Annual Report & Accounts
For the year ended 31 December 2025
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2 Annual Report and Accounts 2025
Note 1: Defined in the explanation of non-IFRS measures on pages 34 to 35.
Contracted Forward Revenue
1
+5%
£179.7m
(2024: £171.4m)
Underlying growth
1
: +3%
Net (bank debt)/cash
1
-1231%
(£114.2m)
(2024: £10.1m)
Revenue +13%
£322.1m
(2024: £285.5m)
Underlying growth
1
: +1%
Operating profit +25%
£81.2m
(2024: £65.1m)
Operating profit margin +2 pts
25%
(2024: 23%)
Adjusted EBITDA
1
-6%
£110.2m
(2024: £116.8m)
Adjusted EBITDA margin
1
-7 pts
34%
(2024: 41%)
Profit before tax (PBT) +26%
£69.2m
(2024: £54.9m)
Earnings per share (EPS) +16%
4.4p
(2024: 3.8p)
Adjusted EPS (restated)
1
+43%
7.3p
(2024: 5.1p)
Total dividends -40%
1.5p
(2024: 2.5p)
2025 Highlights
Key performance metrics
1Annual Report and Accounts 2025
Contents
2025 Highlights IFC
Strategic Report 2
Our Business 4
Chair’s Statement 8
Chief Executive’s Report 12
Chief Financial Officer’s Report 19
Principal and Emerging Risks and Uncertainties 36
Directors’ Section 172(1) Statement 45
Non-Financial and Sustainability Information Statement 50
Going Concern and Viability 58
Directors’ Report 61
The Directors 62
Corporate Governance Report 65
Environmental, Social and Governance 74
Audit and Risk Committee Report 78
Directors’ Remuneration Report 85
Statement of Directors’ Responsibilities 102
Independent Auditor’s Report 106
Financial Statements 119
Group
Consolidated Income Statement 120
Consolidated Statement of Comprehensive Income 121
Consolidated Statement of Financial Position 122
Consolidated Statement of Changes in Equity 123
Consolidated Statement of Cash Flows 124
Notes to the Consolidated Financial Statements 125
Company
Company Statement of Financial Position 184
Company Statement of Changes in Equity 185
Notes to the Company Financial Statements 186
Advisers 193
Reliance on this document
Our Business Review on pages 2 to 35 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.
www.globaldata.com
Company No. 03925319
Annual Report and Accounts 2025
• Resilient growth despite market headwinds
• Delivered 13% revenue growth to £322.1m (2024: £285.5m) in a challenging environment,
demonstrating the strength of our diversified platform and strategic M&A execution, whilst
navigating currency headwinds.
• Underlying revenue growth of 1% (2024: 4%) underpinned by consistent volume renewal
rates, reflecting the resilience and stickiness of our customer base.
• Strategic investment phase with clear line of sight to margin recovery
• Adjusted EBITDA of £110.2m (2024: £116.8m) and margin of 34% (2024: 41%) reflect the
impact of investments in Growth Transformation Plan initiatives, including sales expansion
and senior leadership strengthening, alongside the short-term dilutive impact of six
acquisitions during their initial integration phase.
• Operating profit grew 25% to £81.2m, reflecting the reduction in Adjusted EBITDA offset by
a non-cash share-based payment credit of £20.5m.
• Profit before tax grew by £14.3m to £69.2m (2024: £54.9m), a 26% increase on prior year,
albeit this includes a share-based payment credit of £20.5m.
• Robust cash generation and capital discipline
• Operating cash flow of £83.3m (2024: £97.6m) remained robust despite cash costs of
acquisitions, integration, restructuring and transformation, underscoring the cash-
generative nature of the business model.
• High revenue visibility underpins confidence
• Contracted Forward Revenue grew 5% to £179.7m (2024: £171.4m), with 3% underlying
growth, and alongside our predictable renewal base provides approximately 80%
visibility over company compiled analyst revenue consensus for 2026, a testament to the
predictability and resilience of our recurring revenue model.
• Progressive shareholder returns
• Proposed final dividend of 1.2p (2024: 1.0p), representing 20% growth and reflecting
confidence in the business trajectory.
Financial Highlights
• Strengthened commercial infrastructure and market position
• Significant operational transformation and a challenging macro-economic
environment have slowed our underlying growth for the year.
• Restructured go-to-market organisation with expanded sales capacity and new
strategic account management framework, whilst successfully integrating six
acquisitions into the business and platform.
• We exit the year with 3% underlying growth in Contracted Forward Revenue (reported
growth 5%), which includes significant contract wins from 2025.
• Enhanced platform capabilities through measured AI integration
• The foundation of our business model is a strong defensive moat around high quality
and proprietary data and insights. Augmentation of AI gives us opportunity across
internal efficiency, customer productivity and experience, as well as opening potential
new revenue channels.
Operational Highlights
Strategic Report
2 Annual Report and Accounts 2025
Annual Report and Accounts 2025
Strategic Report / Directors’ Report / Auditor’s Report / Financial Statements
We enter 2026 with strong revenue visibility for 2026, providing confidence for the year
ahead. The strength of the revenue visibility reflects:
• Contracted Forward Revenue, booked as at 31 December 2025.
• Consistent renewal rates across both Healthcare and Non-Healthcare divisions.
• Growing strategic account momentum as our new sales approach drives deeper client
relationships.
• The benefit of acquisitions made in 2024 and 2025 now contributing to the base.
• Resilient demand for business-critical data and insights despite macro headwinds.
• We have a clear line of sight to margin expansion as integration activity completes and
supported by a well invested cost allowing for strong incremental margins flowing from
revenue growth.
Medium-term priorities (2026 and beyond):
• Accelerate Underlying Growth: Driving our underlying revenue growth to mid-single
digits, whilst building the foundations to get back to mid-high-single digit growth and
beyond as we look out to the longer term.
• Margin Recovery and Expansion: Recover Adjusted EBITDA margins towards 40%,
leading to high cash conversion and strong returns on invested capital.
• AI Innovation: Expand the capabilities and adoption of our AI Hub, whilst launching new
AI-powered products and solutions.
• Strategic M&A Execution: Focus is to drive revenue synergies in the Non-Healthcare
division from recent acquisitions, but will continue to pursue value-accretive M&A in our
Healthcare division.
• Continuing to deliver attractive Total Shareholder Returns: Progressive dividend
policy and disciplined approach to capital allocation and share buybacks.
Current Trading and Outlook
3Annual Report and Accounts 2025
• We have launched several innovative AI-enabled solutions that are already creating
value for clients, including digital workers, AVA (AI Research Assistant) and platform
wide AI integration.
• Rapid adoption of our AI Hub, with usage increasing twofold during H1 to over 100,000
users. AI Hub is now embedded across the customer base with 90% of customers
contracted to an AI Hub enabled product, resulting in a 3x increase in the number of
active AI Hub users.
• AI and colleague collaboration have increased the number of users on our platform,
enabled through our new licensing structure, and driven greater customer adoption
and usage in terms of views, time on the site and downloads.
• Disciplined capital allocation
• Returned over £100m in share buyback programmes, as well as £11m contribution into
the Employee Benefit Trust to manage future dilution.
• Move to Main Market progressing
• Admission to the Main Market of the London Stock Exchange expected at 8.00am on
5 March 2026.
Operational Highlights (continued)
Annual Report and Accounts 2025
Principal Activity
GlobalData Plc (together with its
subsidiaries, ‘the Group’) is a company
which provides an intelligence and
productivity platform that empowers
leaders to act decisively in a world of
complexity and change. By uniting
proprietary data, human expertise, and
purpose-built AI into a single, connected
platform, we help organisations to see
what’s coming, move faster, and lead with
confidence.
Our Mission
To help our clients decode
the future, make better
decisions, and reach more
customers.
Our Vision
To be the leading data,
analytics, and insights
platform for the world’s
largest industries.
