3
GlobalData Plc / Annual Report & Accounts 2024
Annual Report & Accounts
For the year ended 31 December 2024
Decoding
the future
2024 Highlights
Note 1: Defined in the explanation of non-IFRS measures on page 29.
Key performance metrics
Contracted Forward Revenue
1
+12%
£171.4m
(2023: £153.4m)
UNDERLYING GROWTH
1
: +4%
Net cash/(bank debt)
1
-104%
£10.1m
(2023: (£243.9m))
Revenue +5%
£285.5m
(2023: £273.1m)
UNDERLYING GROWTH
1
: +4%
Operating profit -12%
£65.1m
(2023: £73.7m)
Operating profit margin -4 pts
23%
(2023: 27%)
Adjusted EBITDA
1
+5%
£116.8m
(2023: £110.8m)
Adjusted EBITDA margin
1
0 pts
41%
(2023: 41%)
Profit before tax (PBT) +32%
£54.9m
(2023: £41.5m)
Earnings per share (EPS) 0%
3.8p
(2023: 3.8p)
Adjusted EPS
1
+10%
7.5p
(2023: 6.8p)
Total dividends -46%
2.5p
(2023: 4.6p)
Contents
2024 Highlights IFC
Strategic Report 2
Our Business
Principal Activity 4
Our Business Model 5
Chair’s Statement 8
Chief Executive’s Report 11
Chief Financial Officer’s Report 17
Principal and Emerging Risks and Uncertainties 30
Directors’ Section 172(1) Statement 41
Non-Financial and Sustainability Information
Statement 46
Going Concern and Viability 52
Directors’ Report 55
The Directors 56
Corporate Governance Report 58
Environmental, Social and Governance 66
Audit Committee Report 71
Directors’ Remuneration Report 77
Statement of Directors’ Responsibilities 89
Independent Auditor’s Report 90
Financial Statements 107
Group
Consolidated Income Statement 108
Consolidated Statement of Comprehensive Income 109
Consolidated Statement of Financial Position 110
Consolidated Statement of Changes in Equity 111
Consolidated Statement of Cash Flows 112
Notes to the Consolidated Financial Statements 113
Company
Company Statement of Financial Position 169
Company Statement of Changes in Equity 170
Notes to the Company Financial Statements 171
Advisers 178
Reliance on this document
Our Business Review on pages 2 to 29 has been prepared in
accordance with the Strategic Report requirements of section
414C(2)(a) of the Companies Act 2006. The intention of this
document is to provide information to shareholders and is not
designed to be relied upon by any other party or for any other
purpose.
Forward-looking statements
This document contains forward-looking statements which are made
by the Directors in good faith based on information available to them
at the time of approval of this report. In particular, all statements that
express forecasts, expectations and projections with respect to future
matters, including trends in results of operations, margins, growth
rates, overall market trends, the impact of interest or exchange rates,
the availability of financing, anticipated costs savings and synergies
and the execution of GlobalData Plc’s strategy, are forward-looking
statements. By their nature, forward-looking statements involve
risks and uncertainties because they relate to events and depend on
circumstances that will occur in the future. There are a number of
factors which could cause actual results and developments to differ
materially from those expressed or implied by these forward-looking
statements, including a number of factors outside of GlobalData
Plc’s control. Any forward-looking statements speak only as of the
date they are made, and GlobalData Plc gives no undertaking to
update forward-looking statements to reflect any changes in its
expectations with regard thereto or any changes to events, conditions
or circumstances on which any such statement is based.
ANNUAL REPORT AND ACCOUNTS 2024
1
Strategic Report / Directors’ Report / Auditor’s Report / Financial Statements
www.globaldata.com
Company No. 03925319
“2024 was transformational
for GlobalData following
Inflexion’s significant
investment in June 2024,
which strengthened
our balance sheet and
accelerated our growth
strategy.”
– Mike Danson, Chief Executive
2
• Strong growth in both revenue and profit before tax:
• Overall revenue growth of 5% at £285.5m (2023: £273.1m), which includes some
benefit of acquisitions and despite currency headwinds during the year.
• Robust underlying revenue growth of 4% (2023: 7%).
• Adjusted EBITDA up 5% to £116.8m (2023: £110.8m), Adjusted EBITDA margin
maintained at 41% (2023: 41%).
• Operating Profit declined 12% to £65.1m having been impacted by current year
acquisition and integration expenses, restructuring costs incurred on the Healthcare
transaction and an increase in the share-based payment charge.
• Profit before tax grew by £13.4m to £54.9m (2023: £41.5m), a 32% increase on prior
year reflecting trading performance and reduction in finance costs.
• Operating cash flow was £97.6m (2023: £101.0m), a decrease of 3% reflecting one-
off cash costs associated with the Inflexion Healthcare transaction and the four
acquisitions.
• Contracted Forward Revenue (being Invoiced Forward Revenue plus contracted
revenue not yet invoiced) grew by 12% to £171.4m (2023: £153.4m), the underlying
growth of this metric was 4%.
• Invoiced Forward Revenue grew to £145.3m (underlying growth of 3%) at 31 December
2024 (31 December 2023: £135.2m).
• Signed new £340m debt financing facilities giving the Group significant firepower to
execute its M&A strategy.
• As part of the dividend rebasing to focus capital on M&A, final dividend proposed at
1.0p (2023: 3.2p).
Financial Highlights
• Significant first-year progress against our three-year Growth Transformation Plan.
• Investment for 40% of the Group’s Healthcare business by Inflexion Private Equity
Partners LLP (“Inflexion”) supports mid-term strategic goals, generating gross cash
proceeds of £451.4m. Pre-existing debt facilities fully settled and extinguished upon
transaction completion.
• Platform strengthened with £88.0m of investment across four earning accretive
acquisitions (Business Trade Media International, LinkUp, Celent and Deallus).
• Transformative year in AI:
• Demonstrable impact for customers, with over 42,000 users now subscribed to
GlobalData’s AI Hub, transforming how users discover and apply insights in their daily
workflows.
• Two Share Buyback Programmes completed returning £29.3m to shareholders; a
further £50m buyback announced for 2025.
• Announced proposed move to the Main Market of the London Stock Exchange (“Main
Market”).
• Completed, on 7 March 2025, the acquisition of AI Palette for a purchase price
of $11.5m, an AI Powered consumer insights platform offering an Innovation
Intelligence solution to the Consumer-packaged goods sector.
Operational Highlights
Strategic Report
Strategic Report / Directors’ Report / Auditor’s Report / Financial Statements
3
• Robust outlook is underpinned by high levels of revenue visibility, good execution of
the Growth Transformation Plan and a strong financial position that allows continued
investment in strategic growth opportunities.
• Clear financial targets for FY25 and beyond:
• Platform in place to accelerate organic and inorganic growth opportunities across our
two customer-focused divisions.
• Targeting annualised revenue of £500m by the end of 2026, through a combination of
high single to double-digit organic revenue growth and M&A.
• Steadily progressing towards 45% Adjusted EBITDA margin over the course of the
plan period and reinvesting into the Growth Transformation Plan.
Current Trading and Outlook
ANNUAL REPORT AND ACCOUNTS 2024
Strategic Report / Directors’ Report / Auditor’s Report / Financial Statements
4
Our Vision
To be the leading data,
analytics, and insights
platform for the world’s
largest industries.
Principal Activity
GlobalData Plc (together with its
subsidiaries, ‘the Group’) is a data, insight,
and technology company that provides
decision-makers across the world’s most
successful companies with the intelligence
to act with conviction. Our connected
platform uniquely integrates proprietary
data, expert insight, and purpose-built AI
into a unified operating system that powers
the next generation of intelligence solutions.
Our Mission
To help our clients
decode the future, make
better decisions, and
reach more customers.
STRATEGIC REPORT
Our Business
20+
industry sector
coverage
(2023: 20)
3,740
employees
worldwide
(2023: 3,532)
4,900+
clients
(2023: 4,800+)
A snapshot of our
Group as at
31 December 2024
Strategic Report / Directors’ Report / Auditor’s Report / Financial Statements
The Group provides solutions across a breadth of industry
markets and functions, on a global scale on a single connected
platform. Our connected platform uniquely integrates
proprietary data, expert insight, and purpose-built AI into a
unified operating system that powers the next generation of
intelligence solutions.
Our solutions are used by organisations and decision-makers
across any industry to generate growth, build resilience, and
navigate a sustainable path to a more successful future.
5
ANNUAL REPORT AND ACCOUNTS 2024
Our Business Model
Recurring
revenue
Highly recurring
subscription revenue,
with high retention and
revenue visibility.
High incremental margins
Significant operating
leverage due to “build
once, sell multiple times”
model, and a largely fixed
cost base.
Scalable and
defensible position
Large, diversified
opportunities with
attractive tailwinds, strong
competitive moat and an
agile, scalable company
with One Platform.
Strong cash flow generation
Low capital requirements and
mostly advance customer payments
support high cash flow conversion,
working capital benefits and
capacity for reinvestment.
The visible and recurring revenue base creates a resilient
business model, with subscriptions making up approximately
80% of revenue. The balance of our revenue is made up of
ancillary services such as bespoke consulting, single copy reports
and events, all of which harness our core assets.
GlobalData’s client base is globally diversified, which reflects
our globally relevant data assets and gives the Group significant
market opportunity.
The Group assesses potential M&A targets and looks for the
same business model fundamentals in its targets, which enables
greater alignment and integration opportunities.
Our clients typically subscribe for 12 months’
access. This approach drives the following
business model attributes:
6
Capital Allocation
STRATEGIC REPORT
Our Business (continued)
Our objective is to achieve long-term compounding growth and maximise shareholder returns. The Group looks at resources to
deliver growth whilst also maintaining a focus on profitability.
INVESTING IN GROWTH
Reinvestment
The Group benefits from
significant operating leverage
due to stable fixed costs and a
lower variable cost model that
generates long-term margin
expansion in an accelerating
revenue growth environment.
We have a dynamic cost base,
which is largely people focused,
and has continued innovation
and investment embedded. This
agility allows us to direct our
resources to focus on underlying
growth.
We have a low capital intensity
model: capital spend typically
represents 1% – 1.5% of
revenue (2024: 2.5%, 2023:
1.5%). The increase in 2024
reflected additional investment
in the Growth Transformation
Plan activities, such as the
solutions product development.
Acquisitions
M&A is a significant growth
strategy for our business.
Our scalable One Platform
infrastructure enables
us to efficiently integrate
new datasets and content
capabilities into our existing
vertical offerings or expand
our breadth into new vertical
markets, enabling the Group to
realise synergies and value.
Our management team has
extensive experience of
acquiring and integrating assets
and we currently have an active
pipeline of businesses that we
are assessing and the financial
firepower to execute.
We have an ambition of
increasing our scale, through
M&A.
CAPITAL RETURN
Dividends
The cash generative and high
margin nature of our business
provides good optionality on
capital allocation. As a Board, we
feel committing to a progressive
dividend policy demonstrates
good financial discipline and
careful stewardship.
From 1 July 2024, the Group
has rebased the dividend which
reduces the payout of dividend
from this date. This reflects
the completion of the Inflexion
investment in the Healthcare
division and focuses more free
cash flow on acquisitions.
Share Purchase
The Company has a policy to
try and limit the dilution of its
existing shareholders created via
the Group’s Long-Term Incentive
Plans. As at 31 December 2024,
the Group had 45.4m options
in issue and 52.9m shares held
in treasury within the Group’s
Employee Benefit Trust.
Additionally, the Company
may, from time to time, use
excess cash (after investment
and dividend), to purchase
shares into treasury (within the
authorised annual limits).
GROWING OUR REVENUE – Ambition for high single/double digit annual organic growth
Volume Renewal New LogoValue Renewal M&A
INCREASING OUR PROFITABILITY – Adj. EBITDA margin ambition to progress towards 45%
Cost Discipline Technology InvestmentScalable Model Process Optimisation
REINVEST AND RETURN CAPITAL
Reinvestment Dividends/Share BuybacksAcquisitions
The Group uses free-cash flow and debt to fund acquisitions and purchase shares for the Employee Benefit Trust and targets net
debt leverage no greater than 2-3 times of Adjusted EBITDA, being the multiple of Adjusted EBITDA (including the pre-acquisition
results of recent acquisitions) compared to net bank debt.
7
ANNUAL REPORT AND ACCOUNTS 2024
Strategic Report / Directors’ Report / Auditor’s Report / Financial Statements
Our Purpose – why do we exist?
Perspective when it matters.
When faced with an overwhelming volume of conflicting and
misleading information in today’s complex world, GlobalData
provides a deeper, trusted perspective.
Our role is to provide our customers with intelligence that
empowers their decision-makers to navigate a path to a more
successful future.
We want to help our clients decode the future, make better
decisions, and reach more customers. We believe Information
and Technology are forces for good.
One Platform
GlobalData’s connected platform model is the foundation of
our strategic advantage and is the result of years of continuous
capital investment, targeted acquisitions, and organic
development.
Our unified model governs everything we do, from how we
develop and manage our products to our approach to sales and
customer success, as well as supporting business operations.
At its core, this approach integrates our entire universe of
unique data, expert analysis, and innovative solutions into One
Platform, providing easy access to a complete and comparable
view of the world’s largest industries.
As a result of our unified model, we can respond rapidly to
changing customer needs and market opportunities, and
continuously manage and develop products quickly, at
scale, with minimal capital investment, as well as integrate
acquisitions quickly and unlock synergies.
Growth Transformation Plan
We launched our Growth Transformation Plan in 2024, which
focuses on four key pillars: Customer Obsession, World-Class
Product, Sales Excellence and Operational Agility.
Customer Obsession
• Develop a trusted, global brand synonymous with
delivering exceptional customer value and service;
• Develop a global community of engaged industry
professionals; and
• Maintain a customer-centric culture that informs our
strategy, operating model, and business decisions.
World-Class Product
• Develop an integrated suite of winning propositions with
clear competitive differentiation;
• Provide “must-have” capabilities that are integral to our
clients and daily lives of professionals; and
• Consistently lead the market in commercialising new
product development and innovation.
Sales Excellence
• Consistently deliver best-in-class sales productivity
through targeted campaigns and tailored sales
enablement;
• Provide new salespeople with the structured on-boarding
support required to accelerate “time-to-target”; and
• Invest in the technology, people, and processes required
to deliver exceptional experiences across the customer
journey.
Operational Agility
• Use our unified operating model and One Platform to
create an integrated portfolio greater than the sum of its
parts;
• Ensure we have the organisational structure, capabilities
(e.g. people, process, technology), and high-performance
culture to execute; and
• Provide effective portfolio-wide planning, business insight
and performance reporting, and governance.
8
STRATEGIC REPORT
Chair’s
Statement
Murray Legg, Chair
Dear Shareholders,
As I reflect on 2024, I am pleased to report that GlobalData
has made substantial progress in executing our Growth
Transformation Plan (“GTP”), which we launched at the
beginning of the year. This ambitious programme initially
focused on organisational transformation and bringing in
additional talent to help lead and drive the GTP and we ended
the year by completing four new acquisitions, each bringing
an invaluable capability and talent onto our platform.
The success of our transformation journey is dependent
on the dedication and expertise of our global team. We
have invested heavily in talent development and cultural
transformation, ensuring our organisation remains agile and
innovative. A significant amount of Board focus has been to
review the roll-out of the GTP across the business and, in
particular, overseeing the acquisition of key leadership talent
into the business. I am pleased with the progress we have
made in the early stages of our transformation journey, and I
am looking forward to continuing to deliver against the plan.
Growth Transformation Plan
The GTP was launched in January 2024 as a framework
to deliver long-term sustainable and scalable growth on
the back of exiting 2023 in a strong financial position, with
significant revenue visibility and impressive Adjusted EBITDA
margin, as well as a significant opportunity in terms of
Total Addressable Market (c.£20bn). The completion of the
minority sale of our Healthcare division (completed 28 June
2024) transformed the balance sheet by repaying debt and
delivering significant headroom to fund our M&A ambition.
