Markit saw a rise in its key financial metrics despite reduced revenue in processing and the impact of acquisitions.
Markit Ltd. (Nasdaq:MRKT), a provider of financial information services, has announced its financial metrics for Q1 2016. The group reported mainly solid operating results, including a rise in revenues, helping the company secure QoQ growth in spite of challenging market conditions.
For Q1 2016, Markit saw its revenues increase by $16.3 million to $287.8 million, up 6 percent QoQ from $271.5 million in Q1 2015. Organic revenue growth was $2.7 million, or 1 percent from Q1 2015. This was driven by new business wins across the company’s solutions and information segments, partially offset by a decrease in its processing segment.
Operating Expenses
Operating expenses increased by $13.7 million, or 9.3 percent, to $160.5 million for Q1 2016, from $146.8 million for Q1 2015, mainly due to increases in personnel costs and acquisitions.
Adjusted EBITDA and Adjusted EBITDA Margin
Adjusted EBITDA of $123.7 million for Q1 2016 increased by $3.0 million, or 2.5 percent, from $120.7 million for Q1 2015. This increase reflects the operating performance described above. Adjusted EBITDA includes a $3.0 million loss in Q1 2016 associated with the company’s share of the KYC joint venture included in its solutions segment.
Adjusted EBITDA margin decreased to 43.3 percent for Q1 2016, compared to 44.8 percent for Q1 2015 mainly due to the reduced revenue in the processing segment and the dilutive impact of acquisitions completed in 2015.
Markit has been an active participant in the Acquisition space over the past few months. In its latest bid to bolster its Multi-Asset capabilities, Markit last week acquired an interest in commodity markets research and price reporting PRIMA.
Commenting on the results, Lance Uggla, chairman and chief executive officer of Markit, said: "In the first quarter, Information produced solid operating results and we saw steady performance in Processing. Despite expected slower growth in Solutions this quarter, and challenging market conditions, our long term financial objectives for Markit’s businesses have not changed. We remain focused on helping our customers manage regulatory change and reduce costs while delivering strong results for our shareholders”.
Markit Ltd. (Nasdaq:MRKT), a provider of financial information services, has announced its financial metrics for Q1 2016. The group reported mainly solid operating results, including a rise in revenues, helping the company secure QoQ growth in spite of challenging market conditions.
For Q1 2016, Markit saw its revenues increase by $16.3 million to $287.8 million, up 6 percent QoQ from $271.5 million in Q1 2015. Organic revenue growth was $2.7 million, or 1 percent from Q1 2015. This was driven by new business wins across the company’s solutions and information segments, partially offset by a decrease in its processing segment.
Operating Expenses
Operating expenses increased by $13.7 million, or 9.3 percent, to $160.5 million for Q1 2016, from $146.8 million for Q1 2015, mainly due to increases in personnel costs and acquisitions.
Adjusted EBITDA and Adjusted EBITDA Margin
Adjusted EBITDA of $123.7 million for Q1 2016 increased by $3.0 million, or 2.5 percent, from $120.7 million for Q1 2015. This increase reflects the operating performance described above. Adjusted EBITDA includes a $3.0 million loss in Q1 2016 associated with the company’s share of the KYC joint venture included in its solutions segment.
Adjusted EBITDA margin decreased to 43.3 percent for Q1 2016, compared to 44.8 percent for Q1 2015 mainly due to the reduced revenue in the processing segment and the dilutive impact of acquisitions completed in 2015.
Markit has been an active participant in the Acquisition space over the past few months. In its latest bid to bolster its Multi-Asset capabilities, Markit last week acquired an interest in commodity markets research and price reporting PRIMA.
Commenting on the results, Lance Uggla, chairman and chief executive officer of Markit, said: "In the first quarter, Information produced solid operating results and we saw steady performance in Processing. Despite expected slower growth in Solutions this quarter, and challenging market conditions, our long term financial objectives for Markit’s businesses have not changed. We remain focused on helping our customers manage regulatory change and reduce costs while delivering strong results for our shareholders”.
Noel Quinn's Surprise Exit Marks End of an Era at HSBC
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
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Looking to expand your network in #Africa?
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Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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