This provides an EBITDA margin of 49.4% for H1 2021, which is an improvement on the H1 2020 figure of 46.5%. Despite a constant currency variance increase in operating expenses, the more significant increase in revenue and income means the EBITDA has shown an improvement for the 2021 first half of the year. 

Expenses are at £1.432 billion for the first half of 2021, changed from £1.507 billion for the first half of 2020. While this is a 5% decrease in real terms, taking the constant currency variance into account, this is a 1.1% increase. LSEG has also commented that expenses will increase into H2 due to cost phasing; this will also have a negative impact on the EBITDA.

David Schwimmer, the LSEG CEO, commented:

LSEG has delivered a good financial performance in the first half of the year, reflecting revenue growth across all divisions. We continue to invest in projects that enhance our customer offering and deliver a more scalable and efficient business.

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