STRATEGIC REPORT
Our Business
STRATEGIC REPORT
Our Business
4 Annual Report and Accounts 2025
20+
industry sector
coverage
3,558
employees
worldwide
5,000+
clients
A snapshot of
our Group as at
31 December
2025
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.
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 74% 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:
5Annual Report and Accounts 2025
6 Annual Report and Accounts 2025
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 in 2025 represented
2.5% of revenue (2024:
2.5%).
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
rebased the dividend which
reduced the payout of
dividend from this date. This
focuses more free cash flow
on acquisitions.
Share Purchase
The Company may, from
time to time, use excess
cash (after investment
and dividend), to purchase
shares into treasury
and cancel (within the
authorised annual limits).
This approach follows a
disciplined approach to
capital allocation. In 2025,
the Company bought back
£100m in share buyback
programmes.
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 2025, the
Group had 32.4m options
in issue and 50.8m shares
held in treasury within the
Group’s Employee Benefit
Trust. During the year the
Group’s Employee Benefit
Trust purchased shares
totalling £11.0m.
GROWING OUR REVENUE – Focus on increasing underlying growth rate through a clear growth bridge
Reduce
customer churn
New client wins
Greater penetration through
additional products, licenses
and solutions
Scalable, compounding
growth model
M&A
INCREASING OUR PROFITABILITY – Adj. EBITDA margin target of 40%
Cost discipline
AI &
Technology investment
Operational efficiency
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.
REINVEST AND RETURN CAPITAL
Reinvestment
Acquisitions
Dividends/Share buybacks
Strategic Report / Directors’ Report / Auditor’s Report / Financial Statements
7Annual Report and Accounts 2025
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.
A snapshot of our Group as at 31 December
2025:
• 3,558 employees worldwide (2024: 3,740);
• 20+ industry sector coverage (2024: 20+); and
• 5,000+ clients (2024: 4,900+).
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 Optimisation Plan
We launched our Growth Transformation Plan in 2024, which
focuses on four key pillars: Customer Obsession, World-Class
Products, 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 Products
• 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.
Annual Report and Accounts 2025
“Whilst we set out to
deliver stronger growth,
we firmly believe that the
transformational changes
give us the right foundation
to once again deliver
stronger underlying growth,
moving back towards mid-
single digit in the mid-term.
We have entered 2026 well
positioned to drive long-term
sustainable growth, as well
as return to Adjusted EBITDA
margin of 40%.”
– Murray Legg, Chair
STRATEGIC REPORT
Chair’s
Statement
Murray Legg, Chair
Dear Shareholders
I am pleased to report GlobalData’s
Annual Report and Accounts for
the year ended 31 December 2025,
a year that has seen continued
progress in executing our Growth
Transformation Plan 2024-26.
2025 represented the second year of our ambitious three-
year Growth Transformation Plan (“GTP”), during which we
have made significant advances in embedding our solutions-
led selling approach, strengthening our AI capabilities, and
pursuing strategic M&A opportunities that enhance our ‘One
Platform’ offering.
We have delivered underlying revenue growth of 1%
alongside the transformational changes in our go-to-
market strategy, set against a challenging macro-economic
environment. Whilst we set out to deliver stronger growth, we
firmly believe that the transformational changes give us the
right foundation to once again deliver stronger underlying
growth, moving back towards mid-single digit in the mid-
term. We have entered 2026 well positioned to drive long-
term sustainable growth, as well as return to Adjusted EBITDA
margin of 40%.
8 Annual Report and Accounts 2025
9Annual Report and Accounts 2025
Strategic Report / Directors’ Report / Auditor’s Report / Financial Statements
Growth Transformation Plan
The GTP was launched in January 2024 as a framework to
deliver long-term sustainable and scalable growth. Our GTP
framework focuses on four key pillars: Customer Obsession,
World-Class Products, Sales Excellence and Operational Agility.
2025 was a year in which we have transformed our ‘go-to-
market’ with a clear focus on delivering greater value to our
large blue chip customer base, with stronger, more embedded
solutions. This has involved a significant transformation,
restructuring and hiring into our sales teams. These changes
have had a bigger impact than we expected in terms of
disruption and time to embed, and to have executed this
change in a single year was ambitious, but I am confident that
this new structure is bedding in and is the right strategy for
long-term sustainable growth.
There has also been significant investment in our product and
solutions. These investments position us strongly to continue
delivering world-class data and insight solutions powered by AI
and underpinned by our unique proprietary data assets.
Main Market Listing
Subject to final approval from the Financial Conduct Authority,
a prospectus in relation to the Company’s move to the Main
Market will be published on 2 March 2026. Admission to the
Main Market is expected to be at 8.00am on 5 March 2026
with the last day of trading on AIM on 4 March 2026. I believe
that our move to the Main Market will give the Company a
wider access to international capital, enhancing future growth
opportunities.
Capital Allocation and Shareholder
Returns
The Board remains committed to a disciplined approach to
capital allocation that balances investment in organic growth,
strategic M&A, and returns to shareholders.
Following the tender offer of £60 million completed in
September and share buybacks totalling £39.7 million in the first
half, we launched an additional £10 million buyback programme
in November. These actions demonstrate our confidence in the
medium and long-term prospects of the Group and our focus
on delivering strong Total Shareholder Returns.
The Board has proposed a final dividend of 1.2 pence per share
(2024: 1.0 pence per share), bringing the total dividend for the
year to 1.5 pence per share (2024: 2.5 pence), reflecting our
revised dividend policy announced in 2024 that enables greater
capital deployment towards growth-enhancing M&A. The
proposed dividend will be paid on 1 May 2026 to shareholders
on the register at the close of business on 27 March 2026. The
ex-dividend date will be on 26 March 2026.
Whilst our long-term M&A ambitions remain the same; our
near-term focus, in the Non-Healthcare division, will be organic
growth and executing revenue synergy opportunities across
our recent acquisitions, which we have not realised as quickly
as we would have liked. We have made significant investments
in acquisitions, product, and solutions, therefore the team is
primarily focused on realising returns on these investments.
Our Healthcare M&A strategy remains unchanged and will look
to deliver bolt-on acquisitions in FY2026.
Governance and Board Changes
I would like to take this opportunity to thank my fellow Board
members for their continued support and guidance during
another year of significant transformation.
I am pleased to welcome Rachel Higham as an independent
non-executive director, who joined us on 20 January 2026 and
Toby Walter who also joined the Board as an independent non-
executive director on 10 February 2026.
Rachel brings to the Board more than 30 years of experience in
the information technology sector, having held senior roles at
Marks & Spencer, WPP, BT and Vodafone.
Toby has over 30 years executive experience in the financial
services sector, having held senior roles at both HSBC and
Lloyds Banking Group. Most recently, he was Group Chief
Technology and Transformation Officer at Lowell Group.
As previously guided, both Annette Barnes and Andrew Day
will not offer themselves for re-election as a director at the
2026 Annual General Meeting given they would, at that time,
have served on the Board for more than nine years from
the date of their first appointment. As a result, Annette and
Andrew are stepping down from office immediately following
the approval of the 2025 Annual Report and Accounts. On
behalf of the Board, I would like to thank Annette and Andrew
for their exceptional support and guidance over the last nine
years during which time GlobalData has evolved into a globally
recognised market leader. We wish them all the best for the
future. It has been agreed that Toby will be appointed as the
new Remuneration Committee Chair during March 2026.
Separately, the Company is pleased to announce that it has
agreed terms with Robert Kingston to join the Group as Chief
Financial Officer as soon as he has served his six-month
notice period with his current employer. Robert is currently
employed as the Chief Financial Officer of Keywords Studios
and previously spent 25 years at Sky plc in progressively senior
finance and operational roles including Finance Director of
Sky’s Content Business, Group Director of Investor Relations
and latterly as an Executive Director to the Group CEO. Rob is a
Fellow of the Chartered Institute of Management Accountants.