8
“The GTP was launched in
January 2024 as a framework
to deliver long-term sustainable
and scalable growth on the
back of exiting 2023 in a
strong financial position, with
significant revenue visibility and
impressive Adjusted EBITDA
margin, as well as a significant
opportunity in terms of Total
Addressable Market (c.£20bn).”
– Murray Legg, Chair
Strategic Report / Directors’ Report / Auditor’s Report / Financial Statements
Our GTP framework focuses on four key pillars: Customer
Obsession, World Class Product, Sales Excellence and
Operational Agility. 2024 was focused on accelerating
implementation of key initiatives such as: getting closer to our
clients, putting Artificial Intelligence at the centre of how we
operate and investing in accretive M&A, all underpinned by
investment in people and organisational transformation.
The financial results for 2024 do not reflect the impact of
some of the initiatives that we have launched in the year, as
we look more to the medium term to see noticeable benefits.
However, we have set some of the foundational areas of
the transformation journey and with the four completed
acquisitions and organic growth, we are scaling towards the
£500m revenue target as set last year for the end of 2026.
Board Succession and Sustainability
The Board continues to place utmost importance on having the
governance and structures in place to fully support the Executive
Directors and Senior Leadership Team to succeed and ultimately
maximise shareholder return. During 2024, the Board focused on
the launch of the GTP and that the right leadership is in place to
ensure the programme is set up for success.
Annette Barnes and Andrew Day were appointed as Non-
Executive Directors of GlobalData in February 2017. Annette
serves as Chair of the Company’s Remuneration Committee and
is also the Company’s Senior Independent Director. Given that
their terms as recommended by the UK Corporate Governance
Code will expire in January 2026, the Company will shortly
be commencing a process to be led by myself to identify their
successors. It is intended that Annette’s successor as Chair of
the Remuneration Committee will be appointed in good time
during 2025 to ensure an orderly handover of Remuneration
Committee responsibilities. The Board will seek Annette’s and
Andrew’s re-elections at the 2025 AGM.
I joined the Board as Non-Executive Director on 24 February
2016 and was appointed as Chair on 20 April 2021 and
therefore, as prescribed by provision 19 of the UK Corporate
Governance Code, my term should have expired on 24 February
2025. However, following a review led by the Senior Independent
Director, and as permitted by the UK Corporate Governance
Code, the Board recommended a limited extension of my term
as Chair, which I have accepted. The extension will facilitate
stability, consistency and governance across a large programme
of transformation (including succession planning for the Board
and Remuneration Committee) and the Board believe that this
is in the best interests of the Company and all its shareholders.
Therefore, I will be seeking re-election at the 2025 AGM.
We continue to improve and evolve our climate-related
governance and reporting efforts, which includes disclosure of
our Non-Financial and Sustainability Information Statement
on page 46. Our near-term reduction and Net Zero targets
were validated by the Science Based Targets initiative (SBTi)
during 2024, confirming our robust approach to reducing GHG
emissions, and with independent experts, we have created
a roadmap of reductions to meet those targets. Our climate
discussions will continue in 2025, which will encompass the
review, monitoring, and discussion of climate-related financial
risks and opportunities as well as wider sustainability matters.
Looking Ahead
As we move into 2025, the Board remains confident in
our strategic direction and the opportunities ahead. The
foundations we have laid through the Growth Transformation
Plan position us well to capture the growing demand for
data-driven insights across all our market sectors.
We will continue to focus on accelerating organic growth,
exploring strategic acquisition opportunities, and delivering
increased value to our shareholders. The market for data and
analytics solutions continues to expand, and we are well-
positioned to capitalise on this growth.
We have announced our intention to move to a premium listing
on the London Stock Exchange (Main Market). We believe that
this move will provide the Group with access to a wider pool of UK
and international capital that will support our long-term growth
ambitions and also reflect the progress that the Group has made
in its scale, business model and governance arrangements.
On behalf of the Board, I would like to thank our shareholders
for their continued support, our clients for their trust in our
service offering, and our employees for their unwavering
commitment to excellence. The progress we have made in
2024 gives us confidence in our ability to deliver sustainable
growth and value creation in the years ahead.
Dividend
As noted in our half year results statement (published 31 July
2024), following on from the completion of the Healthcare
transaction and the strategy to focus more capital towards
M&A, we have rebased the dividend for the period from 1 July
2024. Therefore, we are pleased to propose a final dividend of
1.0 pence per share (2023: 3.2 pence per share), to be paid
on 2 May 2025 to shareholders on the register at the close of
business on 21 March 2025. The ex-dividend date will be on
20March 2025. The proposed final dividend means that the
total dividend for the year is 2.5 pence per share (2023: 4.6
pence).
Murray Legg
Chair
10 March 2025
ANNUAL REPORT AND ACCOUNTS 2024
9
1010
“As planned, 2024 was a significant
year of investment across our Growth
Transformation Plan initiatives.
We continued to invest in our AI
capabilities, as well as launching our
new client solutions offerings.”
– Mike Danson, Chief Executive
Strategic Report / Directors’ Report / Auditor’s Report / Financial Statements
STRATEGIC REPORT
Chief Executive’s
Report
Mike Danson, Chief Executive
FY24 marked the start of our next growth chapter as we
launched our new Growth Transformation Plan 2024-2026. We
have spent a lot of time this year laying the foundations in order
to drive execution and further scale our One Platform. The first
year of the plan has been about building a strong foundation,
re-organising our business into two divisions and investing in
our sales force, AI capability and client solutions to position the
Group for successful execution.
The plan focuses on expanding sales headcount, innovating
through product development and embedding our wider AI
transformation programme, as well as scaling up our M&A
ambitions. This year, we saw significant investment in these core
areas, making 2024 a year of evolution for GlobalData putting
us in a strong position to accelerate our growth and deliver
sustainable value creation for our shareholders, the benefits of
which I’m pleased to say we are already starting to realise.
FY24 performance and investment across our
growth pillars
In FY24 we have delivered steady revenue growth of 5%
to £286m, within the range of market expectations (2023:
£273m), which represents 4% growth on an underlying basis.
We continued to invest in a number of planned initiatives to
secure future growth over the medium term, but with good cost
discipline, Adjusted EBITDA margin was maintained at 41%.
ANNUAL REPORT AND ACCOUNTS 2024
11
GlobalData closed the year with underlying Contracted Forward
Revenue (“CFR”) growth of 4%, providing strong visibility into
2025.
As planned, 2024 was a significant year of investment across
our Growth Transformation Plan initiatives. We continued to
invest in our AI capabilities, as well as launching our new client
solutions offerings and increasing our sales headcount with an
additional 30 senior sales positions.
The investment made by Inflexion in our Healthcare business,
in June 2024, was transformational in many respects. The
transaction valued the business at close to 22x Adjusted
EBITDA (based upon 12 months to 30 June 2023) and the
Group recognised a £412m gain directly within equity as a
result. The cash receipt has provided the wider Group with the
firepower to support growth through a bolt-on M&A strategy.
During the second half of the year we closed four acquisitions
for a combined equity value of £88m, the acquisitions are
expected to add c.£42m of revenues during FY25 and benefit
from improved contribution levels as the businesses become
fully integrated into the GlobalData business model. The
Group closes the year in a positive net cash position providing
additional flexibility to accelerate future value-creating M&A
activity. In addition to M&A, we have also deployed capital
towards share buybacks in the second half, maintaining a
disciplined approach to capital allocation.
12
Executing our Growth Transformation Plan
2024-2026
We have delivered good revenue growth while maintaining
strong margins, despite significant investments in our
transformation programme. Our strong recurring revenue
base has continued to expand, providing increased visibility
and stability to our future earnings. We aim for high-single to
double digit organic revenue growth and whilst our growth was
below this target in 2024, we firmly believe that we have the
right programme in place to accelerate the Group’s revenue
growth. In particular, I am confident that our customer focused
initiatives will have a positive impact on our target to achieve
>90% volume renewal rate (>£20k clients) over the medium
term. Our volume renewal rates have marginally reduced during
2024 to 83% (2023: 84%).
During the first year of the Growth Transformation Plan clear
progress has been made against our four strategic pillars which
are as follows:
Customer Obsession: our number one priority
Having reorganised our structure at the start of FY24, the
number one priority remains our customer obsession. We
believe this is the key enabler for sustainable value creation,
which is why investment in our people has been prioritised
with a concentration on three major areas; customer-driven
re-organisation, solutions-focused user interface, and customer
engagement.
Firstly, our re-organisation focused upon the separation of
the Healthcare business at an operational level, but the real
emphasis was setting up customer-centric organisational
structures. We hired a Chief Revenue Officer (“CRO”) and Chief
Operating Officer (“COO”) within the Healthcare division as well
as a Global CRO and COO covering all other industry sectors,
each with a customer-centric and growth transformation
mandate.
Within this structure we have hired strategic and major account
managers across the Group to help our focus on creating
strategic partnership and build customer relationships amongst
our larger client cohort. The reorganisation has taken time to
set up, which has impacted our trading results in the short term.
However, we are confident that the changes we have made are
the right ones and we are starting to see the early benefits of
this coming through in some initiatives.
Secondly, our Growth Transformation Plan is underpinned by a
clients solutions-based model. Our Solutions initiatives centre
around ensuring client delivery is focused and personalised
to the job role and use case for the proprietary data and
content. Through solutions such as Sales Intelligence, Strategic
Intelligence and Competitive Intelligence, we are creating tools,
workflows and configuration that is tailored to the user and
their required outcomes. Our investment in AI is allowing us to
do this at scale and with additional tools such as AI Hub and
virtual assistants, we are now creating a transformational user
interface and user experience. This powerful combination of
AI and human expertise is what continues to set us apart from
our peers. This is why it means greater focus on investment in
solutions and AI capabilities – all to provide better solutions to
our customers.
And finally, customer engagement remains central to our
success, where staying closer to and building stronger
relationships is of utmost importance. The strength of our
relationships is reflected in the frequency and quality of
client engagement across our divisions. The quality, insights
and specialist industry knowledge of our analysts is a key
value point in our service to clients, increasing the levels of
engagement is an extremely important value driver for our
customers and long term will increase the quality and longevity
of customer partnerships.
A key outcome of our Customer Obsession activities is to move
the business towards our target renewal rate (by volume) to
more than 90% over the medium term. Volume renewal rates
(customers >£20k) marginally reduced to 83% in FY24 (FY23:
84%). We also have a clear focus on increasing our penetration
with large clients. During 2024, our volume renewal rate for
clients spending more than £100,000 was 98% (FY23: 97%),
which reflects a client base of 431 clients (FY23: 406) with an
accumulated value of £123m (FY23: £114m).
STRATEGIC REPORT
Chief Executive’s
Report
(continued)
Growth Transformation Plan 2024-2026
1. CUSTOMER DRIVEN RE-ORG
2. SOLUTIONS
3. CUSTOMER ENGAGEMENT
4. 2024 PRODUCT ENHANCEMENTS
5. SIGNIFICANT AI INVESTMENTS
6. ORGANIC VALUE CREATION PLAN 7. M&A PLAN
CUSTOMER OBSESSION WORLD CLASS PRODUCTS SALES EXCELLENCE OPERATIONAL AGILITY
8. PEOPLE & CULTURE
9. TECHNOLOGY & AI
Strategic Report / Directors’ Report / Auditor’s Report / Financial Statements
World Class Product: Significant investment in
products, solutions and AI capability
2024 has been a significant year for investment in our product
and AI capability. We see increasing demand from customers
for more sophisticated and efficient solutions and, as we
continue to innovate to stay at the forefront with our value-
adding product enhancements, we are actively transitioning to
a solutions-based model. Our AI capability is embedded across
the portfolio, and through investment in technology stack and
enhancing AI powered solutions, we are now offering a more
personalised experience to customers.
Moreover, following the successful beta trial of AI Hub, we now
see a demonstrable impact for customers, with over 42,000
users now subscribed to AI Hub, transforming how users
discover and apply insights in their daily workflows.
This success is primarily driven by our AI experts, as well as
broader workforce who nurture their skills through our AI
training programme. We launched ‘All in on AI’, an ongoing
campaign designed to give all colleagues the information
and tools they need to tell our AI story with clarity and
confidence, as well as the platform to provide feedback and
ideas.
Strategic use of AI remains one of our key competitive
differentiators, and this technology is embedded across our
One Platform.
Transformation is well underway to a solutions-based model:
Sales Excellence: Investing in sales to drive
organic growth
Now operating as two segments – Healthcare and Non-
Healthcare – our sales teams have been recalibrated to drive
organic value creation. Led by our two new CROs, we are
transforming the balance of our sales operation to be more
focused on larger clients given our opportunity to increase
average client value within the greater economics of this
customer cohort.
Our front-line sales personnel capacity has been expanded
from c.270 to 370 effective March 2025, including an additional
30 senior sales positions. We remain on track to grow our sales
team by more than 150 additional salespeople during the
Growth Transformation Plan. Our value creation plan focuses on
the following growth levers:
Reduction of churn – Our volume renewal rate was 83%
(customers >£20k), which is reflective of churn across our low
to mid-tier clients. Our focus on solutions and AI in customer
usability will help to reduce the training and onboarding
required by making the service more intuitive and tailored to
specific use cases. This approach will give us more scalability in
servicing client needs
And secondly, our new licence model gives more access to
clients via teams or enterprise licensing which will reduce
the single user risk that we have carried with a number of low
and mid-tier clients and drive more usage of the product and
ultimately more value to the customer.
ANNUAL REPORT AND ACCOUNTS 2024
13
Proprietary
Data
Connected
Platform
Proprietary Data
•
100+ terabytes of data based on
proprietary sources and methodologies
•
Unrivalled breadth, depth and diversity
of data types across 300+ productised
data assets
•
Sophisticated data operations
continuously collect, validate, enrich,
and analyse data in real-time
Human Expertise
•
800 expert analysts, consultants,
and journalists with deep specialisms
in sectors and domains
•
200 technologists & data scientists
building and deploying advanced
AI/ML analytics models (e.g.
Sentiment, Clustering, Forecasting)
•
1,200 highly-trained researchers
constantly cleaning, validating and
analysing information
AI & Technology
•
Market-leading AI & Predictive Analytics
capabilities
•
Agentic AI framework
•
Supporting customer AI initiatives with
Direct Data feeds and Agentic APIs
Human
Expertise
AI &
Technology
S
O
L
U
T
I
O
N
S
S
O
L
U
T
I
O
N
S
14
Price – We have developed a new pricing model which does
not price the product by seat, but instead looks at teams and
enterprise usage. We believe by doing this, we are significantly
increasing the potential value to the customer and increasing
usage. In exchange for the additional value, which also includes
additional tools, solutions workflows and AI Hub without
additional charge, this will give us much stronger pricing power
going forwards.
Upsell/Cross Sell – Our new licence model will also drive
significant opportunity to increase penetration within our
existing clients, particularly within our larger clients. The
licensing model enables the expansion into different teams
and geographies, as well as more modularisation within the
data sets. Our solutions approach also gives us opportunities
to approach different use cases within a business and develop
new relationships with different teams in the organisation,
as well as giving additional opportunity for revenue with
configuration and custom work.
New Logo Sales – We continue to have a significant
opportunity across the industries we serve, with a Total
Addressable Market in excess of £20bn. We continue to invest
in our sales headcount, our organisational structure and our
processes.
The use of AI to optimise our internal processes, including our
renewals workflow, is showing early signs of improvement.
Embedding AI tools into the renewal workflow provides a
customer health scorecard, making the renewal process more
efficient.
