Markit earnings get a lift after going to market

 
Joseph Millis
Markit’s chairman and chief exec Lance Uggla
Financial information services provider Markit yesterday reported year-on-year revenue growth across all of its three main business lines for the second quarter running.

The London-based, Nasdaq-listed firm reported a 13 per cent year-on-year rise in revenues during the third quarter to $269.7m (£170.5m), while adjusted profit was up 14.5 per cent to $126.8m.

The three months to the end of September were Markit’s first full quarter as a public company after raising $1.3bn in its June initial public offering.

Founded in 2003, Mar­kit provides a range of financial data to some of the largest banks globally.

Organic growth represented the largest driver of revenue across the firm – about 8.1 per cent of the total growth. Acquisitions contributed three per cent, while currency movements also helped.

The firm has three main business divisions: information, processing, and solutions. Chairman and chief executive Lance Uggla, said in a statement that performance across the business lines was “solid” as customer demand continued to grow.

He highlighted Markit’s strengths in financial data as well as being “quick to market”. He said that the firm continued to target double-digit revenue growth and pursue acquisitions.

Related articles