It is expected that he will join the Group in Q3 2026.
10 Annual Report and Accounts 2025
Graham Lilley has informed the Board of his intention to step
down from his role as CFO later this year, in order to pursue
other opportunities. The Board have mutually agreed with
Graham that he will remain in role until after Rob has started,
to provide an orderly handover and support a smooth and
successful transition.
Looking ahead
As we enter 2026, GlobalData is well positioned to deliver on the
final year of our Growth Transformation Plan with clear focus on
converting our investments into growth. We have:
• Embedded our new sales organisation and solutions-led
approach.
• Made substantial investments in AI capabilities that are
delivering customer value.
• Expanded our platform through strategic acquisitions.
• A strong balance sheet with significant M&A capacity.
• Approximately 80% revenue visibility for 2026 (as at 1
January 2026) through our Contracted Forward Revenue
and highly predictable renewal base.
Our focus remains on delivering world-class proprietary data
and insight solutions through our ‘One Platform’ to customers,
powered by AI and underpinned by unique high-quality
proprietary data. The Board is confident in our ability to deliver
long-term sustainable growth.
The medium and long-term prospects for GlobalData remain
strong. The continued demand for high-quality proprietary
data, insights and intelligence across our key sectors,
combined with the transformational potential of AI, creates
significant opportunities for value creation. With our Growth
Transformation Plan initiatives now largely embedded, we are
focused on execution and driving accelerated growth in 2026
and beyond.
I would like to thank our customers for their continued
partnership, our employees for their hard work and commitment
during this period of transformation, and our shareholders for
their ongoing support.
We look forward to updating you on our progress throughout
2026.
Murray Legg
Chair
1 March 2026
STRATEGIC REPORT
Chair’s
Statement (continued)
“We have a clear line of sight to margin expansion as integration activity
completes and supported by a well invested cost allowing for strong
incremental margins flowing from revenue growth.
Medium-term priorities (2026 and beyond):
• Accelerate Underlying Growth
• Margin Recovery and Expansion
• AI Innovation
• Strategic M&A Execution
• Continuing to deliver attractive Total Shareholder Returns.”
– Mike Danson, Chief Executive
11Annual Report and Accounts 2025
Strategic Report / Directors’ Report / Auditor’s Report / Financial Statements
12 Annual Report and Accounts 2025
STRATEGIC REPORT
Chief Executive’s
Report
Mike Danson, Chief Executive
Building momentum: transformation
delivering results in a resilient business
2025 has been a transformational year for GlobalData, making
progress in positioning the business for long-term sustainable
growth. Despite continued macro-economic uncertainty, our
resilient subscription-based business model has continued to
deliver growth, whilst the strategic investments we have made
are starting to translate into tangible outcomes across our
product, people and key client wins.
We have made progress embedding the key initiatives from our
Growth Transformation Plan, particularly our solutions strategy
and AI innovation. We exited 2025 in a position of strength
and while we expect our underlying revenue to grow steadily,
reflecting our subscription deferred model and ongoing macro
headwinds, I remain confident in our ability to deliver on our
strategic objectives in 2026 and beyond, supporting a return
to sustainable mid to high single digit growth over the longer
term.
GlobalData operates in a growing market where the demand for
high-quality, proprietary data, expert analysis, and actionable
intelligence continues to accelerate. Our clients – which
include over 5,000 of the world’s largest corporations, financial
institutions, and government organisations – increasingly
recognise that trusted, proprietary data is a strategic asset
that enables better, faster decision-making in an uncertain
world.
Our Growth Transformation Plan is built around four strategic
priorities: Customer Obsession, World-Class Products, Sales
Excellence, and Operational Agility. I am pleased to report
substantial progress across all four pillars during 2025.
Growth Transformation Plan 2024 - 2026
1. CUSTOMER DRIVEN RE-ORG
2. SOLUTIONS
3. CUSTOMER ENGAGEMENT
4. PRODUCT ENHANCEMENTS
5. SIGNIFICANT AI INVESTMENTS
6. GROWTH LEVERS 7. M&A PLAN
CUSTOMER OBSESSION WORLD CLASS PRODUCTS SALES EXCELLENCE OPERATIONAL AGILITY
8. PEOPLE & CULTURE
9. TECHNOLOGY & AI
13Annual Report and Accounts 2025
Strategic Report / Directors’ Report / Auditor’s Report / Financial Statements
Proprietary data and AI integration:
a defensible competitive advantage
GlobalData’s fundamental strength is, and has been since
inception, its gold standard proprietary data which is fully
integrated into our platform and not easily replicated. Our
customers rely on our data to make timely and effective
decisions, often in real time. We are observing that customer
data delivery demands are changing, particularly through
increased demand for direct data feeds and APIs. This further
strengthens our proposition by embedding GlobalData further
into our customers’ workflows. The fundamental point remains
unchanged: our clients rely on our data, and we retain a clear
competitive moat through the breadth, quality and accessibility
of our proprietary data.
AI is a positive theme for GlobalData. Building on a decade-long
track record of investment in deploying purpose-built AI across
the platform, AI is a key enabler, for internal productivity, and
unlocking greater value for our customers as new AI-powered
solutions transform customer experiences. Unlike many public
AI tools that depend on open web data, GlobalData’s AI products
are grounded in a proprietary content ecosystem spanning a
vast universe of proprietary data and verified analyst reports.
GlobalData’s purpose-built AI infrastructure integrates
proprietary datasets, ensuring that every output is backed by
evidence and customers can made decisions based on insights
that are accurate, auditable, and strategically relevant.
As a result of this capability and differentiation, growing
customer demand for GlobalData’s AI products is resulting in
increased platform usage, time spent, content consumption
and downloads. Importantly, we know that our customers are
more likely to renew with us and new customers are more likely
to come on board, when AI solutions are offered as part of the
service. Our proprietary data and expert insights are mission-
critical to our customers’ decision-making in fast evolving
markets, reinforcing the need for real time, trusted intelligence.
Customer Obsession:
Solutions-led Selling, Strategic
Account Management and Customer Engagement:
Our customer value proposition centres around high quality,
proprietary data to make timely and effective decisions.
During 2025, we fundamentally transformed our go-to-market
approach, transitioning from a product-led sales model to
a solutions-led approach with enhanced strategic account
management.
Customer Driven Re-organisation
We successfully completed the restructure of our go-to-
market organisation, investing significantly in:
• Expanding our sales teams with experienced enterprise
sellers.
• Implementing a new strategic account management team
and framework.
• Developing deeper collaboration with our vertical
specialist analysts and consultants.
This transition required substantial change management and
took time to embed, particularly in Q1 2025. We still have work
to do to ensure we fully realise the value of our investment and
establish sustainable momentum in growing our customer
relationships and revenues. However, we exited the year in
a stronger position, having gone through the more difficult
elements of the transformation.
In November 2025, we hosted an AI investor event where we
showcased several innovative AI-enabled solutions that are
already creating value for clients:
• Digital Workers: We have developed AI agents designed
to transform the future of work through agentic AI. These
digital workers can autonomously execute complex
research tasks, analyse market trends, and generate
strategic insights – effectively augmenting our clients’
teams with AI-powered analysts.
• AVA (AI Research Assistant): AVA is our AI research
assistant that delivers personalised insights and
automates workflows. Clients can interact with AVA using
natural language to rapidly access the precise intelligence
they need from our vast data universe.
• Platform-Wide AI Integration: Beyond discrete AI
products, we have embedded AI capabilities across our
‘One Platform’, enhancing everything from search and
discovery to data visualisation and predictive analytics.
These investments position us to continue leading in
AI-enabled intelligence and to maximise the benefits of AI
developments for our business and clients.