Operational Agility: Supporting our operational
excellence through strategic M&A
Strategic, value-enhancing M&A remains a core pillar of our
growth strategy, and in 2024 we recognised a number of good
opportunities to enhance our platform. GlobalData’s centralised
model for our One Platform is key to the seamless execution of
our acquisitions. We have a proven playbook to integrate assets
onto our platform. From Day 1 there are benefits to the access
our centralised model provides which allows us to remove
costs, access synergies and set up new bolt-on acquisitions to
scale on our platform.
The investment from Inflexion, which completed in June 2024,
generated gross cash proceeds of £451.4m and resulted in
settlement of the Group’s pre-existing finance facilities. We
therefore now have the firepower to support growth through a
bolt-on M&A strategy. As part of our ongoing efforts to invest
and scale our One Platform to make it the best it can be, we
closed four M&A transactions for a combined equity value of
STRATEGIC REPORT
Chief Executive’s
Report
(continued)
GlobalData Evolution
We were formed in 201 6, but have
long-standing heritage since 1967
2010
*Year Founded
2011 2012 2013 2014 2015 2016 2017 2018 2019 2021 2022 2023 2024
Canadean
1972*
Consumer
Research in the
beverage
sector
Conlumino
2011*
Analytical
Research
covering
multiple
retail sectors
Kable
1996*
Public Sector
Technology
Data
Pyramid
Research
1986*
Emerging
market
and service
opportunities
research
across TMT
Current
Analysis
1997*
Competitive
Intelligence
in Telecoms
and
Technology
ERC
1961*
A long heritage
in global
consumer
market
segments
MarketLine
1999*
Commercial
Intelligence
MEED
1957*
Middle
East Business
and projects
market
intelligence
LMC
Data,
analytics, and
insights of the
Automotive and
Agribusiness
markets
MBI
Film, Television
and Advertising
news, data and
insights
Deallus
Competitive
intelligence for
the global life
sciences sector
Celent
Research and
a
dvisory firm on
technology for
financial
institutions
LinkUp
Job market data
&
analytics
Business
Trade Media
International
Ltd
B2B media
company
Inflexion
Partnership
Investment
agreement of
£434m for
minority stake
in GlobalData’s
Healthcare
division
TS Lombard
Macroeconomic
forecasting
and Invesment
Strategy
IHS
Market
Access and
Health
Economics
CM Research
Thematic
research
RapidScale
Cloud Solutions
Sociable
Pharma
Pharma
competitive
intelligence
Global
Ad Source
Advertising
intelligence
Aroq
Business
information and
news for
Automotive,
Beverage, Food
and Apparel
industries
Sportcal
Sports market
intelligence
Timetric
2008*
Construction
and financial
services sectors
Infinata
Business
intelligence
in the
BioPharm and
wealth
management
space
Verdict
1984*
Technology,
Business
and Innovation
intelligence
across
financial
services,
consumer
markets
and retail
PharmSource
Biopharmaceutical
Intelligence
Progressive
Digtal Media
1999*
Media, Business
information
Services,
Technology &
Communications
GlobalData
Data Analytics &
Consulting
across
Healthcare
Strategic Report / Directors’ Report / Auditor’s Report / Financial Statements
c.£88m, with integration of the businesses progressing as
planned.
Our acquisition of Business Trade Media International is
in line with our GlobalData curve strategy, aimed at brand
enhancement and increased engagement with our clients
and prospects across the GlobalData assets. It will further
accelerate our capability in this area, giving us access to a
greater audience across our vertical coverage.
LinkUp, the leading provider of global job market data,
adds to our growing strategic intelligence offering as well
as strengthening its presence within the financial markets
audience. This complementary acquisition offers our new and
existing clients significant value by adding real-time proprietary
technology that indexes millions of job listings.
The acquisition of Celent represents a further complementary
acquisition, which is aligned closely to our bolt-on M&A
strategy, bringing our collective expertise and talent together
to create even more value for our existing customers as well as
opportunities to serve new customers in the financial services
market.
Towards the end of the year, we completed the acquisition of
Deallus, a market-leading competitive intelligence solutions
provider focused on the global life sciences sector. As we
embed Deallus into our One Platform, it will enhance our
capabilities in delivering life sciences solutions, building deeper,
more embedded relationships with major brands within the
pharmaceutical sector.
The final transaction was funded by the Group’s new £340m
debt financing facilities. These facilities, in addition to cash
on balance sheet, give us significant firepower to enable the
continued execution of our M&A strategy.
ANNUAL REPORT AND ACCOUNTS 2024
15
Maintaining a disciplined approach to capital allocation
Our objective remains to achieve long-term compounding growth to enhance shareholder value, and we maintain a disciplined
approach to capital.
16
To reflect the impact of the Healthcare transaction, the dividend
was rebased from 1 July 2024, and a progressive policy
will be applied in future years, taking into account growth in
profitability, free cash flow performance as well as investment
and M&A opportunity.
Whilst maintaining a disciplined approach to capital allocation,
we have used some funds for further share buybacks. The
Group has completed two Share Buyback Programmes
announced on 31 July 2024 and 23 September 2024, with
shares purchased to the value of £29.3m, with a further £50m
buyback announced for 2025.
ESG
We remain committed to creating an ethical and sustainable
business. Our near term and Net Zero targets have been
validated and were published by SBTi in June.
Following the appointment of our Chief People Officer in
January, we have enhanced our commitment to investing in
our people as a core component of our Growth Transformation
Plan. For example, as part of our AI strategy we have introduced
a foundational AI programme to create a unified understanding
of AI across the business. We have launched Phase 2 of the AI
training programme in the second half of this year, to continue
equipping our employees with relevant skills that they can use
in daily tasks to improve productivity and enhance customer
experiences.
Our Colleagues
During this year of change for GlobalData, we were pleased to
see such a high level of engagement among our colleagues who
continuously provide feedback on the ways we can improve our
business.
2024 has certainly been a year of operational achievements
driven by our dedicated colleagues, and I would like to thank
everyone for their energy and drive to make GlobalData the first
choice for intelligence solutions for our customers.
Proposed move from AIM to Main Market
In February 2025, the Group announced its intention to apply
for its ordinary shares to be admitted to the Equity Shares
(commercial company) listing segment of the Official List and
to trading on the main market for listed securities of the London
Stock Exchange plc (“Admission”). The Board believes that
Admission will further enhance the Company’s corporate profile
and recognition, as well as extending the opportunity to own the
Company’s ordinary shares to a broader group of UK and global
institutional shareholders.
Current Trading and Outlook
Looking ahead, we are confident in GlobalData’s outlook for
2025, underpinned by high levels of revenue visibility, good
execution of the Growth Transformation Plan and a strong
financial position that allows continued investment in strategic
growth opportunities.
Operationally and structurally, we have built a very strong
foundation this year, including re-organising and adding to our
teams for seamless execution in 2025.
We remain on track to progress towards 45% Adjusted EBITDA
margin over the course of the plan period and maintain our
ambition of high single to double-digit underlying organic
revenue growth, supplemented by strategic M&A to surpass
£500m annualised revenue by the end of our 3-year plan.
Mike Danson
Chief Executive
10 March 2025
STRATEGIC REPORT
Chief Executive’s
Report
(continued)
17
ANNUAL REPORT AND ACCOUNTS 2024
Strategic Report / Directors’ Report / Auditor’s Report / Financial Statements
Explanatory notes
Revenue Bridge: The chart tracks the movement in revenue from 2023 to 2024, categorised into the following areas:
• Impact of FX – Movement in foreign exchange rates adversely affected Group revenue by £4m in the year.
• Acquisitions – revenues generated post-acquisition by BTMI and LinkUp. The acquisitions of Celent and Deallus did not impact Group revenues during FY24 due to the
acquisition date being 31/12/2024.
• Organic Growth – defined as growth in business excluding impact of movement in exchange rates and acquisitions.
Revenue and Margin Progression: The chart tracks the revenue, Adjusted EBITDA and Adjusted EBITDA margin from 2021-2024.
STRATEGIC REPORT
Chief Financial
Officer’s Report
Graham Lilley, Chief Financial Officer
273
5
12 286
(4)
£m
Revenue
2023
Revenue
2024
Impact
of FX
Acquisitions
Organic
Growth
250
255
260
265
270
275
280
285
290
Revenue Bridge
Revenue and Adj EBITDA Margin Progression
Revenue Adj EBITDA Adj. EBITDA Margin
2021
£m
2022 2023 2024
300
250
200
150
100
50
0
45%
40%
35%
30%
25%
20%
15%
10%
5%
0%
18
STRATEGIC REPORT
Chief Financial
Officer’s Report
(continued)
1. Defined in the explanation of non-IFRS measures on page 29.
£m
Year ended
31 December 2024
Year ended
31 December 2023
Change
%
Revenue 285.5 273.1 +5%
Operating profit 65.1 73.7 -12%
Depreciation 5.8 6.2 -6%
Amortisation of acquired intangible assets 8.9 9.0 -1%
Amortisation of software 1.9 1.6 +19%
Share-based payments charge 24.1 19.4 +24%
Restructuring and refinancing costs 5.3 1.7 +212%
Acquisition and integration costs 4.0 1.3 +208%
Costs relating to share-based payments scheme 0.3 0.2 +50%
Revaluation loss/(gain) on short- and long-term derivatives 1.7 (0.8) -313%
Unrealised operating foreign exchange gain (0.3) (1.5) -80%
Adjusted EBITDA
1
116.8 110.8 +5%
Adjusted EBITDA margin
1
41% 41% 0pts
Profit before tax 54.9 41.5 +32%
Amortisation of acquired intangible assets 8.9 9.0 -1%
Share-based payments charge 24.1 19.4 +24%
Restructuring and refinancing costs 5.3 1.7 +212%
Acquisition and integration costs 4.0 1.3 +208%
Costs relating to share-based payments scheme 0.3 0.2 +50%
Revaluation loss/(gain) on short- and long-term derivatives 1.7 (0.8) -313%
Unrealised operating foreign exchange gain (0.3) (1.5) -80%
Revaluation of interest rate swap (2.8) 2.8 -200%
Adjusted profit before tax
1
96.1 73.6 +31%
Adjusted income tax expense
1
(27.2) (18.5) +47%
Adjusted profit after tax
1
68.9 55.1 +25%
Allocated to equity holders of the parent 58.8 55.1 +7%
Allocated to non-controlling interest 10.1 – +100%
Cash flow generated from operations 97.6 101.0 -3%
Interest paid (10.9) (23.0) -53%
Income taxes paid
(40.7) (12.0) +239%
Contingent consideration paid (0.5) (0.2) +150%
Principal elements of lease payments (5.6) (5.4) +4%
Purchase of intangible and tangible assets (7.2) (4.2) +71%
Free cash flow
1
32.7 56.2 -42%
Operating cash flow conversion %
1
84% 91% -7pts
Free cash flow conversion %
1
34% 76% -42pts
Earnings attributable to equity holders:
Basic earnings per share (pence) 3.8 3.8 0%
Diluted earnings per share (pence) 3.7 3.8 -3%
Adjusted basic earnings per share (pence) 7.5 6.8 +10%
Adjusted diluted earnings per share (pence) 7.4 6.7 +10%
19
ANNUAL REPORT AND ACCOUNTS 2024
Strategic Report / Directors’ Report / Auditor’s Report / Financial Statements
Key Performance Indicators:
Financial Key Performance Indicators
The financial KPIs detailed below are used, in addition to statutory reporting measures, by the Executive Directors to monitor the
Group’s performance and progress.
The platform economics of our business model meant that we continued to see a large flow through of incremental revenue to
Adjusted EBITDA without material incremental cost of sale. Over the course of the past four years, we have seen material margin
improvement in the business, and since 2023, we are now reporting an Adjusted EBITDA margin in excess of 40%, at 41%.
We finished the year with good visibility on future revenues, following another good year of revenue growth. Contracted Forward
Revenue grew to £171.4m as at 31 December 2024 (31 December 2023: £153.4m).
The Group has changed its forward revenue metric to include contracted forward revenue, but un-invoiced at the balance sheet date.
The reason for this change is that the timing of invoices does not always reflect the underlying performance of ongoing contracted
revenue. For comparison, Invoiced Forward Revenue grew to £145.3m (underlying growth of 3%) at 31 December 2024 (31
December 2023: £135.2m).
Operational Key Performance Indicators
As at 31 December 2024, the total number of clients (>£5,000 spend) grew 4% to 4,979 (2023: 4,810) excluding the impact of the
recent acquisitions.
Revenue
Contracted
Forward Revenue
Adjusted
EBITDA
Adjusted
EBITDA Margin
Net Cash/
(Bank Debt)
2024 £285.5m £171.4m £116.8m 41% £10.1m
2023 £273.1m £153.4m £110.8m 41% (£243.9m)
% reported growth +5% +12% +5% 0p.p. -104%
% underlying growth +4% +4% +7% +1p.p. N/a
Clients >£20,000 All Clients
(Above £5,000)
Value renewal
rate
Volume renewal
rate
Average client
value
(£’000)
Value renewal
rate
Volume renewal
rate
Average client
value
(£’000)
2024 93% 83% £79.1 92% 79% £49.7
2023 94% 84% £76.2 94% 80% £48.7
Movement -1pt -1pt +4% -2pts -1pt +2%
Our volume renewal rates were materially consistent with the previous year, although slightly down (1pt). As part of the Growth
Transformation Plan a number of initiatives and strategic focus has been on Customer Obsession and we believe that these will drive
towards our stated ambition of volume renewal rates of >90% over the longer term.
20
Financial Review Notes
The financial position and performance of the business are reflective of the key financial elements of our business model:
visible and recurring revenues, high incremental margins, scalable opportunity and strong cash flows. The Directors believe
that Adjusted EBITDA, Adjusted EBITDA margin, Adjusted profit before tax, Adjusted profit after tax and Adjusted earnings
per share provide additional useful information on the operational performance of the Group to shareholders, and internally
we review the results of the Group using these measures. The term ‘adjusted’ is not a defined term under IFRS and may
not therefore be comparable with similarly titled profit measures reported by other companies. It is not intended to be a
substitute for, or superior to, IFRS measures of profit.
The Directors also believe that reviewing revenue growth on an ‘underlying’ basis gives a useful view on the performance
of the business. By reviewing growth excluding the impact of currency and the impact of acquisitions, the Directors can
review performance on a like-for-like basis. The term ‘underlying’ is not a defined term under IFRS and may not therefore be
comparable with similarly titled measures reported by other companies.
Financial Key Performance Indicators (‘KPIs’)
The financial KPIs on page 19 are used, in addition to statutory reporting measures, by the Executive Directors to monitor
the Group’s performance and progress. These key performance indicators are used to measure progress against strategy, the
strength of the business and long-term prospects for our stakeholders.
Operational Key Performance Indicators
The operational key performance indicators below are used by the Directors to monitor the quality of revenue growth and
understand underlying performance. Our operational key performance indicators are:
Value Renewal Rate – this is calculated in reference to the total spend of existing clients with subscription contracts in the
last twelve months, compared to the total spend of those same clients in the twelve months prior to that.
Volume Renewal Rate – this is calculated in reference to the number of existing clients with subscription contracts in the
last twelve months, compared to the same number of clients in the twelve months prior to that.
Average Client Value – this is calculated using the total value of sales across our clients with subscription contracts and
dividing by the number of clients with subscription contracts, which shows an average value.
Our operational KPIs reference sales orders rather than revenue and therefore impact revenue recognised in the year as well
as Invoiced and Contracted Forward Revenue.
