Markit reports strong third quarter results

Source: Markit

Markit Ltd. (MRKT), a leading global diversified provider of financial information services, today announced financial results under International Financial Reporting Standards (IFRS) for the third quarter ended September 30, 2014.

Financial highlights in third quarter 2014

Revenue increased by $31.3 million, or 13.1% from third quarter 2013, to $269.7 million
On a constant currency basis, revenue grew by 11.1% from third quarter 2013, comprising organic revenue growth of 8.1% and acquisition related revenue growth of 3.0%
Organic revenue growth across all three business segments: Information (+4.8%), Processing (+9.4%) and Solutions (+13.1%)
Recurring revenue of 94.9%; recurring fixed revenue increased from $121.1 million or 50.8% of total revenue in third quarter 2013 to $144.6 million or 53.6% of total revenue
Adjusted EBITDA grew 14.5% to $126.8 million from third quarter 2013 with an Adjusted EBITDA margin of 47.3%
Adjusted Earnings grew 6.2% to $68.7 million while Adjusted earnings per share, diluted were unchanged at $0.37 compared to third quarter 2013

“I am pleased to report strong performance this quarter,” said Lance Uggla, chairman and chief executive officer of Markit. “Our three business segments all produced solid results as customer demand for our products and services continued to grow. As the market adapts to new regulations and reporting requirements, we are focused on helping customers comply with these requirements and achieve operating efficiencies, which means we are well positioned to reach our long term financial objectives."

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