Customer Engagement
Our approach to customer engagement has been to combine
our proprietary data, deep domain human expertise with AI and
technology to drive better outcomes for our clients.
Our focus on team collaboration across our sales, strategic
account managers, analysts and consultants has driven
greater customer engagement across a broader set of users.
Our AI enabled solutions and tools on the platform have gained
more users on the platform, driving greater engagement and
we are seeing usage stats increasing, including views, time on
the site and downloads.
14 Annual Report and Accounts 2025
World-Class Products:
2025 has been a breakthrough year for our AI strategy. The
investments we have made are delivering tangible value to
clients and positioning GlobalData as a leader in AI-enabled
intelligence solutions.
Full roll out of AI Hub
Our AI Hub has seen exceptional growth, with usage increasing
twofold during the first half of the year to over 100,000 users.
AI Hub is now embedded across the customer base with 90%
of customers contracted to an AI Hub enabled product, with its
ability to democratise access and increase utility for customers
resulting in a 3x increase in the number of active AI Hub users.
Analysis has also shown that AI Hub is transforming user
experience and resulting in significantly more engaged
customers that log-in more frequently, spend more time on
the platform, interact with more features, and download more
information. This platform integrates our proprietary data with
advanced AI capabilities, enabling clients to:
• Access personalised insights through natural language
queries.
• Automate routine research workflows.
• Generate custom analysis and reports.
• Identify patterns and connections across our data
universe.
The adoption of the AI Hub validates our strategy and
demonstrates clear client demand for AI-enabled solutions
and now clearly positions GlobalData not only as a provider of
premium proprietary data and insight, but also as a technology
and AI enabled workflow and productivity tool for our clients.
Platform Investments:
During 2025, we continued to invest in our technology
infrastructure:
• Enhanced platform scalability and performance.
• Improved user experience and interface design.
• Expanded API and integration capabilities for enterprise
clients.
These investments support both organic growth and our ability
to integrate acquisitions efficiently.
Sales Excellence:
Building a High-Performance Sales
Organisation:
Our Sales Excellence pillar focuses on creating a world-class
sales organisation that can consistently deliver sustainable
growth. The focus of sales organisation is on our growth
bridge; reduction of churn/ down sell, price, new product, new
license, new solutions and new client wins.
We have significantly expanded our sales capacity from
2024 and through 2025. As at 1 January 2025 we had sales
headcount totalling 366, compared with 277 at the same point
in 2024. Whilst the sales headcount as at 1 January 2026 is flat
overall at 367, the mix has changed significantly. The focus has
been on hiring enterprise sales professionals with substantial
experience of managing and growing large accounts with the
world’s largest companies.
Beyond headcount expansion, we invested heavily in sales
enablement, including comprehensive onboarding and training
programmes, enhanced sales tools and CRM capabilities as well
as the establishment of a Group revenue operations team to
fully support the sales operation.
We have implemented active strategic account management
across our key client relationships. Early indicators are
encouraging:
• Deeper engagement with C-suite and strategic decision-
makers, signing 3 seven figure GBP contracts in the
second half.
• Expanding wallet share within existing accounts through
cross-selling.
• Starting to see higher average contract values across our
larger clients.
Whilst there is still work to do, the pipeline of strategic
opportunities we are building gives me confidence that this
approach will drive accelerating growth in 2026 and beyond.
Client Success and Retention
Our volume renewal rates remain consistent across both
Healthcare and Non-Healthcare divisions. This demonstrates
that despite the transition in our sales approach, we have
maintained the client engagement and value delivery that
underpins our subscription model.
Excluding our recent acquisitions, our volume renewal rate for
the year was 83% for the Group overall (customers >£20k)
(2024: 83%), with Healthcare at 78% (2024: 79%) and Non-
Healthcare at 85% (2024: 85%) reflecting a strong base
retention. A major part of the Growth Transformation Plan is to
increase the Group’s volume renewal rate, and whilst we have
not seen material progression in this area in 2025, we have
launched several engagement customer success initiatives as
well as having a new dedicated inside sales team looking after
the lower value clients. From these initiatives we have seen
positive activity and engagement from our customer base and
are confident that this will start to have a more meaningful
impact on revenues and renewal rates.
STRATEGIC REPORT
Chief Executive’s
Report (continued)
15Annual Report and Accounts 2025
Strategic Report / Directors’ Report / Auditor’s Report / Financial Statements
Operational Agility:
Platform Leverage and Integration
Excellence:
Our Operational Agility pillar ensures we can scale efficiently
and integrate acquisitions seamlessly into our ‘One Platform’.
The acquisitions made during Q4 2024 and 2025 were:
Q4 2024:
• LinkUp (October 2024): A leading provider of global job
market data.
• Celent (December 2024): A leading research and
advisory firm focused on helping technology and strategy
leaders in the Financial Services market globally.
• Deallus (December 2024): A market-leading competitive
intelligence solutions provider focused on the global life
sciences sector.
2025:
• AI Palette (March 2025): Strengthens our Consumer
Innovation Intelligence Solutions and AI capabilities,
particularly in food and beverage sectors.
• Stylus (July 2025): Expands our consumer trend
forecasting capabilities and enhances our creative
intelligence offering.
During Q4 2024 and FY 2025 we completed five acquisitions,
successfully integrating them into our platform and we are now
realising the anticipated cost synergies. These acquisitions
took longer than initially anticipated to integrate, because of
the organic transformation activities that were running side
by side as well as the increased focus on ensuring complex
data sets are fully connected with existing data sets to ensure
quality and realise the longer-term opportunities with AI and
wider solutions offering. The 2025 results do not reflect any
significant revenue synergies from these acquisitions and
at this point in time, revenue synergies remain a significant
opportunity for the Group.
Whilst our long-term M&A ambitions remain the same; our
near-term focus, in the Non-Healthcare division, will be organic
growth and realising revenue synergy opportunities across
our recent acquisitions, which we have not realised as quickly
as we would have liked. We have made significant investments
in acquisitions, product, and solutions therefore the team is
primarily focused on realising returns on these investments.
Our Healthcare M&A strategy remains unchanged and will look
to deliver bolt-on acquisitions in FY2026.
FINANCIAL PERFORMANCE
Revenue and Growth
For the year ended 31 December 2025, the Group delivered
revenue of £322m, representing total reported growth of 13%
and 1% on an underlying basis (2024: £286m). The business
demonstrated consistent volume renewal rates throughout
the year, with consistent performance across all major client
verticals.
The underlying growth of 1%, whilst disappointing, reflects
the investment phase and transformation disruption as we
transitioned to our new sales model. Whilst this transition
impacted growth as our new sales teams embedded new ways
of working, we saw some improvement through the year as our
solutions-led selling approach gained traction in some sectors.
We expect a more consistent ramp up in 2026 now that we
have established the new go-to-market structure, noting
that macro-economic headwinds may temper some of this
progression.
Our Contracted Forward Revenue strengthened to c.£180m,
representing growth of 5% year-on-year (3% on an underlying
basis). This metric is critical to our business model, and
alongside our predictable renewal base, provides us with
approximately 80% visibility over analyst revenue consensus
for 2026.
The strength of our Contracted Forward Revenue reflects:
• Consistent renewal rates across both Healthcare and
Non-Healthcare divisions.
• Growing strategic account momentum as our new sales
approach drives deeper client relationships.
• The benefit of acquisitions made in 2024 and 2025 now
contributing to the base.
• Resilient demand for business-critical data and insights
despite macro headwinds.
Profitability and Margins
Adjusted EBITDA for the year was £110m (2024: £117m), with
margins of 34% (2024: 41%).
The reduced margin in 2025 reflects the significant
investments we have made in three key areas:
• Sales Transformation: Expanding our sales organisation
and investing in strategic account management and sales
support and revenue operations.