STRATEGIC REPORT
Chief Financial
Officer’s Report (continued)
21
ANNUAL REPORT AND ACCOUNTS 2024
Strategic Report / Directors’ Report / Auditor’s Report / Financial Statements
The Group’s Performance this year
1. Inflexion Investment acquired 40% stake in the Group’s Healthcare business
On 21 December 2023, the Group announced that it had exchanged on a transaction to sell 40% of the Group’s Healthcare business
to Inflexion, the transaction completed on 28 June 2024. The financial impact of the transaction on the Group consolidated financial
statements is summarised below:
• £451.4m gross cash proceeds received, £305m of pre-existing debt facilities were fully settled and extinguished on completion
of the transaction;
• £412.0m gain recognised directly in retained profit within the Consolidated Statement of Changes in Equity;
• £17.1m of non-controlling interest in the Consolidated Statement of Financial Position as at 31 December 2024.
2. Revenue
Revenue grew by 5% to £285.5m (2023: £273.1m). The majority of the increase came from underlying growth of 4%, aided by
c.2%benefit from acquisitions which was offset by c.2% adverse movements on currency. On an underlying basis, subscriptions
grew by 4% underpinned by continued strong renewal rates, and new business wins. As a result of the weighting of acquisitions,
subscription revenue as a proportion of total revenue reduced slightly to 75% (2023: 77%).
3. Profit before tax
Profit before tax for the year grew by £13.4m to £54.9m (2023: £41.5m), which represents stronger operating performance at an
Adjusted EBITDA level combined with a reduction in other operating costs, driven by lower finance costs (-£22.0m), reflecting a
reduction in average drawn debt in 2024 compared with 2023. Operating profits reduced by 12% in the year to £65.1m (2023:
£73.7m), primarily as a result of current year acquisition and integration expenses, combined with restructuring costs incurred on
the Healthcare transaction and an increase in the share-based payment charge.
£m
Year ended
31 December 2024
Year ended
31 December 2023 Change %
Revenue 285.5 273.1 +5%
Operating costs (excluding adjusting items) (168.7) (162.3) +4%
Adjusted EBITDA 116.8 110.8 +5%
Depreciation (5.8) (6.2) -6%
Amortisation of acquired intangible assets (8.9) (9.0) -1%
Amortisation of software (1.9) (1.6) +19%
Share-based payments charge (24.1) (19.4) +24%
Restructuring and refinancing costs (5.3) (1.7) +212%
Acquisition and integration costs (4.0) (1.3) +208%
Costs relating to share-based payment schemes (0.3) (0.2) +50%
Revaluation (loss)/ gain on short and long-term derivatives (1.7) 0.8 -313%
Unrealised operating foreign exchange gains 0.3 1.5 -80%
Finance costs (10.2) (32.2) -68%
Profit before tax 54.9 41.5 +32%
22
Adjusted EBITDA
Adjusted EBITDA increased by 5% to £116.8m (2023: £110.8m). The revenue growth of £12.4m (£11.9m of which was underlying
growth) was offset with cost increases of £6.4m (largely representing the full year impact of acquisitions which closed in the second
half of 2024), meaning that the overall net improvement to Adjusted EBITDA was £6.0m (incremental margin of 48%). The growth
in Adjusted EBITDA is reflective of the operational gearing in our business model and our ability to control what is a relatively fixed
cost base. Our underlying Adjusted EBITDA margin grew to 42%, but the impact of acquisitions reduced the overall Adjusted EBITDA
margin which remained at 41% (2023: 41%).
On an underlying basis, Adjusted EBITDA grew by 7% and Adjusted EBITDA margin increased by 1 percentage point, which is
reconciled below.
£m £m
Revenue as reported - 2024 285.5
Add back currency movements 4.5
Deduct post-acquisition revenue of M&A (5.0)
Revenue underlying - 2024 285.0
2023 273.1
Reported Growth 5%
Underlying Growth 4%
Adjusted EBITDA as reported - 2024 116.8
Add back currency movements 3.1
Deduct post-acquisition Adjusted EBITDA of M&A (1.0)
Adjusted EBITDA underlying - 2024 118.9
2023 110.8
Reported Growth 5%
Underlying Growth 7%
Adjusted EBITDA margin underlying – 2024 42%
2023 41%
Movement 1pts
Adjusting items
The Group experienced a significant amount of corporate activity during 2024, including: Inflexion Healthcare investment which
required a large amount of corporate and legal restructuring pre-completion in order to establish the Healthcare sub-group;
acquisition and integration of four M&A transactions; launch of the initiatives associated with the Growth Transformation Plan.
Adjusting items grew by £14.7m in total, with some significant individual movements of note:
• The share-based payment charge has increased from £19.4m to £24.1m, driven by new grants in the year and lower actual
churn than the previous model assumptions, which required trueing up in the year.
• Acquisition and integration costs increased year on year, from £1.3m to £4.0m, reflective of additional M&A activity during
2024. The Group completed four acquisitions during the year, being BTMI, LinkUp, Celent and Deallus as disclosed in note 27.
• Restructuring costs totalling £4.5m have been recognised within the Group, which have principally arisen as a result of the pre-
completion steps required to restructure the Group ahead of the Inflexion investment in the Healthcare business.
• Unrealised foreign exchange losses of £1.4m were recognised during the year, in comparison with a total gain in 2023 of £2.3m.
STRATEGIC REPORT
Chief Financial
Officer’s Report (continued)
23
ANNUAL REPORT AND ACCOUNTS 2024
Strategic Report / Directors’ Report / Auditor’s Report / Financial Statements
Finance costs
Finance costs have decreased by 68% to £10.2m (2023: £32.2m) which is inclusive of a non-cash interest charge of £1.4m relating
to financial liabilities measured at amortised cost (2023: £5.1m), revaluation gain on the terminated interest rate swap of £2.8m
(2023: loss of £2.8m) and IFRS16 leases interest of £1.1m (2023: £1.1m). The cash paid in interest in 2024 was £10.9m (2023:
£23.0m) reflecting a decrease in average drawn debt in 2024 compared with 2023. The Group repaid £305.0m of debt on 28 June
2024 following the investment from Inflexion, which was the key driver in reduced interest payments in the year.
Finance costs in relation to the newly negotiated banking facilities are calculated on drawn debt based upon a margin range of
225-325bps, dependent on adjusted leverage, plus SONIA (Sterling Overnight Index Average rate). Undrawn debt carries interest at
one third of the prevailing margin.
Leases
Within our operating costs, depreciation in relation to right-of-use assets was £4.6m (2023: £5.1m). Our net finance costs include
interest of £1.1m in relation to lease liabilities (2023: £1.1m).
4. Foreign exchange impact on results
The Group derives around 60% of revenues in currencies other than Sterling, compared with around 40% of its cost base.
The impact of currency movements in the year reduced revenue by £4.5m, which mainly reflected volatility of Sterling against
US Dollar (average rate: 2024: 1.28, 2023: 1.24). By 31 December 2024, the rate of Sterling against US Dollar was comparable
with the previous year and therefore had limited impact on closing Contracted Forward Revenue. The Group cost base
benefitted from currency movements by £1.4m. The full impact of currency on Adjusted EBITDA was a reduction of £3.1m.
£m Revenue
Operating
costs
1
Adjusted
EBITDA
Adjusted EBITDA
margin
Contracted
Forward Revenue
As reported 285.5 (168.7) 116.8 41% 171.4
Add back currency movements
US Dollar 3.6 (1.5) 2.1 (0.1)
Euro 0.1 0.0 0.1 0.2
Other 0.8 0.1 0.9 0.4
Constant currency 290.0 (170.1) 119.9 41% 171.9
2023 – as reported 273.1 (162.3) 110.8 41% 153.4
Constant currency growth 6% 5% 8% 0p.p. 12%
1. Operating costs excluding adjusting items.
5. Taxation
The Group’s effective income tax rate (ETR) for the reporting period is 33.5% which exceeds the statutory UK income tax rate for the
period of 25.0%. The major components increasing the ETR are local withholding taxes chargeable on the distribution of profits from
overseas subsidiaries, for which double taxation relief is not available, and expenses that are non-deductible for tax purposes.
Key factors that may impact the Group’s future tax charge as a percentage of underlying profits are the mix of profits and
lossesbetween the jurisdictions in which the Group operates and the corresponding tax rates in those territories, the impact of
non-deductible expenditure and non-taxable income and the utilisation (with a corresponding reduction in cash tax payments) of
previously unrecognised deferred tax assets.
The ETR for the reporting period has been elevated due to the separation of the Healthcare business and the subsequent investment
by Inflexion. This event is not expected to have an ongoing impact on the tax rate in future periods.
24
The tax effect of adjusting items in 2024 of £8.8m is broadly similar to the prior year (2023: £7.8m). Key variances include the
impact of adjusting for:
• Tax deductible refinancing costs, arising from the new debt facilities agreed during 2024;
• Tax deductible unrealised foreign exchange losses sustained during 2024; and
• The closure of an interest rate swap during 2024, reversing the tax effect recognised in the prior year.
6. Earnings per share
Basic EPS was 3.8 pence per share (2023: 3.8 pence per share). Fully diluted profit per share was 3.7 pence per share (2023:
3.8pence per share). Adjusted basic earnings per share grew from 6.8 pence per share to 7.5 pence per share, representing 10%
growth.
Growth in Adjusted earnings per share (+10%) rose above the growth in Adjusted EBITDA (+5%) mainly as a result of decreased
finance charges in the year. Cash interest charges decreased by £12.1m (-53%) as well as non-cash finance costs decreasing
by £9.9m compared with 2023. Non-cash finance charges include non-cash interest relating to financial liabilities measured at
amortised cost of £1.4m (2023: 5.1m). The decreased charge in the year reflects that the Group settled its pre-existing loan facility
in full during June 2024 therefore had £nil interest-bearing indebtedness until late December 2024 when £44.5m was drawn down
in relation to the new loan facilities.
7. Dividends
As noted in our half year results statement (published 31 July 2024), following on from the completion of the Healthcare transaction
and the strategy to focus more capital towards M&A, we have rebased the dividend for the period from 1 July 2024.
We are therefore proposing a final dividend of 1.0 pence per share (2023: 3.2 pence), to be paid on 2 May 2025 to shareholders on
the register at the close of business on 21 March 2025. The ex-dividend date will be on 20 March 2025. The proposed final dividend
increases the total dividend for the year to 2.5 pence per share (2023: 4.6 pence). The decrease of 46% is reflective of the dividend
being rebased from 1 July 2024.
8. Cash generation
Following completion of the investment agreement with Inflexion, the Group recognised gross cash proceeds of £451.4m which was
offset slightly by transaction costs recognised in equity of £30.6m.
Cash generated from operations was £97.6m (2023: £101.0m), a 3% decrease, representing 84% of Adjusted EBITDA (2023:
91%). The reduced conversion from EBITDA was driven by the increased number of adjusting items which impacted operating cash
flow, driven largely by M&A and the Inflexion transaction. Total adjusting items in 2024 impacting operating cashflow was £10.1m
(2023: £2.3m).
£m
Year ended
31 December 2024
Year ended
31 December 2023
Statutory income tax charge 18.4 10.7
Amortisation of acquired intangible assets 2.3 1.9
Share-based payments charge 5.0 4.8
Restructuring and refinancing costs 1.3 0.3
Costs relating to share-based payment schemes 0.1 –
Unrealised operating foreign exchange loss/(gain) 0.5 (0.6)
Revaluation of interest rate swap (0.7) 0.7
Corporate tax rate change (0.1) 0.4
Movement in unrecognised deferred tax 0.4 0.3
Adjusted income tax charge 27.2 18.5
Reconciliation of statutory income tax charge to adjusted income tax charge is presented below:
STRATEGIC REPORT
Chief Financial
Officer’s Report (continued)
25
ANNUAL REPORT AND ACCOUNTS 2024
Strategic Report / Directors’ Report / Auditor’s Report / Financial Statements
Capital expenditure was £7.2m in 2024 (2023: £4.2m), including £5.3m on software including assets under construction (2023:
£3.2m). Capital expenditure represented 2.5% of revenue (2023: 1.5%), which was higher than our normal target range because of
key capital initiatives related to our Growth Transformation Plan.
Total cash flows from operating activities were £45.5m (fall of £20.3m from 2023), which represented 70% of operating profit
(2023: 89%). During the year, the Group paid out £37.5m in dividends (2023: £32.2m).
Short- and long-term borrowings decreased by £223.3m to £40.4m as at 31 December 2024 (2023: £263.7m).
9. Net cash/(bank debt):
Net cash as at 31 December 2024 was £10.1m (2023: net bank debt of £243.9m).
The Group defines net bank debt as short- and long-term borrowings (note 20) less cash and cash equivalents. The amount excludes
items related to leases.
£m 2024 2023
Short- and long-term borrowings (note 20) (40.4) (263.7)
Cash 50.5 19.8
Net cash/(bank debt) 10.1 (243.9)
A reconciliation of cash generated from operations, free cash flow and opening and closing net bank debt is set out below.
£m
Year ended
31 December
2024
Year ended
31 December
2023 Growth
Cash flow generated from operations 97.6 101.0 -3%
Interest paid (10.9) (23.0) -53%
Income taxes paid (40.7) (12.0) +239%
Contingent consideration paid (0.5) (0.2) +150%
Principal elements of lease payments (5.6) (5.4) +4%
Purchase of intangible and tangible assets (7.2) (4.2) +71%
Free cash flow 32.7 56.2 -42%
Dividends paid (37.5) (32.2) +16%
Net M&A
1
(79.4) – +100%
Acquisition of own shares (52.5) (11.9) +341%
Acquisition of own shares for cancellation (29.3) – +100%
Proceeds from sale of 40% of Healthcare business to non-controlling interest 443.4 – +100%
Transaction costs relating to sale of 40% of Healthcare business to non-controlling interest (30.6) – +100%
Receipt of loan from related party 8.0 – +100%
Net cash flow 254.8 12.1 +2,006%
Opening net bank debt (243.9) (249.6) -2%
Non-cash movement in borrowings (1.4) (5.1) -73%
Currency translation 0.6 (1.3) -146%
Closing net cash/ (bank debt) 10.1 (243.9) -104%
Last 12 months Adjusted EBITDA
2
116.8 110.8 +5%
Net bank debt leverage 0.1x (2.2x) +2.3x
1 Cash cost relating to acquisitions included in the Consolidated Statement of Cash Flows within investing activities (£68.7m) and financing activities (£10.7m).
2 Reflects 12 month rolling Adjusted EBITDA results, which for the 12 months ending 31 December 2024 and 31 December 2023 respectively, directly agrees to Adjusted EBITDA
reported for each financial year.
26
Additional current tax of £25.0m was paid on account during the period in relation to income tax liabilities arising from the
reorganisation steps required to facilitate the separation of the Healthcare business and the subsequent investment by Inflexion.
The reorganisation steps are expected to provide the Group with future tax benefits and deferred tax assets have been recognised
to reflect this, which will be unwound as and when such benefits are realised. Excluding the impact of the additional current tax
payments during the period, free cash flow would have been £57.7m.
10. M&A Transactions
During the year the Group invested £88.0m of equity value (headline purchase price) across four acquisitions. The reconciliation to
the net cash consideration paid at acquisition is provided below:
£m BTMI Linkup Celent Deallus Total
Equity/Purchase Value 10.0 21.0 24.0 33.0 88.0
Estimated closing indebtedness (3.7) (4.2) (4.4) (12.2) (24.5)
Other purchase adjustments – 1.6 (0.4) – 1.2
Cash Consideration 6.3 18.4 19.2 20.8 64.7
11. Contracted Forward Revenue
Invoiced Forward Revenue grew to £145.3m (reported growth of 7% and underlying growth of 3%) at 31 December 2024 (2023:
£135.2m).
