IHS Markit, a data and information provider to the financial services industry, released its financial results for the third quarter of 2018 this Thursday. Ending on August 31, the firm’s third quarter saw it substantially increasing revenues from the same period last year.
Todd Hyatt, IHS Markit’s Chief Financial Officer, commented on the results, saying: “We continue to deliver broad-based revenue and profit growth and solid free cash flow conversion.”
In the third quarter of 2017, IHS Markit reported total revenue of $904.7 million. This year, for the same period, that number grew by 11 percent to just over $1 billion.
Fixed sources of recurring income were responsible for the largest amount of growth. Last year, this segment of IHS Markit’s income brought in revenue of $637.9 million. For the third quarter of this year, that number increased to $717.7 million – a 13 percent increase.
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IHS Markit Financial Services
Within the firm’s financial services division the numbers, in percentage terms, were even better. Thursday’s report indicates that the firm’s financial division finished the third quarter of this year with $355 million in revenue – a 16 percent increase on last year’s $306 million.
As a part of our quick-witted and arithmetically gifted readership, you’ve probably already figured out that this means financial services income accounted for approximately 35.5 percent of IHS Markit’s total revenue for the third quarter of this year.
Proportionally, that percentage is much in line with last year’s third quarter. Financial services revenue, in the third quarter of 2017, accounted for 33.8 percent of IHS Markit’s total revenue.
“Continued focus on operational execution led to strong financial results in the quarter,” said Lance Uggla, chairman and chief executive officer at IHS Markit. “I am particularly pleased with the continued sense of urgency and high level of commercial engagement across the firm.”
Uggla’s former colleague, Rony Grushka, will be speaking at the Finance Magnates London Summit this November. Haven’t registered yet? I can see you are eager to, so have a browse through the Agenda and Speakers List before time runs out!