• Corporate infrastructure and support: Investment in our
People department, which supports our go-to-market
and sales operation as well as the wider business, and
16 Annual Report and Accounts 2025
a full year of duplicated corporate costs supporting the
separate Healthcare division.
• M&A: Our acquisitions completed August 2024-July 2025
have been margin dilutive during 2025, mainly because of
the timing of those acquisitions being at the end of 2024
and the time taken to realise the cost synergies as we
integrated those businesses.
As anticipated and communicated to the market, these
investments have compressed margins in the short term.
However, the Board and I remain confident in our trajectory
towards recovering margins to 40%:
• Acquisitions become fully integrated and deliver planned
cost synergies, and the Group realises the impact of
recent restructuring.
• We work towards a more balanced margin profile between
the two divisions.
• Our enhanced sales organisation operates at full
productivity.
• AI investments drive operational efficiencies and scale
benefits.
• Platform leverage continues to improve with revenue
growth.
Segmental Performance
Non-Healthcare Division
Our Non-Healthcare division contributed revenue of £199m,
reflecting growth of 13% overall with 1% growth coming from
underlying performance. Our Non-Healthcare division finished
the year with 5% underlying growth in Contracted Forward
Revenue, as we started to see some momentum reflecting that
the division has increased its sales headcount by 61 people
(31%) since early 2024.
This division serves clients across Technology, Consumer,
Professional & Financial Services, Industrials, Automotive, and
other sectors.
Key highlights from 2025 include:
• Strong growth in our Consumer Innovation Intelligence
Solutions following the AI Palette and Stylus acquisitions.
• Roll out of Sales Intelligence solution, with notable wins
across sector.
• Growing traction with our digital workers and AI-enabled
solutions.
The Non-Healthcare division benefits from significant cross-
selling opportunities because of the multiple use-cases we
serve, across large and complex organisations. We believe the
Total Addressable Market of this division is +£15bn, because of
the breadth and depth our solutions offer.
Healthcare Division
The division serves pharmaceutical and life sciences
organisations with mission-critical intelligence on drugs,
devices, clinical trials and commercial Healthcare data, which
also serves suppliers into these markets, such as Professional
Services. One of the key focuses in the year was on the
integration of Deallus and combining the acquired capability
with existing data assets, in the development of a world-class
Competitive Intelligence solution.
Our Healthcare division generated revenue of £123m, reflecting
growth of 13%. The acquisition of Deallus contributed to the
revenue growth, with the underlying business growing by
2%. The pharmaceuticals industry has seen some market
headwinds in recent years, particularly within the biotech
sector, as well as US drug pricing being a major theme across
the major pharmaceuticals businesses which has negatively
impacted growth.
As a consequence, within the GlobalData Plc Company only
accounts, an impairment write down of £228.4m against
the investment (recognised following the separation of the
Group’s Healthcare business into separate legal entities last
year) has been recognised in the year reflecting a challenging
environment in which the business is operating. This has no
impact on the consolidated results, and we remain confident
in the business fundamentals and growth opportunity going
forwards. The business remains a highly cash generative and
high margin business operating in an attractive sector.
CAPITAL ALLOCATION AND SHAREHOLDER
RETURNS
We maintain a disciplined capital allocation framework that
balances organic investment, strategic M&A, and shareholder
returns. Because of the minority investment in the Healthcare
division, we monitor the Group balance sheet and leverage for
each division separately and look to deploy capital in the most
efficient manner across M&A, share buybacks and dividends.
Capital Allocation Priorities
Our capital allocation priorities remain:
• Organic Investment: Our cost base entering 2026 is
well invested, with significant investments across our
go-to-market, solutions and platform. Therefore, our
focus through 2026 will be on realising return on these
STRATEGIC REPORT
Chief Executive’s
Report (continued)
17Annual Report and Accounts 2025
Strategic Report / Directors’ Report / Auditor’s Report / Financial Statements
investments and driving revenue growth across the
business.
• Strategic M&A: Our platform makes bolt-on M&A a valuable
proposition to our shareholders. Whilst our focus across
the business is on underlying growth and sales synergies
from our recent cohort of acquisitions, we will de-prioritise
M&A in our Non-Healthcare division. Our Healthcare
segment remains focused on scaling through M&A in the
short term.
• Shareholder Returns: Returning capital through share
buybacks and dividends.
Returns to Shareholders
During 2025, we have been active in returning capital to
shareholders:
• Completion of £60m tender offer in September 2025.
• Share buybacks totalling £39.7m in H1 2025.
• Launch of additional £10m buyback programme in
November 2025, which continued into 2026.
• Proposed final dividend of 1.2 pence per share.
These actions demonstrate our confidence in the medium and
long-term prospects of the business and our commitment
to delivering strong Total Shareholder Returns. Our revised
dividend policy announced in 2024 provides flexibility to
prioritise value-creating M&A whilst maintaining progressive
ordinary dividends.
OUTLOOK AND PRIORITIES FOR 2026
As we enter 2026 – the final year of our Growth Transformation
Plan – we are well-positioned to deliver on our strategic
objectives and drive sustainable and scalable growth.
2026 Priorities
Medium-term priorities (2026 and beyond):
• Accelerate Underlying Growth: Driving our underlying
revenue growth to mid-single digits, whilst building the
foundations to get back to mid-high-single digit growth
and beyond as we look more in the longer term.
• Continue to embed and realise value from our
strategic account programme and commercial
excellence, expanding wallet share amongst our
major clients.
• Continue the roll out and transition of clients to our
new technology enabled Solutions, driving greater
client engagement and return on investment,
which ultimately creates more material customer
relationships for the Group.
• Focus on sales and revenue synergies from our recent
acquisitions, focusing heavily on introducing their
clients to the wider GlobalData offering and bringing
their products and solutions to our wider client base.
• Margin Recovery and Expansion: Recover Adjusted
EBITDA margins towards 40%, leading to high cash
conversion and strong returns on invested capital.
• Realising full-year impact of cost synergies from 2024
and 2025 acquisitions.
• Operating leverage from revenue growth. Our cost
investments are already reflected in the cost base
and therefore we expect a significant incremental
margin from revenue growth.
• Disciplined cost management whilst continuing to
invest in growth, through reinvesting operational
efficiency improvements enabled by AI and
automation.
• AI Innovation: Expand the capabilities and adoption of
our AI Hub, whilst launching new AI-powered products and
solutions.
• Expanding the capabilities and adoption of our AI
Hub, helping clients engage with our mission-critical
proprietary data in an efficient manner driving
greater productivity.
• Launching new AI-powered products and solutions.
• Integrating AI across our entire platform to drive
productivity and insights.
• Building our AI talent pool and capabilities.
• Strategic M&A Execution: Focus is to drive revenue
synergies in the Non-Healthcare division from recent
acquisitions, but will continue to pursue value-accretive
M&A in our Healthcare division.
• Continuing to deliver attractive Total Shareholder
Returns: Progressive dividend policy and disciplined
approach to capital allocation and share buybacks.
Main Market Listing
Subject to final approval from the Financial Conduct Authority,
a prospectus in relation to the Company’s move to the Main
Market will be published on 2 March 2026. Admission to the
Main Market is expected to be at 8.00am on 5 March 2026
with the last day of trading on AIM on 4 March 2026. I believe
that our move to the Main Market will give the Company a
wider access to international capital, enhancing future growth
opportunities.
18 Annual Report and Accounts 2025
Outlook
We enter 2026 with strong visibility, with approximately 80%
of analyst revenue consensus for 2026 contracted through
our Contracted Forward Revenue, as well as reasonable
expectations for revenue from renewing customers, providing
confidence in base business retention.
We have a clear line of sight to margin expansion as integration
activity completes and a well invested cost allowing for strong
incremental margins flowing from revenue growth.
The investment case for GlobalData remains compelling:
• Strong defensive moat around high quality and
proprietary data and insights.
• Market-leading position in large, growing markets for data
and analytics.