£m 2024 2023
Deferred revenue 114.6 104.6
Amounts not due/subscription not started at 31 December 30.7 30.6
Invoiced Forward Revenue 145.3 135.2
Contracted not yet invoiced 26.1 18.2
Contracted Forward Revenue 171.4 153.4
£m
Contracted Forward Revenue as reported - 2024 171.4
Add back currency movements 0.5
Deduct Contracted Forward Revenue of acquisitions at 31 December (12.8)
Contracted Forward Revenue underlying - 2024 159.1
2023 153.4
Reported growth 12%
Underlying growth 4%
£m
Invoiced Forward Revenue as reported - 2024 145.3
Add back currency movements 0.5
Deduct Invoiced Forward Revenue of acquisitions at 31 December (6.9)
Invoiced Forward Revenue underlying - 2024 138.9
2023 135.2
Reported growth 7%
Underlying growth 3%
STRATEGIC REPORT
Chief Financial
Officer’s Report (continued)
27
ANNUAL REPORT AND ACCOUNTS 2024
Strategic Report / Directors’ Report / Auditor’s Report / Financial Statements
12. Intangible assets
Intangible assets (excluding goodwill) have increased by £40.0m during the year, from £61.7m as at 31 December 2023 to
£101.7m as at 31 December 2024. This movement is driven by an amortisation charge for the year of £10.8m offset by additions of
£50.8m, which predominantly relate to intangibles identified in relation to acquisitions made in the year as detailed in note 27.
13. Trade receivables
Net trade receivables as at 31 December 2024 were £74.0m, representing 35% growth compared with the 31 December 2023
balance of £54.8m which includes the impact of trade receivables acquired through M&A activity during the year.
Financial Risk Management
The Group’s primary objective in managing foreign currency risk is to protect against the risk that the eventual Sterling net cash
flows will be affected by changes in foreign currency exchange rates. To do this, the Group enters into foreign exchange contracts
that limit the risk from movements in US Dollar and Euro exchange rates with Sterling. Due to the Group’s operations in India, the
Group also enters into foreign exchange contracts that limit the risk from movements in US Dollars with the Indian Rupee exchange
rate. While commercially and from a cash flow perspective this hedges the Group’s currency exposures, the Group elects not to
apply hedge accounting and accordingly any movements in the fair value of the foreign exchange contracts are recognised in the
income statement.
On 23 May 2023, the International Accounting Standards Board issued International Tax Reform – Pillar Two Model Rules –
Amendments to IAS 12 which clarify that IAS 12 applies to income taxes arising from tax law enacted or substantively enacted
to implement the Pillar Two model rules published by the OECD, including tax law that implements Qualified Domestic Minimum
Top-up Taxes. The Group has adopted these amendments. However, they are not yet applicable for the current reporting year as the
Group’s consolidated revenue is currently below the threshold of €750m.
Interest Rate Risk
Interest rate risk is the impact that fluctuations in market interest rates can have on the value of the Group’s interest-bearing assets
and liabilities and on the interest charge recognised in the income statement. The Group does not currently manage this risk with
the use of derivatives. The Group entered into an interest rate swap arrangement in relation to the previously held loan facilities,
which were settled in full during June 2024, at which point the swap arrangement was terminated.
Credit Risk
In the normal course of its business, the Group is exposed to credit risk from cash and trade and other receivables. Credit risk refers
to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. Trade receivables
consist of a large number of customers, spread across diverse industries and geographic markets, and the Group’s exposure to
credit risk is influenced mainly by the individual characteristics of each customer. The Group has adopted an approach of assessing
factors such as counterparty size, location and payment history as a means of mitigating the risk of financial loss from defaults. The
Group defines default as the debt being deemed completely unrecoverable.
28
Liquidity Risk and Going Concern
The Group’s approach to managing liquidity risk is to ensure, as far as possible, that it has sufficient liquidity to meet its
liabilitiesasthey fall due, with surplus facilities to cope with any unexpected variances in timing of cash flows. The Group meets
its day-to-day working capital requirements through free cash flow, being operations-generated cash (with no external financing
required). Although the statement of financial position shows net current liabilities (current assets less current liabilities), included
in current liabilities is £112.9m of deferred revenue that represents future income earnings. Excluding deferred revenue held within
current liabilities, the Group has net current assets of £89.2m (2023: £49.8m).
Based on cash flow projections, the Group considers the existing financing facilities to be adequate to meet short-term
commitments. The Directors have a reasonable expectation that there are no material uncertainties that cast significant doubt
about the Group’s ability to continue in operation and meet its liabilities as they fall due for the foreseeable future, being a period
of at least 12 months from the date of approval of the financial statements. Accordingly, the Group has prepared the Annual Report
and Accounts on a going concern basis. The Directors have prepared a Going Concern and Long-Term Viability statement on
page52,within the Strategic Report.
Graham Lilley
Chief Financial Officer
10 March 2025
STRATEGIC REPORT
Chief Financial
Officer’s Report (continued)
29
ANNUAL REPORT AND ACCOUNTS 2024
Strategic Report / Directors’ Report / Auditor’s Report / Financial Statements
Explanation of non-IFRS Measures
Financial measure How we define it Why we use it
Adjusted diluted EPS Adjusted profit after tax per diluted share (reconciliation between statutory profit and adjusted profit
shown on page 18). Diluted share defined as total of basic weighted average number of shares (net of
shares held in treasury reserve) and share options in issue at end of period (reconciliation between basic
weighted average number of shares and diluted weighted average number of shares in note 12).
In order to assess the year-on-year operational business
performance.
Adjusted EBITDA Earnings before interest, tax, depreciation and amortisation, adjusted to exclude costs associated with
acquisitions, restructuring of the Group, share-based payments, impairment, unrealised operating
exchange rate movements and the impact of foreign exchange contracts. This is reconciled to the statutory
operating profit on page 18.
Last 12 months Adjusted
EBITDA
Earnings before interest, tax, depreciation and amortisation, adjusted to exclude costs associated with
acquisitions, restructuring of the Group, share-based payments, impairment, unrealised operating
exchange rate movements and the impact of foreign exchange contracts in the 12 months preceding the
period end date. This is reconciled on page 25.
Adjusted EBITDA margin Adjusted EBITDA as a percentage of revenue. This is calculated on page 18.
Adjusted EPS Adjusted profit after tax per share (reconciliation between statutory profit and adjusted profit shown on
page 18).
Adjusted income tax
expense
Represents the statutory income tax expense adjusted for the tax effect on adjusting items. In addition, the
adjusted income tax expense includes the effect of any tax rate changes. This is reconciled to the statutory
income tax charge on page 24.
Adjusted profit before
tax
Profit before tax adjusted to exclude amortisation of acquired intangible assets, costs associated with
acquisitions, restructuring of the Group, share-based payments, impairment, unrealised operating
exchange rate movements, the impact of foreign exchange contracts and revaluation of the interest rate
swap. This is reconciled to profit before tax on page 18.
Adjusted profit after tax The sum of adjusted profit before tax and adjusted income tax expense. This is calculated on page 18.
Constant currency
growth
Underlying growth is calculated by excluding the impact of movement in exchange rates. Constant currency
growth is reconciled to reported growth on page 23 for revenue, operating costs, Adjusted EBITDA,
Adjusted EBITDA margin and Contracted Forward Revenue.
To give the reader an idea of the growth of the business
without the impact of foreign exchange fluctuations, which
may add to the transparency and understanding of the
results.
Free cash flow Cash flow generated from operations less interest paid, income taxes paid, contingent consideration paid,
principal elements of lease payments and purchase of intangible and tangible assets. This is calculated on
page18.
Indicates the extent to which the Group generates cash from
Adjusted profits.
Free cash flow
conversion
Free cash flow divided by Adjusted profit before tax. This is calculated on page 18.
Invoiced Forward
Revenue
Invoiced Forward Revenue relates to amounts that are invoiced to clients at the statement of financial
position date, which relate to future revenue to be recognised. This is reconciled to deferred revenue on
page 26.
Acts as an indication of revenue visibility for the forthcoming
period.
Contracted Forward
Revenue
Defined as Invoiced Forward Revenue (as defined above) plus contracted revenue that has not yet been
invoiced as at the statement of financial position date. This is reconciled to deferred revenue on page 26.
Net cash/(bank debt) Short and long-term borrowings (excluding lease liabilities) less cash and cash equivalents. This is
reconciled on page 25.
Provides an insight into the debt position of the Group, taking
into account current cash resources.
Net bank debt leverage Net bank debt calculated as a multiple of the last 12 months Adjusted EBITDA. Detailed calculation is
provided on page 25.
Net cash flow Free cash flow less dividends paid, net M&A costs, acquisition of own shares and cash received from
repayment of loans. This is calculated on page 25.
Indicates the extent to which the Group generates cash from
Adjusted profits.
Operating cash flow
conversion
Cash flow generated from operations divided by Adjusted EBITDA. This is calculated on page 18. Indicates the extent to which the Group generates cash from
Adjusted EBITDA.
Organic growth Organic growth is calculated by excluding the results of acquired businesses. The reason we use organic and underlying growth as a
metric is to give the reader an idea of the growth of the
business without the impact of acquisitions and foreign
exchange fluctuations, which may add to the transparency
and understanding of the results. This also aids the Directors
to review performance on a like-for-like basis.
Underlying growth Underlying growth is calculated by excluding the impact of movement in exchange rates and the results
of acquired businesses. Underlying revenue is reconciled to reported revenue on page 22. Underlying
Invoiced and Contracted Forward Revenues are reconciled to reported Invoiced and Contracted Forward
Revenues on page 26. Underlying Adjusted EBITDA and underlying Adjusted EBITDA margin are reconciled
to reported figures on page 22.
30
STRATEGIC REPORT
Principal and Emerging Risks
and Uncertainties
GlobalData’s mission is to help our clients decode the future, make better decisions, and reach more customers.
GlobalData Plc (together with its subsidiaries, ‘the Group’) is a data, insight, and technology company that provides
decision-makers across the world’s most successful companies with the intelligence to act with conviction. Our connected platform,
uniquely integrates proprietary data, expert insight, and purpose-built AI into a unified operating system that powers the next
generation of intelligence solutions.
Our Approach to Risk Management
The Group recognises that in order to be successful we are required to take some risks. However, those risks need to be taken in a
controlled environment. Our approach is one of responsible risk-taking in line with the principles, culture, tolerance and appetite as
directed by the Board. Our approach to risk management is always evolving and has matured, developing over time to better serve
the needs of a fast-growing business with risk management awareness becoming embedded across all business operations.
The Group’s Risk Management has three key components:
• A Risk Appetite Statement: This provides a high-level indication of the type and amount of risk GlobalData is willing to take,
accept or tolerate in order to achieve its strategic goals and objectives. The Board sets the Group’s risk appetite and reviews
it at least annually. In doing so, the Board considers our strategic objectives, the Group’s principal risks and uncertainties and
assesses against the long-term viability of the Group.
• A three lines of defence model on internal controls (first line: functions that own and manage risk; second line: functions
that oversee and specialise in compliance; third line: independent assurance): The model details the key internal controls,
policies and assurance that the Group has in its risk management processes, as well as those accountable and responsible for
their operation.
• Our risk management processes and tools: These include an Annual Risk Assessment, assessment of internal controls and
review of the control environment. The Board also considers the views of the Senior Leadership Team and Audit Committee as
part of its systematic review of internal controls.
Oversight
The below chart reflects the roles and responsibilities within our risk management processes.
The Board
Audit Committee
Senior Leadership Team
Review and Confirmation
The Board’s responsibility is to review and approve the Group’s
strategy and objectives. The Board has overall responsibility for
risk management, determining the Group’s appetite for risk and
evaluating the Group’s risk management processes and internal
controls.
Challenges and Review
Risks are reviewed by the Audit Committee alongside
internal controls for ongoing adequacy of operating
effectiveness.
Ongoing Review, Control and
Implementation
The Senior Leadership Team are responsible for day-
today ownership of risk management and the design and
implementation of internal controls.
The Audit Committee has primary responsibility for oversight and scrutiny of risk management, monitoring the adequacy and
effectiveness of internal control and risk management systems and ensuring that a robust assessment of the principal risks facing
the Group has been undertaken. The Audit Committee reports to the Board on a regular basis.
31
ANNUAL REPORT AND ACCOUNTS 2024
Strategic Report / Directors’ Report / Auditor’s Report / Financial Statements
In 2025 and moving forwards , the Audit Committee will take a wider remit on the Group’s risk management framework and will be renamed
as the Audit and Risk Committee.
Our Approach to Identifying the Principal Risks
Principal risks are identified by conducting regular risk discussions with key stakeholders across the business, including members of the Senior
Leadership Team and other risk owners. Risks facing each function within the business are discussed based on the views and experiences of
each risk owner, in addition to the internal controls in operation to mitigate the risks.
The principal risks and uncertainties are those categories of risk which are considered by the Board to be material to the Group’s strategic
development, performance and future prospects, as well as Group operations. In determining the principal risks, the Board considers the net
impact of mitigations and controls in place as well as considering the severity of the risk and likelihood of occurrence.
While the principal risk categories have not materially changed since our last Annual Report, the risk factors have evolved, and we have set out
in the report how these have changed in the year.
The identified principal risks are not the only risks facing the business but are those considered to have a material impact on the business, and
therefore are the focus of discussion at Board and Audit Committee meetings.
Annual Risk Assessment
At least annually, the Senior Leadership Team review the Group’s principal risks and perform a risk assessment. The assessment considers both
the existing principal risks as well as potential emerging risks of the Group. The assessment looks at both the likelihood of a risk event occurring
and the impact the event would have on our business, in addition to the controls and mitigations the Group has in place.
The assessment as at 31 December 2024 has concluded that there are no new principal risks that have emerged during the year however
Financial risk is now considered to be part of the wider Economic and geo-political risk category and not its own separate principal risk, as such
the Group is reporting eight principal risks. The Board continues to acknowledge the increased risk associated with the accelerated progression
of Artificial Intelligence, whilst we recognise the significant opportunity that AI presents the Group we are, at the same time, mindful of the risks
it also brings. The considerations and actions for AI have been documented in the below analysis of principal risks.
Climate change remains an emerging risk for the Group and one that the Board continues to monitor closely. However, as a data and analytics
company in which our products are created and distributed digitally, our carbon footprint is considerably smaller than those of many other
companies of our size. Therefore, we have concluded that climate change (including existing and emerging regulatory requirements related to
climate change) does not represent a principal risk to our business. The climate-related financial disclosures on page 46 provide further details
on the potential impact of climate change on our business.
Principal Risks
The principal risks and uncertainties reported are not the only risks facing the business but are those which the Board considers to be material
to the Group. The Directors consider that the principal and emerging risks and uncertainties facing the Group are:
Gross risk likelihood and impact:
Key: Link to Growth Transformation Plan (“G.T.P”): 1. Customer Obsession, 2. World-Class Products, 3. Sales Excellence,
4. Operational Agility
Likelihood
Impact
Regulatory Compliance
Economic and Geo-Political
Data Privacy
Product
People
Acquisition and Integration
Market Cyber and IT
32
STRATEGIC REPORT
Principal and Emerging Risks
and Uncertainties
(continued)
Business and Strategic Risks:
Risk
Description
Link to
G.T.P. Potential Impact Key Mitigations and Controls Assessment
Product 1, 2 The success of the Group
is dependent on the quality
and relevance of our
products. Our vision to be
the leading data, analytics
and insights platform
for the World’s largest
industries means that our
content must be relevant
and of the highest quality
to help our clients be
successful.
A reduction in quality could
lead to a loss of customer
confidence, reputational
damage, loss of revenues
from new and renewable
business and impede our
ability to deliver on our
growth strategy.
The Group provides high-quality data and
analytics services. Our commitment to first-class
product quality is embedded in our day-to-day
operations.
• Regular product and research planning
meetings consolidate client feedback,
competitive positioning and new product
development to ensure relevance and drive
innovation.
• The Group has continued to significantly
expand its investment in and use of Artificial
Intelligence (‘AI’) throughout 2024 and we
will look to further the use of AI going forward
to improve the usability of our product for
our customers, enhance our research and
analysis capabilities, as well as realising
automation opportunities. AI is a material
opportunity, but only because of the quality
and “proprietary-ness” of our data.
