News Column

Markit revenues up by a tenth in first results since flotation

August 14, 2014

MICHAEL BIRD



DATA and financial information firm Markit notched up another quarter of solid revenue growth during the three months to June, despite a dip in profits.


Revenues jumped by 11 per cent during the period, rising by $26.3m (15.8m) to $264.6m in comparison to the same three months last year. The results are the firm's first since its flotation in New York.


However, adjusted earnings dropped by $2.5m during the same 12 month period, falling by 3.5 per cent to $68.3m. The firm credited a higher income tax burden for the drop, noting that its effective tax rate rose from 21.7 per cent in the second quarter of 2013 to 24.6 per cent this year.


Lance Uggla, Markit's chairman and chief executive, said that the performance was in line with the firm's objectives "notwithstanding the continuing challenges in the financial markets".


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Source: City A.M. (UK)


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