• Resilient subscription model with high visibility and
predictable cash flows.
• Significant AI-enabled growth opportunities ahead of the
curve.
• Proven M&A platform with capacity and pipeline for value
creation.
• Clear pathway to margin expansion and accelerating
growth.
• Strong management team with track record of value
creation.
2025 has been a year of substantial progress in executing our
Growth Transformation Plan. We have embedded our solutions-
led selling approach, made breakthrough AI investments
that are delivering client value, successfully integrated six
acquisitions, and maintained a strong balance sheet with
significant capacity for future value creation.
The macro-economic environment remains uncertain, but our
business model has demonstrated its resilience. The demand
for high-quality, proprietary data and expert analysis is robust,
and our AI-first approach positions us to capitalise on one of
the most significant technological shifts of our time.
As we enter 2026, I am confident that GlobalData is well-
positioned to deliver on our strategic objectives. Our
proprietary data assets, AI capabilities, and talented team
create a sustainable competitive advantage. With our
growth transformation initiatives now largely embedded and
momentum building, we are focused on execution and driving
accelerating growth.
I would like to thank our clients for their continued partnership
and trust, our employees for their exceptional work during
this period of transformation, and our shareholders for their
ongoing support. We look forward to updating you on our
progress throughout 2026.
Mike Danson
Chief Executive
1 March 2026
STRATEGIC REPORT
Chief Executive’s
Report (continued)
19Annual Report and Accounts 2025
Strategic Report / Directors’ Report / Auditor’s Report / Financial Statements
STRATEGIC REPORT
Chief Financial
Officer’s Report
Explanatory notes
Revenue Bridge: The chart tracks the movement in revenue from 2024 to 2025, 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, LinkUp, Celent, Deallus, Stylus and AI Palette, minus any
equivalent revenues recognised in 2024.
• Organic Growth – defined as growth in business excluding impact of movement in exchange rates and acquisitions.
Earnings Per Share Progression: The chart tracks the diluted adjusted and statutory EPS for 2024-2025.
Graham Lilley, Chief Financial Officer
Revenue Progression
285
(4)
39
23
22
Revenue 2024 Impact of FX AcquisitionsOrganic Growth Revenue 2025
£m
250
260
270
280
290
300
310
320
330
340
350
Earnings Per Share Progression
-
1. 0
2.0
3.0
4.0
5.0
6. 0
7. 0
8.0
2024 2025
Pence per share
Diluted EPS Diluted Ad j. EPS
20 Annual Report and Accounts 2025
ADJUSTED FIGURES
For the Year Ended 31 December:
2025
£m
2024
£m
Reported
Growth
Underlying
Growth
Revenue 322.1 285.5 13% 1%
EBITDA
1
110.2 116.8 –6%
Operating profit
1
111.6 83.3 34%
Operating profit margin
1
35% 29% 6%
Profit before tax
1
(restated)
2
99.6 70.3 42%
Tax charge
1
(restated)
2
(25.8) (21.6) 19%
Profit after tax
1
(restated)
2
73.8 48.7 52%
Free cash flow
1
34.4 32.7 5%
Basic earnings per share
1
(pence)
(restated)
2
7.3 5.1 43%
REPORTED FIGURES
For the Year Ended 31 December:
2025
£m
2024
£m
Reported
Growth
Underlying
Growth
Revenue 322.1 285.5 13% 1%
Operating profit 81.2 65.1 25%
Operating profit margin 25% 23% 2%
Profit before tax 69.2 54.9 26%
Tax charge (19.1) (18.4) 4%
Profit after tax 50.1 36.5 37%
Cash flow from operations 83.3 97.6 –15%
Net (bank debt)/ cash
1
(114.2) 10.1 -1231%
Basic earnings per share (pence) 4.4 3.8 16%
1. Defined in the explanation of non-IFRS measures on pages 34 to 35.
2. In prior years, the Group included share-based payments and associated costs, as well as unrealised foreign exchange costs/(gains) as an adjustment to operating profit.
The Group has updated the classification of adjusting items within the adjusted profits calculation in 2025 with a view to provide more comparable performance metrics
across its peers. As a result of the amended calculation method, prior year comparatives have been amended to report adjusted profits on a consistent basis.
STRATEGIC REPORT
Chief Financial
Officer’s Report (continued)
21Annual Report and Accounts 2025
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.
Revenue
Contracted
Forward
Revenue
Adjusted
EBITDA
Adjusted
EBITDA
Margin
Net (Bank
Debt)/Cash
2025 £322.1m £179.7m £110.2m 34% (£114.2m)
2024 £285.5m £171.4m £116.8m 41% £10.1m
% reported growth +13% +5% -6% -7pts -1231%
% underlying growth +1% +3% N/a N/a N/a
Our significant transformation programme, alongside macro-economic headwinds, have meant that underlying growth was
tempered at 1%. Although sales headcount was broadly flat year-on-year (32% up versus headcount as at January 2024), we
changed a lot of personnel in the first quarter of 2025, re-focusing our go-to-market strategy on larger strategic accounts and
building an inside sales team to look after the smaller accounts, at scale. The disruption and the longer customer decision making
cycles impacted our revenue progression.
We saw some positive momentum in the second half of 2025, particularly in the Non-Healthcare segment. We finished the year
with good visibility on future revenues. Contracted Forward Revenue grew to £179.7m as at 31 December 2025 (31 December 2024:
£171.4m), which included 3% underlying growth.
Investing in our go-to-market strategy, AI and solutions impacted our organic Adjusted EBITDA margin, but the most material
dilution of margin was from our recent cohort of acquisitions. Cost synergy programmes across our acquisitions were materially
complete by 31 December 2025, therefore we expect margins to recover towards 40%.
Operational Key Performance Indicators
As at 31 December 2025, the total number of clients (>£5,000 spend) grew 3% to 5,112 (2024: 4,979) including the impact of the
recent acquisitions.
Clients >£20,000 All Clients (above £5,000)
Value
renewal
rate
Volume
renewal
rate
Average
client value
(underlying)
(£’000)
Value
renewal
rate
Volume
renewal
rate
Average
client value
(underlying)
(£’000)
2025 89% 83% £81.8 88% 79% £50.0
2024 93% 83% £79.1 92% 79% £49.7
Movement -4pts – +3% -4pts – +1%
Our volume renewal rates were materially consistent with the previous year. 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.
Our value renewal rate, which reflects the overall value returned from existing customers, including growth from increasing prices,
products and licenses, has fallen by 4pts this year. Part of this fall is due to movements in foreign exchange, but also focussing on
transitioning clients to team and enterprise-based contracts has meant a lower return from pricing and license upgrades. Longer
term, we expect the new licensing approach to drive more usage and ultimately client value. This transition started from 1January
2025.
22 Annual Report and Accounts 2025
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 operating profit, Adjusted operating profit 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 21 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)
23Annual Report and Accounts 2025
Strategic Report / Directors’ Report / Auditor’s Report / Financial Statements
Reconciliation of statutory numbers to alternative performance measures:
For the Year Ended 31 December: 2025
£m
2024
£m
Variance
%
Reconciliation:
Operating profit 81.2 65.1 25%
Restructuring, corporate projects and refinancing costs 11.2 5.3 111%
Acquisition and integration costs 7.1 4.0 78%
Amortisation of acquired intangible assets 12.1 8.9 36%
Adjusted operating profit
1
111.6 83.3 34%
Depreciation 6.6 5.8 14%
Amortisation of software 4.3 1.9 126%
Impairment 1.3 – 100%
India Wage Code liability true-up 1.7 – 100%
Share-based payments (credit)/charge (15.4) 24.1 -164%
Costs relating to share-based payments scheme 1.7 0.3 467%
Revaluation (gain)/ loss on short- and long-term derivatives (1.2) 1.7 -171%
Unrealised operating foreign exchange gain (0.4) (0.3) 33%
Adjusted EBITDA
1
110.2 116.8 -6%
Adjusted EBITDA margin
1
34% 41% -7pts
1 Defined in the explanation of non-IFRS measures on page pages 34 to 35.
24 Annual Report and Accounts 2025
The Group’s Performance This Year
1. Executive Summary
The Group’s financial performance reflects the key transformational activities that the Group has prioritised in 2025, set against a
challenging macro-economic environment. The Group has focused on:
• Investment in go-to-market, solutions and AI, which have all had a dilutive impact on Adjusted EBITDA margin, but with the
associated revenue returns still to come.