We recognise the risk associated with the
accelerated progression of AI and have
policies in place internally which governs the
acceptable use of AI by all employees across
the Group.
• Standard Process Manuals set out consistent
research and publishing procedures, which
focus on quality and accuracy and are
continually reviewed for best practice.
• Internal Quality team independently checks
compliance against Standard Process
Manuals.
• External audit of Standard Process Manual
compliance.
• Internal production targets are set relating
to metrics such as timeliness and monitored
against performance metrics.
• Review of KPI metrics such as renewal rates
and customer numbers giving an indication of
customer satisfaction and product quality.
Risk Movement:
Stable.
There was no
material change
to this principal
risk in 2024. The
Group continually
looks for innovation
to enhance
capability and client
experience. We have
effective quality and
process controls
in operation and
have responded
to the risks of
the accelerated
progression of AI as
well as capitalising
on the opportunities
AI brings.
33
ANNUAL REPORT AND ACCOUNTS 2024
Strategic Report / Directors’ Report / Auditor’s Report / Financial Statements
Risk
Description
Link to
G.T.P. Potential Impact Key Mitigations and Controls Assessment
Cyber and IT 1,4 Data is at the core of our
business operations.
A major cyber-attack or
IT failure could lead to
significant operational or
client disruption resulting
in reputational damage,
business interruption and a
risk of financial loss caused
by phishing or whaling
attacks or other cyber
infiltration.
IT, Cyber and Systems failures continue to be
a major area of risk for the Group however we
continue to ensure that we implement and
design best-practice and effective controls to
mitigate these risks.
• Continuous and proactive monitoring of the
cyber-threat landscape, including regular
external review of cyber security and website
security protocols.
• Internal Information Security team supported
by external consultancy who are engaged to
help with the design and implementation of
IT security.
• Business continuity plans are in place across
the Group, including disaster recovery
programmes, and plans to minimise business
disruption.
• Product and sales infrastructure hosted by
external third parties with adequate security
protocols.
• IT infrastructure is managed by third party
providers with 24-hour management and
monitoring with back-up and disaster
protocols.
• Performance of automated vulnerability scans
of externally exposed enterprise assets.
• Automated backups, including maintenance
and protection of back-up and recovery data.
• Periodic external penetration tests on Group
websites.
• Extensive information security policies
communicated to all employees as part of
the annual mandatory Information Security
Awareness training. All policies are also
available on the Group intranet site and
regularly updated.
Risk Movement:
Stable.
There was no
material change
to this principal
risk in 2024. IT
and Cyber controls
have continued
to be enhanced
and improved
throughout the
year; however,
we recognise that
cyber threats
includingDistributed
Denial-of-Service
(DDoS) attacks,
malware and
hacking are an ever-
increasing threat
and will continue to
be a constant area
of focus given the
sophistication of
attackers.
34
Risk
Description
Link to
G.T.P. Potential Impact Key Mitigations and Controls Assessment
People 1,2,3,4 GlobalData relies on the
talent of its employees
and failure to attract and
retain employees with
the appropriate skills and
experience could lead to
reduced innovation and
restrict the Company’s
ability to achieve future
growth targets and the
Group’s strategy.
The Group has more
than 2,000 employees
in Hyderabad, India, the
majority of whom are
analysts, researchers
and software/ technology
developers. The
concentration of resource
in one location exposes
the Group to localised
risk factors such as
environmental and
infrastructure risk, as
well as digital disruption.
The hiring of high-quality
talent, particularly within
the area of software/
technology development
is highly competitive,
securing the talent required
to continue GlobalData’s
product development and
innovation is therefore a key
risk factor.
The Group actively manages its talent and
ensures that there are succession plans for its
Board and Senior Leadership Team.
• Investment has been made during 2024
in the People function, including the
appointment of a Chief People Officer
supported by an enhanced team including
Talent Acquisition, People Business Partners,
Learning and Development and Internal
Communication.
• The Group benefits from an experienced
management team which has been enhanced
in 2024 with the appointment of a number of
key strategic roles including a Chief Operating
Officer and Chief Revenue Officer.
• Regular review of succession plans at Board
and Senior Leadership Team level.
• A continuation of the Employee Resource
Groups to help the Company foster an
inclusive, supportive, and empowered
community of employees where diverse
voices are heard, valued and championed.
• Group-wide colleague-engagement survey.
• The Group operates a Long-Term Incentive
Plan to attract and retain key employees.
• Annual appraisal process for all employees
which allows the Group to evaluate
performance and competence. The process
demonstrates to employees that the Group
is invested in their growth and development
with both positive feedback and well
communicated development feedback
leading to improved morale, enthusiasm and
performance.
Risk Movement:
Stable.
The risk has
remained stable
in 2024 (after an
‘increased’ risk
movement was
reported in 2023)
following significant
investment and
expansion of the
People function
and investment
in strategic roles
across the Group to
ensure we have the
right people with
the right skills in the
right roles.
STRATEGIC REPORT
Principal and Emerging Risks
and Uncertainties
(continued)
35
ANNUAL REPORT AND ACCOUNTS 2024
Strategic Report / Directors’ Report / Auditor’s Report / Financial Statements
Risk
Description
Link to
G.T.P. Potential Impact Key Mitigations and Controls Assessment
Market
(Competition and
Clients)
1,3 The Group operates in
highly competitive yet
fragmented markets.
Competitive threats
could impact its ability to
achieve its strategy due
to failure to keep up with
technology developments,
loss of market share to
competitors and reduced
financial performance.
The Group operates across a range of industry
sectors across the globe. The Group therefore
has a broad range of clients and competitors.
One of the Group’s unique selling points is
not only the breadth of its coverage, but also
its depth. Therefore, it has to ensure that the
depth of industry content is competitive and
comparable to its competition in that sector.
• The Group routinely reviews the competitive
landscape to identify potential threats and
acquisition opportunities.
• We are an innovative company with an
entrepreneurial culture to develop our
product and propositions ahead of our
competition. We believe that our adoption
of AI is leading the way in our industry and
enhancing the usability and experience of our
customers.
• There may be more competitive threats
around the use of AI in existing and emerging
competitors, therefore we have a strict
focus around the proprietary data and the
protecting the proprietary channels and
sources used in the collection process.
• We monitor our customer usage metrics and
actively seek feedback from our clients in
order to improve the services and customer
experience.
• Our datasets and technology platforms are
both unique and difficult to replicate.
• We aim to embed our products and services
in client organisations and workflows, thereby
increasing switching costs.
• We provide improved and best-in-class
client support, thereby improving customer
satisfaction and retention.
Risk Movement:
Stable.
There was no
material change
to this principal
risk in 2024. The
first of our Growth
Transformation Plan
pillars is Customer
Obsession and we
continue to focus
on exceeding our
clients’ expectations
by delivering world
class products
and stronger client
engagement.
36
Risk
Description
Link to
G.T.P. Potential Impact Key Mitigations and Controls Assessment
Economic and
Geo-political
1,4
General economic/ political
instability, or a downturn
in a particular market or
sector could change the
demand for the Group’s
products and/ or restrict
the Group’s ability to trade
in certain jurisdictions
resulting in a loss of
revenues from new and
renewable business and
impeding the Company’s
ability to deliver on its
growth strategy.
The Group is impacted by a
number of financial risks:
The Group’s debt financing
is subject to interest rate
risk, with the bank’s margin
applied to SONIA (Sterling
Overnight Index Average
rate). Movement in SONIA
would cause variability in
interest payments.
The Group’s reporting
currency is Pounds
Sterling. Given the Group’s
significant international
operations, fluctuations in
currency exchange rates
can affect the Group’s
consolidated results.
High levels of inflation rates
can increase costs across
the Group.
As a global Group we are
subject to many forms
of direct and indirect
taxation, and because of
the many territories we are
active within, tax law and
compliance is a complex
area.
When the macro-economic environment leads
to financial uncertainty, we have the following
mitigations:
• The Group operates in three key geographic
markets, namely Europe, North America and
Asia Pacific, this balance provides resilience
and helps us manage localised market or
country-specific downturns. A significant
mitigation to the risk of currency fluctuations
is the natural hedge we have from our
global operations. We generate around 60%
of revenues from currencies other than
Sterling, which is predominantly US Dollar,
whilearound 40% of costs are derived
from non-Sterling currencies, which are all
primarily linked to movements of US Dollar.
• The net cash flow exposure is managed by
entering into foreign exchange contracts that
limit the risk from movements in US Dollar,
Euro and Indian Rupee exchange rates with
Sterling. Contracts are entered into in line
with our Board-approved treasury policy (the
policy is to hedge throughout the year at 20%
per quarter for a period of 12 months out, so
that in each quarter we enter with 80% of our
net cash flow hedged).
• In addition to our global operations, we also
operate across multiple industry sectors and
therefore are not reliant on one industry by
having good sector diversity.
• Our business model means that there is a
significant incremental margin on each sale
and therefore this means that we can be
competitive on pricing with our clients (who
may be facing economic challenges of their
own) without significantly impacting our
profitability.
• Visibility of revenue through invoiced revenue
and renewable contracts.
Risk Movement:
Stable.
There was no
material change to
this principal risk in
2024. We continue
to acknowledge
that the current
macro-economic
environment
presents a high-
risk situation but
have appropriate
mitigations in
place to limit the
risk to financial
performance.
STRATEGIC REPORT
Principal and Emerging Risks
and Uncertainties
(continued)
37
ANNUAL REPORT AND ACCOUNTS 2024
Strategic Report / Directors’ Report / Auditor’s Report / Financial Statements
Risk
Description
Link to
G.T.P. Potential Impact Key Mitigations and Controls Assessment
• The Group operates a focused approach to
cost management, including mitigating the
impact of inflation. As a Group we have a
relatively low percentage of external supplier
spend compared to the costs attributable
to payroll and related costs and would
look to mitigate increases in these through
advancements in technology and efficiency
savings, hence we do not see any significant
risk from this area (also see Economic and
Global Political Changes).
• We have an option to mitigate the risk of rising
interest rates by entering into an interest rate
swap which would fox the floating (SONIA)
element of the interest rate on the external
debt to a fixed rate.
• We have an internal tax and treasury team
with a remit to continually monitor and review
tax and treasury matters of the Group. We
engage a Big Four firm, independent to our
Group auditors, for tax advice and utilise their
global network to both plan our tax exposure
and manage compliance across the world.
• The Group has a Related Party Committee,
a separate subcommittee of the Audit
Committee, which monitors the controls in
place to identify related party transactions.
The Committee also authorises the type and
nature of each transaction, ensuring that each
transaction is entered into on an arm’s length
basis.
38
Risk
Description
Link to
G.T.P. Potential Impact Key Mitigations and Controls Assessment
Acquisition and
Integration
1,2,4
Investing in
transformational M&A is a
significant growth strategy
for GlobalData and a key
strategic theme of the new
transformation plan.
Failure to identify M&A
opportunities and failing to
successfully integrate new
acquisitions would restrict
the Company’s ability to
achieve future growth
targets and the Group’s
strategy.
M&A enhances and expands GlobalData’s
existing platform and is a key contributor to the
Group’s compounding growth strategy.
In order to ensure the Group identifies suitable
targets and mitigates the risk of missing out on
key potential assets:
• The Group has an internal team dedicated to
M&A to research the market, build pipelines
and manage multiple relationships across the
market.
• In addition to the internal resource, external
advisers help the Group to identify and
engage with strategic targets.
During periods of high M&A activity, the
execution and integration risk is inherently high.
However, there are robust and effective controls
and processes in place to mitigate these risks.
• All acquisitions are subject to rigorous
financial, tax and legal due diligence (both
internal and with the aid of external advisers)
and operational review. A final business
case including a future financial forecast is
presented to the main Board as part of the
approval process.
• For smaller acquisitions, a separate
investment committee with delegated
responsibility from the Board review the
diligence process.
• 100-day post-acquisition plan to provide a
consistent and robust integration playbook
and a dedicated team to plan, execute and
integrate acquisitions.
As a Board, annual review of the capital
allocation strategy is performed to ensure
funding is available for M&A.
Risk Movement:
Increased.
M&A is a significant
growth strategy for
the Group however
increasing our
scale through M&A
at pace heightens
integration risk as
resource is directed
away from business-
as-usual activity.
STRATEGIC REPORT
Principal and Emerging Risks
and Uncertainties
(continued)
39
ANNUAL REPORT AND ACCOUNTS 2024
Strategic Report / Directors’ Report / Auditor’s Report / Financial Statements
Risk
Description
Link to
G.T.P. Potential Impact Key Mitigations and Controls Assessment
Data Privacy 1,4 The loss, theft or misuse
of personal data of
employees, clients and
others could cause
significant harm to our
key stakeholders and
could lead to reputational
loss, damage to customer
relationships, regulatory
sanctions and/ or significant
fines.
Collecting first-party data plays a crucial role
in delivering a better and scalable commercial
proposition for the Group and driving the future
business proposition. The Group operates robust
controls around this.
• The Data Privacy steering committee, led
by the Chief Financial Officer, provides
continuous monitoring of data and privacy
developments, adoption of best practice and
advice across the Group. This group consists
of information security, data protection,
commercial, legal and external advisers.
• In conjunction with the Data Privacy steering
committee the Group’s legal department
monitors laws and regulations surrounding
the use and management of data.
• Regular health checks are performed across
all sites to ensure compliance with policies
and procedures.
• Data Privacy responsibilities, policy and GDPR
forms part of the mandatory annual employee
training.
• IT, Cyber and Systems controls are in
operation to prevent unauthorised access.
Risk Movement:
Stable.
There was no
material change to
this principal risk in
2024. Data privacy
and information
security is critical for
our business, and
we have continued
to reinforce this
in our culture
and behaviours
throughout the year.
Operational risks:
40
Risk
Description
Link to
G.T.P. Potential Impact Key Mitigations and Controls Assessment
Regulatory
Compliance
4
Failure to comply with
all applicable legal and
regulatory requirements
could result in fines or
imprisonment, reputational
damage and prevent the
Group from being able to
trade in some jurisdictions.
GlobalData is committed to complying with all
laws and regulations that apply to the Group.
• The Board receives annual training in respect
of their responsibilities as Directors of the
Company.
• The Board and Senior Leadership Team are
supported by external advisers and in-house
legal counsel.
• The majority of the Group’s operations are
based in the UK, US and India. Appropriate
advisers are employed in all geographies to
ensure that the Group remains compliant with
local laws and regulations.
• As part of GlobalData’s commitment to
following best practices in employee conduct,
all employees and contractors are required
to confirm their adherence to the Group Code
of Conduct and perform annual mandatory
compliance training covering other key Group
policies including anti-money laundering,
anti-bribery policy, data protection and
privacy. All global policies are available to all
employees on the Group’s intranet site.
• The Group operates an anonymous
whistleblowing hotline facilitated via an
independent company for anyone to raise a
concern.
• We are monitoring any potential future
regulation on AI, although because of our
focus on using AI within our pay-wall of
proprietary data we do not currently expect
any major legislation that would impact our
operations.
Risk Movement:
Stable
There was no
material change to
this principal risk in
2024. The Group
remains committed
to complying with all
laws and regulations
and controls
are inplace to
mitigatethe risk of
non-compliance.
STRATEGIC REPORT
Principal and Emerging Risks
and Uncertainties
(continued)
41
ANNUAL REPORT AND ACCOUNTS 2024
Strategic Report / Directors’ Report / Auditor’s Report / Financial Statements
The Board acknowledges its responsibility under section
172(1) of the Companies Act 2006 and below sets out the
key processes and considerations that demonstrate how the
Directors promote the success of the Company. The below
statement sets out the requirements of the Act, section 172(1),
and explains how the Directors discharge their duties.
