“We continued to perform well in the second quarter, producing solid financial results. I am especially pleased with the performance of our Processing division, which exceeded expectations this quarter,” added Mr. Uggla.