• Our recent acquisitions have increased our overall Group revenue yet have had a dilutive impact on margins. Whilst now fully
integrated, the full year effect of synergies will be realised in 2026 and beyond.
Overall, the Group performance has meant that the LTIP targets for 2025 have not been met, and management currently believe
that the Adjusted EBITDA performance target for 2026 is unlikely to be met. Therefore, a non-cash credit of £20.5m has been
added back to the consolidated income statement in 2025, reflecting previous charges that have been recognised on the basis
that the targets would be met. The £20.5m credit was partially offset with £5.1m of share-based payment charges in relation to the
remaining charges for 2024 LTIP targets and grants made in the year.
2. Revenue
Revenue grew by 13% to £322.1m (2024: £285.5m). The majority of the increase came from recent acquisitions. On an underlying
basis, subscriptions grew by 1% underpinned by continued strong renewal rates, but currency headwinds reduced revenue
(excluding acquisitions). As a result of the weighting of acquisitions, subscription revenue as a proportion of total revenue reduced
slightly to 74% (2024: 75%).
£m
Revenue as reported – 2025 322.1
Add back currency movements (from underlying business) 4.2
Deduct post-acquisition revenue of acquired businesses (39.0)
Revenue underlying – 2025 287.3
2024 285.5
Reported Growth +13%
Underlying Growth +1%
STRATEGIC REPORT
Chief Financial
Officer’s Report (continued)
25Annual Report and Accounts 2025
Strategic Report / Directors’ Report / Auditor’s Report / Financial Statements
3. Profit before tax
Profit before tax for the year grew by £14.3m to £69.2m (2024: £54.9m). Operating profits increased by 25% in the year to £81.2m
(2024: £65.1m), inclusive of a credit of £20.5m on share-based payments to reflect 2025’s LTIP target not being met as well as it being
deemed unlikely that the 2026 LTIP target of £153m Adjusted EBITDA will be met.
£m
Year ended
31 December 2025
Year ended
31 December 2024 Change %
Revenue
322.1 285.5 +13%
Operating costs (excluding adjusting items)
(211.9) (168.7) +26%
Adjusted EBITDA
110.2 116.8 -6%
Depreciation
(6.6) (5.8) +14%
Amortisation of acquired intangible assets
(12.1) (8.9) +36%
Amortisation of software
(4.3) (1.9) +126%
Impairment
(1.3) – +100%
Share-based payments credit/(charge)
15.4 (24.1) -164%
Restructuring, corporate projects and refinancing costs
(11.2) (5.3) +111%
Acquisition and integration costs
( 7.1 ) (4.0) +78%
Costs relating to share-based payment schemes
(1.7) (0.3) +467%
India Wage Code liability true-up
(1.7) – +100%
Revaluation gain/(loss) on short- and long-term derivatives
1.2 (1.7) -171%
Unrealised operating foreign exchange gains
0.4 0.3 +33%
Finance costs
(12.0) (10.2) +18%
Profit before tax
69.2 54.9 +26%
Adjusted EBITDA
Adjusted EBITDA decreased by 6% to £110.2m (2024: £116.8m). The revenue growth of £36.6m was offset with cost increases of
£43.2m (largely representing the full year impact of acquisitions which closed in the second half of 2024), meaning that the overall
net decline to Adjusted EBITDA was £6.6m. Adjusted EBITDA margin decreased to 34% (2024: 41%).
The Group implemented a series of cost synergy and savings actions in the last quarter of 2025, meaning the cost base run rate
has reduced going into 2026. This change, alongside expected organic revenue growth, gives us confidence of driving margins back
towards 40%.
Segmental Performance
The Healthcare segment generated profit after tax during the year of £42.6m, of which 40% was allocated to Non-Controlling
Interest (‘NCI’), totalling £17.0m. In the comparative year, 40% of the Healthcare segment’s profit after tax was allocated to NCI from
4 June 2024 onwards, with profit after tax for this period totalling £17.3m and allocation to NCI totalling £6.9m.
26 Annual Report and Accounts 2025
Adjusted Figures 2025
£m
GlobalData
Non-Healthcare
GlobalData
Healthcare
Corporate
(unallocated) Group Total
Reported
Growth
Underlying
Growth
Revenue
Services satisfied over a period of
time
142.5 94.5 – 237.0 10%
Services satisfied at a point time
56.3 28.8 – 85.1 21%
Total revenue 198.8 123.3 – 322.1 13% 1%
Adjusted EBITDA 50.2 61.8 (1.8) 110.2 –6%
Adjusted EBITDA margin 25% 50% 34%
Adjusted operating profit 46.3 67.1 (1.8) 111.6
Adjusted operating profit margin 23% 54% 35%
Reconciliation
:
Operating profit 25.2 61.8 (5.8) 81.2
Restructuring, corporate projects
and refinancing costs
5.7 1.5 4.0 11.2
Acquisition and integration costs 5.8 1.3 – 7.1
Amortisation of acquired intangibles 9.6 2.5 – 12.1
Adjusted operating profit 46.3 67.1 (1.8) 111.6
Amortisation (excluding amortisation
of acquired intangibles)
4.2 0.1 – 4.3
Depreciation 4.9 1.7 – 6.6
Share–based payments credit (10.7) (4.7) – (15.4)
Costs related to share–based
payment schemes
1.5 0.2 – 1.7
India Wage Code liability true–up 1.3 0.4 – 1.7
Impairment 1.3 – – 1.3
Movement in unrealised operating
and derivative foreign exchange
1.4 (3.0) – (1.6)
Adjusted EBITDA 50.2 61.8 (1.8) 110.2
Adjusted Figures 2024
£m
GlobalData
Non-Healthcare
GlobalData
Healthcare
Corporate
(unallocated) Group Total
Revenue
Services satisfied over a period of time
126.8 88.4 – 215.2
Services satisfied at a point time
49.3 21.0 – 70.3
176.1 109.4 – 285.5
Adjusted EBITDA 58.2 60.9 (2.3) 116.8
Adjusted EBITDA margin 33% 56% N/a 41%
STRATEGIC REPORT
Chief Financial
Officer’s Report (continued)
27Annual Report and Accounts 2025
Strategic Report / Directors’ Report / Auditor’s Report / Financial Statements
Adjusting items
Adjusting items declined by £25.9m in total, with some significant individual movements of note:
• The share-based payments charge has decreased from £24.1m to a credit of £15.4m, driven by the Adjusted EBITDA target not
being hit for 2025 and management currently forecasts that the Adjusted EBITDA performance target for 2026 is unlikely to be
met. This led to a £20.5m credit to the consolidated income statement.
• Acquisition and integration costs increased year on year, from £4.0m to £7.1m, reflective of additional M&A activity during the
latter part of 2024 and completing on the Stylus and AI Palette acquisitions during 2025. Further information is disclosed in
note27.
• Restructuring, corporate projects and refinancing costs totalling £11.2m have been recognised within the Group, which have
principally arisen as a result of the transformation restructuring initiatives, coupled with costs associated with the proposed
move to the Main Market and defence costs for the Private Equity approaches in the first half of 2025.
• Unrealised foreign exchange gains of £1.6m were recognised during the year, in comparison with a total loss in 2024 of £1.4m.