As noted in the Corporate Governance Report (pages 58 to 64),
the Board meets monthly with papers circulated in advance to
allow the Directors to understand the performance and position
of the Group and matters arising for decision. Each decision that
is made by the Directors is supported by papers, which analyse
the possible outcomes, so a decision can be made that best
promotes the success of the Company and considers the impact
on the wider stakeholder group.
The Group has identified its stakeholder groups and analysed
each stakeholder based upon their level of interest in
GlobalData and their level of power/influence on the Group. The
Directors review this analysis, monitor the levels of engagement
with each stakeholder and build feedback and stakeholder
considerations into the governance and decision-making
process.
Factors (a) to (f) below are all taken into account during the
decision-making process.
(a) The likely consequences of any decision in the long term
Supporting each decision, the Board is given access to
management papers that set out impact analysis surrounding
decision-making. The papers include diligence on the financial
impact via forecasts, as well as non-financial factors and how
the decision fits with the strategy of the Group.
A primary example of this is the process by which the four
acquisitions during 2024 were considered by the Board. The
Directors, the Senior Leadership Team, including the M&A
team prepare a pack of information that considers: commercial
diligence and analysis of strategic fit; financial and tax diligence
on the target (including review of forecast and projections); and
legal and compliance diligence. The team set out the 100-day
plan for integration and discuss risks with the Board. This is
consolidated alongside external advice obtained through the
process and is reviewed to ensure that the long-term impact of
the acquisition is positive not only for the Group, but also for our
clients (enhancing our capability and offering), our employees
and shareholders.
In forming a view of whether to approve any M&A, the Board
reviews this information and consider the views of internal
management sponsors (particularly around the commercial
rationale, the likelihood of synergies being achieved and the
bandwidth to execute), as well as feedback that is received
from our bankers, Nominated Adviser and brokers. If there
are any challenges identified during this process, the Board
requests management to look at remedies and mitigations to
be put in place prior to the transaction completing. The Board
satisfy itself that the mitigations appropriately address the
identified issue and the cost of which are not prohibitive to the
deal proceeding.
The Group has a 5-year financial plan, supported by the
Growth Transformation Plan and has a number of KPIs linked
to stakeholders. KPIs such as renewal rates and average
client value give us insight into customer satisfaction and
pricing power of the product and KPIs such as Invoiced
Forward Revenue, revenue and earnings growth are key for our
shareholders, banks and our employees. By understanding the
drivers behind these KPIs the Board is able to take a view on
whether the wider strategy is effective or whether more focus
is needed on areas such as product development, pricing or
client services. The insight gives the Board a clear view on the
growth levers that will determine if the 5-year financial plan is
achievable or whether actions need to be taken to achieve it.
The plan is reviewed regularly to monitor our performance.
Strategy is discussed at the monthly Board meetings and
reviewed in detail each year, at the Board Away Day. This
strategic thinking is intrinsic to future decision-making.
(b) The interests of the Company’s employees
The Directors actively consider the interests of employees
in major decisions. Our commitment to our people remains
paramount because we recognise that the motivation, creativity
and engagement of our people is critical to the Group’s success.
We aim to be an employer of choice and one where our people
feel respected, rewarded and engaged. Our success and future
success depends on GlobalData being able to attract and retain
the right talent.
The Group holds regular Chief Executive Information Sessions
for all colleagues around the globe. The content of these
sessions, held by video conference, is aimed at keeping our
workforce aligned with our vision, mission and strategy and
delivers key strategic updates and initiatives as well as the
overall aim to increase the level of employee engagement.
The Group operates a series of Employee Resource Groups
(“ERGs”): Gender Balance, Race and Ethnicity (‘EmbRACE’),
LGBTQIA+ Allies (‘PRIDE’), which are all focused on our
Diversity, Equity and Inclusion, plus Mental Health Awareness.
STRATEGIC REPORT
Directors’ Section 172(1)
Statement
42
The Groups were set up to help the Company foster an
inclusive, supportive, and empowered community of employees
where diverse voices are heard, valued and championed.
Each ERG is now supported by a dedicated sponsor from the
Company’s Senior Leadership Team and to ensure that the
Board has a communication channel to the ERGs, Annette
Barnes attends some of the ERG meetings in her capacity as
our designated workforce Non-Executive Director. Feedback
and themes of the meetings are then fed back into the wider
Board, which is invaluable in assessing the culture, talent and
leadership of the business.
The designated workforce Non-Executive Director role has
the aim of forging closer relationships between the Board
and the workforce. In addition to involvement in the ERGs,
Annette provides independent oversight of the whistleblowing
hotline, providing a useful insight into employee matters.
Given Annette’s role as Remuneration Chair and her links
to employees, the Board does not believe that workforce
representation on the Board is required.
The Group benefits from the diversity and variety of its
workforce and is fully committed to maintaining and
encouraging diversity, including the composition of the Board.
The Board is currently made up of 6 male and 2 female
Directors.
During 2024, the Senior Leadership Team comprised of 7
male employees and 2 female employees and was made up of
8members from the UK and 1 from Dubai.
The success of our transformation journey is dependent on
the dedication and expertise of our global team. During 2024
we have invested heavily in talent development and cultural
transformation, ensuring our organisation remains agile and
innovative. At GlobalData we encourage our people to be
actively involved in our strategy, product, and ongoing corporate
development, which has continued to be enhanced through the
Chief Executive Information Sessions during 2024. This has
enabled the Group to maintain a level of agility and the ability
to plan, design and launch product enhancements in relatively
short time frames. By nurturing our team’s skills and expertise,
particularly in AI capabilities, our colleagues will undoubtedly
play a pivotal role in shaping the future of GlobalData.
During 2024 we significantly invested in our talent development
initiatives, led by our Chief People Officer, Katherine Lunn, who
has focused on enhancing the employee proposition aligned
to five key pillars across culture and behaviour; reward and
performance; attraction and onboarding; sales enablement and
organisational agility. Katherine has also led on the investment
in and recruitment of new sales specialists and AI experts, both
of which are a key part of the Growth Transformation Plan.
(c) The need to foster the Company’s business relationships
with suppliers, customers and others
The Directors have identified the Group’s key stakeholders
and review, at least annually, to ensure there is sufficient
communication and engagement. The review of the stakeholder
map, which assesses the influence and interests of our
stakeholders, is used to guide our decision-making processes.
The key initiatives and developments for each stakeholder
group during the year are summarised below:
Our People
• Continuation of regular Chief Executive Information
Sessions to all our global colleagues.
• Annual individual performance reviews, with opportunity
for upward as well as downward feedback and links from
personal objectives to Group strategy.
• Employee Resources Groups which help the Company
foster an inclusive, supportive, and empowered community
of employees where diverse voices are heard, valued and
championed. These Groups are supported by a dedicated
sponsor from the Company’s senior leadership with
somemeetings attended by the designated workforce
Non-Executive Director, to ensure communication
channels to and from the Board are effective.
• Group wide colleague engagement survey as part of our
commitment to creating an engaging environment for
GlobalData’s colleagues.
• Group-wide internal intranet, with news, policies and
resources.
• We are significantly investing in our talent development
initiatives, led by our Chief People Officer, Katherine Lunn,
who focuses on enhancing the employee proposition and
developing the capabilities of the global workforce.
Shareholders and investment community
During the past 12 months we have continued our increased
activity with the wider investor community.
• Continued a high number of one-to-one meetings with our
shareholders and investment community, both following
our half year and full year results and meetings outside the
‘normal results cycle’.
• Our interactions with the investor community have now
become much more international, with an increased
number of meetings in the United States of America and
mainland Europe.
STRATEGIC REPORT
Directors’ Section 172(1)
Statement
(continued)
43
ANNUAL REPORT AND ACCOUNTS 2024
Strategic Report / Directors’ Report / Auditor’s Report / Financial Statements
• We held a capital markets day on 24 January 2024 which
focused on the launch of the Growth Transformation Plan
and the minority investment in the Healthcare division
giving investors the opportunity to review the Group
strategy in detail.
• Attended a number of investor events held by our brokers.
• The Group operates an enhanced Investor Relations
website.
Clients
• Customer Obsession remains the Group’s number one
priority in the Growth Transformation Plan. A number of
strategic and major account managers were hired across
the Group in 2024 to drive the execution of our plan and
build customer relationships, including recruiting a Chief
Operating Officer and Chief Revenue Officer into the
business.
• The Group is firmly focused on operating as a
customer-centric organisation with customer engagement
remaining central to our success. Page 12, within the Chief
Executive’s Report, discusses how the Group and its Board
address the Customer Obsession priority, and page35
notes the controls that we have in place to ensure we
maintain strong relationships and partnerships with our
clients.
• We have continued our collaborative initiative with our
top tier clients globally, involving relationship managers,
sales account managers, customer service, analysts and
consultants to embed deeper relationships with our key
customers. The initiative has involved more meetings with
our clients as well as using technology to understand their
needs in greater depth.
• As an information services company, we want to be a
catalyst for positive change for the markets and customers
we serve. Both within and in front of the paywall, we
are providing data-led insight into key areas of ESG. We
recognise that ESG is strategically important to all our
clients and, because of the significant amount of data we
collect and analyse, we are creating a vast ecosystem of
ESG intelligence across our industries.
• Our standard payment terms are zero days ahead of the
contract start and we monitor the average debtor days,
which were 68 days in 2024 (2023: 58).
• We have a continued focus on product quality, innovation
and giving our clients timely insights in an ever-evolving
world.
Banks
• On 28 June 2024 the total indebtedness of the Group
was fully repaid out of the proceeds of the Inflexion
investment. In December 2024 we completed on two new
debt financing facilities (a Healthcare facility and Non-
Healthcare facility) with 8 lenders in the syndicate.
• We maintain a strong relationship with each of our lead
banks and meet regularly to discuss financing strategy and
financial performance.
• We present financial information to the wider banking
group through quarterly management information packs
and one-to-one meetings.
• The banks set our financial covenants for the bank debt,
which we monitor and forecast against each month to the
Board. The covenant test thresholds are taken into account
when making any financial decision, including approval of
M&A, to ensure compliance.
Auditors
• We appointed Deloitte LLP as auditors for 2020 following
a decision to rotate audit firms in line with best practice.
Since appointment, Deloitte have endeavoured to fully
understand our business, its processes, people and
controls. Feedback from the recent audits has been fed
into the audit approach for 2024 and beyond.
• Management and the Chief Financial Officer meet regularly
with the audit team throughout the year to discuss
company performance, transactions and strategy. The
Chair, Audit Committee Chair and Chief Executive also
regularly meet with the audit partner and senior team.
• Feedback from the audit process, particularly around
internal controls is used by the Board to drive action and
decide upon priority areas in the annual risk and controls
review.
• Deloitte is required to rotate the audit engagement partner
for the Group every five years. Our current audit partner,
Jon Young, is due to step down from his position after the
audit for 2024 has been concluded. The Board felt that
the quality of the audit over past 5 years has been strong
and have welcomed the robust challenge that Jon and the
team have consistently brought.
• The Board considered whether a re-tendering process
was appropriate given 2024 is Deloitte’s fifth year as the
Group’s auditors, the Board however felt that the quality
and independence remained strong and therefore did not
run a re-tendering process.
44
• After a robust review process by the Committee, together
with the involvement of the CFO, to select his replacement,
the Committee approved the appointment of the next audit
engagement partner with effect from the financial year
commencing on 1 January 2025.
Suppliers
• While the majority of our cost base is people, we maintain
strong working relationships with our suppliers and
continually monitor supplier payment days. For key
suppliers we perform diligence around their working
practices and ethics as well as their financial stability and
viability.
• For all new suppliers we use an onboarding form, which
documents our code of conduct and key policies around
data privacy, modern slavery and compliance.
(d) The impact of the Company’s operations on the
community and environment
The Group takes its responsibility within the community and
wider environment seriously and acknowledges that more can
be done. Our Environmental, Social and Governance (“ESG”)
Report on page 66 sets out the key themes that are considered
by the Board.
Our strategy is underpinned by ESG factors and ESG is integral
to everything that we do. It is the foundation of our company
and provides the platform for creating a successful and
sustainable company for the long term. As a company, we
understand that it is mutually beneficial to consider all our
stakeholders (our colleagues, our communities, our customers).
We believe that information and technology are both powerful
enablers of a successful transition towards a more sustainable
society.
For the year ended 31 December 2024, we have reported
energy intensity metrics for our UK companies on page 68. The
Company has a relatively low carbon footprint because of the
nature of its operations but acknowledges that improvements
can always be made.
GlobalData is a global company and has based itself in strategic
locations for the long term. Within each community in which we
operate, we try to engage with local issues and, in particular,
look to make positive contributions to those communities.
As a company, we have charity partners across the globe, with
a particular focus on charities that help with mental well-being,
education and empowering women in education.
(e) The desirability of the company maintaining a
reputation for high standards of business conduct
The Directors and the Company are committed to high
standards of business conduct and governance. The Group has
fully adopted the UK Corporate Governance Code despite there
being options for more reduced codes for companies on AIM.
GlobalData has improved its governance arrangements and
reporting over recent years:
• As part of GlobalData’s commitment to following best
practices in business conduct, all employees and
contractors are required to confirm their adherence to the
Group Code of Conduct and perform annual mandatory
compliance training covering other key Group policies
including anti-money laundering, anti-bribery policy, data
protection and privacy. All global policies are available
to all employees on the Group’s intranet site and provide
guardrails for business conduct for the global operations.
• Enhanced Enterprise Risk Management Framework
across the Group, with an emphasis on internal controls
around data privacy, data quality, cyber security and our
other principal risks. The review of risk, alongside the risk
appetite for the Group, guide the Board on where more
focus and investment is needed. In particular, the risk
appetite statement gives the Board a good framework
when looking at any matter for the Company, as it
appropriately frames the risk and ensures a proportionate
response to it.
• Nominated Adviser provides annual training on Directors’
responsibilities, AIM listed rules and MAR (Market Abuse
Regulation).
• Where there is a need to seek advice on particular issues,
the Board will seek advice from its lawyers and Nominated
Adviser to ensure the consideration of business conduct
and the Company’s reputation is maintained.
(f) The need to act fairly between members of the
Company
The Directors regularly meet with investors and give equal
access to all investors and potential investors. Through its
advisers, the Directors seek and obtain feedback from meeting
with the investors and incorporate feedback into the Group’s
decision-making processes.
The Related Party Transactions Committee ensures that there
are adequate controls in place to provide assurance that any
transaction which is or may be a related party transaction
STRATEGIC REPORT
Directors’ Section 172(1)
Statement
(continued)
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ANNUAL REPORT AND ACCOUNTS 2024
Strategic Report / Directors’ Report / Auditor’s Report / Financial Statements
in nature is conducted on terms that are at arm’s length and
reasonable and aren’t favouring or disadvantaging the company
and any of its members. The Related Party Transactions
Committee comprises the Chair Murray Legg, Catherine Birkett,
Annette Barnes and Andrew Day. The Committee met three
times during 2024.
The Group’s capital allocation policy is set out on page 6, which
sets out the strategy on capital allocation including investment,
dividend and share buyback policies.
The Group operates share incentive plans for its employees. The
Group uses free cash flow to buy back shares, via its Employee
Benefit Trust, to limit the dilutive effect this has on existing
shareholders. Each year the company proposes an ordinary
resolution at its AGM to grant it authority to buy back up to 10%
of its shareholding, but will make decisions on share buyback
in reference to its cash flow and distributable reserves position.
As at 31 December 2024, there were 45.4 million share options
outstanding and the Company had 52.9 million shares held
in treasury, therefore there is currently no net dilution against
these options.
46
STRATEGIC REPORT
Non-Financial and Sustainability
Information Statement
The UK Government has mandated climate-related financial disclosures under the Companies (Strategic Report) (Climate-related
Financial Disclosure) Regulations 2022. These regulations are effective for accounting periods beginning on or after April 6, 2022,
and they mandate in-scope companies to report on material climate-related matters and their corresponding impact on business
operations.
In accordance with these regulations, we present Group’s disclosures describing the governance, risk management, strategy,
metrics and targets associated with climate-related financial risks and opportunities impacting our business.
1. Governance
The Board has overall responsibility for reviewing and approving the Group’s climate-related financial risk management strategies,
sustainability objectives, and decarbonisation initiatives. The Board has delegated responsibility for identifying, assessing and
managing climate-related financial risks and opportunities to the Climate Impact Steering Committee (CISC). The CISC is chaired by
the Chief Financial Officer with representation from HR, Facilities, Product (Research and Analysts) and Finance. The CISC reports to
the Audit Committee, the CISC met twice during the year to consider climate-related risks and opportunities.
The following table provides an overview of the responsibilities of the Board, the Audit Committee and CISC with respect to the
governance of climate-related financial risks:
Governance body Responsibilities
The Board
• Reviews the annual risk assessment and climate-related financial risks and
opportunities assessment. During 2024, the climate-related financial risks and
opportunities assessment performed by the CISC was integrated into the annual
risk assessment.
Audit Committee
• Responsible for reviewing and challenging the Group’s risk management
processes.
• The climate-related financial risks and opportunities assessment is reviewed by
the Audit Committee.
• All members of the Audit Committee are members of the Board.
Climate Impact Steering Committee
(CISC)
• Identifying, assessing and managing climate-related financial risks and
opportunities.
• Developing and monitoring climate metrics and targets for the Group.
• Executing climate-related strategies and initiatives including the design and
implementation of internal controls.
• Ensuring that the Group has adequate mitigation strategies in place for the
climate-related financial risks identified.
Roles & responsibilities of our risk management processes for climate-related financial risks and opportunities:
The Board
Audit Committee
Climate Impact Steering
Committee (CISC)
Review and Confirmation
Challenge and Review
Ongoing Review, Control and
Implementation
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ANNUAL REPORT AND ACCOUNTS 2024
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2. Risk Management
The Group identifies and assesses risks at a group level. In setting out the principal risks, the Board considers the impact of
mitigations and controls in place. The Board reviews principal risks and the annual risk assessment. The assessment considers both
the existing principal risks and potential emerging risks for the Group.
It looks at the likelihood of a risk event, the impact that event would have on the Group and the controls and mitigations that the
Group has in place. See pages 30 to 40 for further details on our approach to risk management.
Having been established during 2023, the CISC conducted a process whereby potential climate-related financial risks and
opportunities were identified and assessed (refer to Table 1 below). These risks were further refined with the assistance of an
external consultant. This assessment was reviewed by the Audit Committee and the Board as a deep dive initial review separate
to the annual risk assessment process. The Board reviewed the mitigation measures and controls in place and has delegated
management of these risks to the CISC. During 2024, the climate-related financial risks and opportunities assessment was
integrated into our normal annual risk review.
3. Strategy
The risks and opportunities outlined in Table 1 below have been assessed within the context of the scenario analysis performed
by the Group and are aligned to either Scenario A or Scenario B, explained below. For this assessment, we used time horizons
consistent with those used for the Group’s Growth Transformation Plan. The following time horizons are applied to all risks and
opportunities:
Time Definition Rationale
Short Present - 1 year These risks are aligned with our annual financial planning cycle and will require
immediate mitigations to be put in place.
Medium 1 year - 3 years These risks do not require immediate mitigation actions and would encompass a time
period spanning the Growth Transformation Plan. Planning considerations for these risks
would be undertaken accordingly.
Long >3 years These risks and opportunities are related to the physical or transition impacts of climate
change and have a longer-term impact on the business.
48
Table 1: Climate-related financial risks and opportunities and business resilience
Potential impact Strategic responses and mitigations
Risk-1
Category
Physical risk
Data storage facilities in the UK, EU and India
could be subject to increased risks of flooding
or extreme heatwaves. Exposure to adverse
weather events could cause the facilities to
be under significant strain due to their cooling
requirements.
Extreme weather events across our major
jurisdictions (EMEA, NOAM, APAC) could disrupt
employees’ lives, lead to mass migration and
force workplaces to close. This could impact
the Group’s ability to serve its customers thus
resulting in revenue loss or reputational damage.
We have a diversified data storage strategy
to mitigate any potential impacts from
adverse weather events, ensuring that data
is stored in various locations to reduce
dependencies on any one facility.
Accompanying this strategy, the Group has
developed internal and external Disaster
Recovery Plans with service providers to
mitigate the impact on our data storage
facilities.
Our global footprint and diversified business
functions provide resilience against adverse
weather events. In the event of an impact
on our workforce in one geography, we
can adapt to mitigate disruptions to the
business by transferring key activities to
employees in other jurisdictions.
Type
Acute
Risk
Disruption to data storage
facilities and workforce due
to adverse weather events
Time Horizon
Medium term
Scenario B:
High-carbon economy
Risk-2
Category
Transition risk
An increase in the price of GHG emissions could
have an impact on energy costs. This has the
potential to increase our costs both operationally
and in our value chain, for example, data centre
costs passed onto us as the consumer.
Directly borne energy costs are not
a material expense for the Group,
representing less than 1% of our total cost
base. For this reason, we do not assess this
risk to have a material impact on the Group.
Where the Group has a direct purchasing
ability, we committed to transitioning
all energy contracts to 100% renewable
energy certified contracts as the contracts
expire. This has been achieved for the entire
group in 2024.
Our near-term reduction and Net Zero
targets were validated by the SBTi during
2024.
Type
Policy
Risk
Increased pricing of GHG
emissions
Time Horizon
Long term
Scenario A:
Low-carbon economy
Risk-3
Category
Transition risk
A failure to shift to new low-carbon technologies
could result in increased operational costs
compared to competitors. We may lose our
competitive advantage in the market as our
service price may need to increase to offset the
increased costs.
Additionally, as more customers are adopting
Net Zero targets, if we are not meeting these
targets, it could have an adverse impact on how
we are perceived in the market. Negative market
perception could impact our overall revenue
generating capabilities as customers may
choose competitors who have been pro-active in
adopting new technologies.
Most of our content databases are hosted
with best-in-class external service
providers. We are refining our procurement
processes to ensure that suppliers are also
acting responsibly and decarbonising their
own footprint.
For the on-premises data storage solutions
we use, we are striving to reduce the use
of non-renewable resources, find cleaner
energy sources and manage our facilities
with maximum environmental efficiency.
Type
Technology/Market
(customer)
Risk
Emerging data storage
technologies/Evolving
customer markets
Time Horizon
Long term
Scenario A:
Low-carbon economy
STRATEGIC REPORT
Non-Financial and Sustainability
Information Statement
(continued)
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ANNUAL REPORT AND ACCOUNTS 2024
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Potential impact Strategic responses and mitigations
Opportunity-1
Category
Opportunity
Type
Market (customer)
Opportunity
Revenue growth due to
climate demand for ESG
insights.
Time Horizon
Medium term
Scenario A: Low-carbon
economy
As climate-related data becomes increasingly
critical for our client base, there are potential
opportunities for the Group to expand our
product offerings. Growing ESG reporting
requirements and stakeholder demands for
ESG data could lead to increased demand for
GlobalData’s services.
We have identified further ESG related data
and insights as a potential growth area
going forward.
The Group has proactively compiled
ESG-related data and established an
ESG-themed platform within its Thematic
Intelligence product. These initiatives
strategically position the Group to support
our clients in monitoring ESG metrics and
understanding the impact of ESG on their
business.
Scenario analysis
In FY24 we have assessed the qualitative ramifications of climate change on our operations, we have not performed quantitative
analysis. For Scenario A we have utilised climate scenarios published in line with the Paris Climate Agreement as this is a widely
available resource, for Scenario B this is considered the most likely scenario if no action is taken. We have identified two contrasting
scenarios within which we have completed risk assessments to our business based on the potential outcomes. Considering
the existing mitigating actions in place, we believe our business model is resilient to all the climate-related financial risks and
opportunities arising under both scenarios.
Scenario A: Significant action is taken to ensure global temperatures do not increase by more than 2
o
C with the aim of
establishing a low-carbon economy.
In line with the objective of the Paris Climate Agreement, this scenario could see global co-operation to implement new regulations
and policies that would enable the transition to a low-carbon economy. In addition, there would be shifts in consumer mindset
towards low-carbon alternatives. This scenario would pose increased transition risks and opportunities for our business; however,
we anticipate that this scenario will not have a material impact on our operations and business strategy.
The transition risks related to increased regulations could see increasing costs in our energy supply chain as well as increased
reporting requirements. However, we do not consider these to be a significant risk to the Group.
This scenario also presents an opportunity for increased revenue growth by leveraging the data and insights we offer to clients as
they navigate the transition risks confronting their organisations. We have initiated development of an ESG offering that supports
clients in monitoring ESG metrics and comprehending the impact of ESG on their operations.
Scenario B: Limited action is taken, resulting in a rise in global temperatures, potentially beyond 4
o
C.
In this scenario, a business-as-usual approach is taken globally with no concerted effort to regulate and drive policy in the
direction of a low carbon economy. The targets set out in the Paris Climate Agreement are not met. The result of this is that global
temperatures continue to rise, which increases the likelihood of more frequent adverse weather events and sea-level rise.
This scenario demonstrates an increase in physical risks confronting the Group, potentially manifesting as increased incidences
of extreme weather events such as floods and extreme heatwaves. We have identified material physical risks associated with
disruptions to our workforce and data storage facilities. We have also identified increases in operational costs due to sustained
changes in weather patterns as a material physical risk, resulting in the need for additional heating and cooling in our offices. The
CISC has developed strategic responses to ensure the adequate mitigation of these risks.
As we become more experienced in qualitative scenario analysis, we will aim to present further potential scenarios backed by
scientific analysis.
50
As a data and analytics company, the inherent nature of the industry in which the Group operates means that the repercussions of
climate change on our business and products are relatively low compared with many other sectors and companies of our size. The
Group acknowledges that while there are potential risks posed by climate change it also presents an opportunity for us to assist
clients in comprehending and managing the impact of climate within their own businesses and markets.
The Board has reviewed and approved the assessment of climate-related financial risks and agrees that there is no principal risk to
the Group arising from this assessment. The management of climate-related financial risks has been entrusted to the CISC, which
reports quarterly to the Audit Committee for continuing review and challenge.
4. Metrics and targets
Our near-term reduction and Net Zero targets were validated by the Science Based Targets initiative (SBTi) during 2024, confirming
our robust approach to reducing GHG emissions, and with independent experts, we have created a roadmap of reductions to meet
those targets. Using our Group’s global 2022 emissions as our benchmark year we are now tracking our performance. These figures
are presented on page 51.
The two near-term targets validated by the SBTi are shown below.
Overall Net Zero Target To reach Net Zero greenhouse gas emissions across the value chain by 2050
Scope and Category Target Language Target Type
Scope 1 and 2 Reduce absolute Scope 1 and 2 GHG emissions 42% by FY2030 from a
FY2022 base year
Absolute
Scope 3 Reduce absolute Scope 3 GHG emissions 25% by FY2030 from a FY2022
base year
Absolute
Working towards these targets will allow us to mitigate the risk of increased operational costs due to the increasing price of GHG
emissions (Risk-2), as well as striving to reduce the use of non-renewable resources, find cleaner energy sources, and manage our
offices with maximum environmental efficiency. Additionally, working towards a net zero target will allow us to mitigate any adverse
impact on how we are perceived in the market if we fail meet our disclosed targets (Risk-3).
During 2024, we have implemented green energy contracts at all locations (including our offices in London, Hull, Dubai and
Australia) where we have direct utility purchasing ability, and taken the opportunity to negotiate longer term contracts that will
reduce the risk of unexpected energy increases.
We have expanded the collection of energy related data to encompass all our global locations and track monthly use across all sites.
This allows us to monitor and analyse energy use and associated greenhouse gas emissions on a more granular level which is being
used to find opportunities for cutting use and wasted energy. Such that in addition to the mandatory reporting under the Streamlined
Energy and Carbon Reporting (SECR) requirements which encompasses information in relation to assets owned or controlled within
the UK only (see page 67), we also can report more widely across our global footprint.
STRATEGIC REPORT
Non-Financial and Sustainability
Information Statement
(continued)
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ANNUAL REPORT AND ACCOUNTS 2024
Strategic Report / Directors’ Report / Auditor’s Report / Financial Statements
2022 Base Year Calculations and 2023 Report (information available 1 year in arrears):
Emission Sources 2022 2023 Change (%)
Scope 1 98 96 -2%
Scope 2 (location-based) 951 1,027 8%
Scope 2 (market-based) 1,039 1,052 1%
Scope 3 9,902 12,775 29%
Total Scopes 1,2 &3 (location-based) 10,951 13,898 27%
Total Scopes 1,2 &3 (market-based) 11,039 13,923 26%
Scope 3 Breakdown:
Category 1 – Purchased goods and services 6,765 8,727 29%
Category 2 – Capital goods 391 681 74%
Category 3 – Fuel and energy related activities 308 322 5%
Category 4 – Upstream transportation and distribution 37 7 -81%
Category 5 – Waste generated in operations 41 15 -63%
Category 6 – Business travel 978 2,199 125%
Category 7 – Employee commuting 1,382 823 -40%
GHG emissions (tCO2e) summarised by scope
Progress against each of the targets is monitored using a linear glidepath from 2022 to the target year 2030. The Scope 1 and
2 emissions have remained level with the base year and the Scope 3 emissions have increased 29%. The Scope 3 increase is
predominantly due to an increase in emissions in purchased goods and services (increased 29%), which results from an increase
in spend when the spend-based measurement approach is used. Other increases have occurred in business travel (increased
125%); however, commuting emissions have reduced 40% resulting from more accurate information on modes of travel used from
employee surveys.
Scope 1 & 2 Target:
GlobalData’s near-term Scope 1 & 2 (market-based) target is to reduce absolute GHG emissions by 42% by 2030 from a 2022 base
year. This means a reduction of 478 tCO2e by 2030 based on the 2022 emissions of 1,137 tCO2e.
In 2023, Scope 1 emissions did not change significantly from 2022 with only a 2 tCO2e decrease (-2%); however, Scope 2 (market-
based) emissions have increased in 2023 by 76 tCO2e (+8%). The highest contributor to this increase was due to an increase of
electricity consumption in the Hyderabad offices, as we saw consistently greater occupancy levels after lower rates in the aftermath
of the Covid pandemic. Emissions in India increased by 67.4 tCO2e from 2022 (+11.5%). To achieve our target, we will continue to
conduct energy audits in other locations and continue to look into energy saving measures and waste reduction methods.
Scope 3 Target:
GlobalData’s near-term Scope 3 target is to reduce absolute GHG emissions by 25% by 2030 from a 2022 base year. This means a
reduction of 2,476 tCO2e by 2030 based on the 2022 emissions of 9,902 tCO2e.
In 2023, Scope 3 emissions have increased by 2,873 tCO2e (+29%). Purchased goods & services is the largest source of Scope 3
emissions (8,727 tCO2e in 2023) and increased by 1,962 tCO2e (+29%) this year. The increase is primarily due to the increase of
spend by GlobalData. To achieve our target, we will continue our Scope 3 emission reduction strategies, with a focus on purchased
goods and services, employee commuting and waste reduction. A key focus will be supplier engagement and a strategy for
improving information sharing, to enable us to benchmark our suppliers.
Business travel has also observed an increase in 2023 by 1,221 tCO2e (125%). This is primarily due to the increase in flight activity.
Employee commuting is the third highest contributor to Scope 3; however, there has been a decrease in emissions from the previous
year by 559 tCO2e (-40%). This reduction is due to a commuter survey that was sent out during 2024, which provided more detailed
data relating to the modes of travel for employees within the Company.