Finance costs
Finance costs have increased by 18% to £12.0m (2024: £10.2m) which is inclusive of a non-cash interest charge of £1.9m relating to
financial liabilities measured at amortised cost (2024: £1.4m), revaluation gain on the terminated interest rate swap of £nil (2024:
gain of £2.8m) and IFRS16 leases interest of £1.2m (2024: £1.1m). The cash paid in interest in 2025 was £8.8m (2024: £10.9m).
Finance costs in relation to the 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 £4.8m (2024: £4.6m). Our net finance costs include
interest of £1.2m in relation to lease liabilities (2024: £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 £4.4m, which mainly reflected volatility of Sterling against US Dollar
(average rate 2025: 1.32, 2024: 1.28).
£m Revenue
Operating
costs
1
Adjusted
EBITDA
Adjusted EBITDA
margin
Contracted
Forward Revenue
As reported 322.1 (211.9) 110.2 34% 179.7
Add back currency movements
US Dollar 3.6 (1.8) 1.8 4.3
Euro 0.2 – 0.2 0.2
Other 0.6 (1.8) (1.2) 0.2
Constant currency
326.5 (215.5) 111.0 34% 184.4
2024 – as reported
285.5 (168.7) 116.8 41% 171.4
Constant currency growth
+14% +28% -5% -7pts +8%
1 Operating costs excluding adjusting items.
28 Annual Report and Accounts 2025
5. Taxation
The Group’s effective income tax rate (ETR) for the reporting period is 27.6%, compared to the UK statutory rate of 25.0%. While
several items impacted the ETR during the period, their net effect was broadly neutral, and the primary driver of the increase above
the statutory rate was 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
losses between 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 prior reporting period was elevated due to the separation of the Healthcare business and the subsequent
investment by Inflexion. The tax rate for the current period has returned to expected levels.
Reconciliation of statutory income tax charge to adjusted income tax charge is presented below:
£m
Year ended
31 December 2025
Year ended
31 December 2024
Restated
Statutory income tax charge 19.1 18.4
Amortisation of acquired intangible assets 3.0 2.3
Restructuring, corporate projects and refinancing costs 1.2 1.3
Revaluation of interest rate swap – (0.7)
Corporate tax rate change – (0.1)
Movement in unrecognised deferred tax 2.5 0.4
Adjusted income tax charge 25.8 21.6
The adjusted tax charge for 2024 has been restated due to the calculation of adjusted profits being amended during the year
ended 31 December 2025, which has been further discussed within the earnings per share section of this report.
6. Earnings per share
£m
Year ended
31 December 2025
Year ended
31 December 2024 Change %
Earnings attributable to equity holders:
Basic earnings per share (pence) 4.4 3.8 +16%
Diluted earnings per share (pence) 4.4 3.7 +19%
Adjusted basic earnings per share (pence) (
restated
) 7.3 5.1 +43%
Adjusted diluted earnings per share (pence) (
restated
) 7.3 5.1 +43%
STRATEGIC REPORT
Chief Financial
Officer’s Report (continued)
29Annual Report and Accounts 2025
Strategic Report / Directors’ Report / Auditor’s Report / Financial Statements
£m
Year ended
31 December 2025
Year ended
31 December 2024
Restated
Profit before tax 69.2 54.9
Restructuring, corporate projects and refinancing costs 11.2 5.3
Acquisition and integration costs 7.1 4.0
Amortisation of acquired intangible assets 12.1 8.9
Revaluation of interest rate swap – (2.8)
Adjusted profit before tax
1
99.6 70.3
Adjusted income tax expense
1
(25.8) (21.6)
Adjusted profit after tax
1
73.8 48.7
Allocated to equity holders of the parent 55.0 40.5
Allocated to non-controlling interest 18.8 8.2
1 Defined in the explanation of non-IFRS measures on pages 34 to 35.
In prior years, the Group included share-based payments and associated costs, as well as unrealised foreign exchange costs/
(gains) as an adjustment to operating profit. The Group has updated the classification of adjusting items in 2025 with a view
to provide more comparable performance metrics across its peers. As a result of the amended calculation method, prior year
comparatives have been amended to report adjusted profits on a consistent basis.
Basic EPS was 4.4 pence per share (2024: 3.8 pence per share). Fully diluted profit per share was 4.4 pence per share (2024:
3.7pence per share). Adjusted basic earnings per share grew from 5.1 pence per share (restated) to 7.3 pence per share,
representing 43% growth and driven in large part by the share-based payment credit.
7. Share count
Reconciliation of basic weighted average number of shares to the diluted weighted average number of shares:
Year ended
31 December 2025
No’ m
Year ended
31 December 2024
No’ m
Basic weighted average number of shares, net of shares held in treasury reserve 748.6 789.1
Dilutive share options in issue – scheme 1 0.7 1.2
Dilutive share options in issue – scheme 2 – 6.5
Dilutive share options in issue – scheme 4 0.3 2.6
Diluted weighted average number of shares 749.6 799.4
30 Annual Report and Accounts 2025
STRATEGIC REPORT
Chief Financial
Officer’s Report (continued)
Reconciliation of basic number of shares to the diluted number of shares as at the balance sheet date of 31 December 2025:
Year ended
31 December 2025
No’ m
Year ended
31 December 2024
No’ m
Basic number of shares 764.7 830.9
Shares held in treasury reserve (50.8) (52.9)
Dilutive share options in issue – scheme 1 0.7 1.2
Dilutive share options in issue – scheme 2 - 6.5
Dilutive share options in issue – scheme 4 0.3 2.6
Diluted number of shares 714.9 788.3
8. 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 proposing a final dividend of 1.2 pence per share (2024: 1.0 pence), to be paid on 1 May 2026 to shareholders on the register
at the close of business on 27 March 2026. The ex-dividend date will be on 26 March 2026. The proposed final dividend increases
the total dividend for the year to 1.5 pence per share (2024: 2.5 pence). The decrease of 40% is reflective of the dividend being
rebased from 1 July 2024.
9. Cash generation
£m
Year Ended
31 December 2025
Year Ended
31 December 2024 Change %
Cash flow generated from operations 83.3 97.6 -15%
Interest paid (8.8) (10.9) -19%
Income taxes paid (24.1) (40.7) -41%
Contingent consideration paid (2.5) (0.5) +400%
Principal elements of lease payments (5.6) (5.6) –
Purchase of intangible and tangible assets
(7.9) (7.2) +10%
Free cash flow
1
34.4 32.7 +5%
Operating cash flow conversion %
1
76% 84% -8pts
Free cash flow conversion %
1
(restated)
2
35% 47% -12pts
1 Defined in the explanation of non-IFRS measures on pages 34 to 35.
2 Free cash flow conversion for 2024 has been restated due to the calculation of adjusted profits being amended during the year ended 31 December 2025, which has been
further discussed within the earnings per share section of this report.
Cash generated from operations was £83.3m (2024: £97.6m), a 15% decrease, representing 76% of Adjusted EBITDA (2024: 84%).
The reduced conversion from EBITDA was driven by the increased number of adjusting items which impacted operating cash
flow, driven largely by M&A. Total adjusting items in 2025 impacting operating cashflow was £18.6m (2024: £10.1m). Excluding the
adjusting items, operating cash flow conversion as a percentage of Adjusted EBITDA was 92% (2024: 92%).
Capital expenditure was £7.9m in 2025 (2024: £7.2m), including £5.1m on software including assets under construction (2024:
£5.3m). Capital expenditure represented 2.5% of revenue (2024: 2.5%).
Total cash flows from operating activities were £47.9m (increase of £2.4m from 2024), which represented 59% of operating profit
(2024: 70%). During the year, the Group paid out £9.9m in dividends (2024: £37.5m).
Short- and long-term borrowings increased by £124.9m to £165.3m as at 31 December 2025 (2024: £40.4m). Loan drawdowns
during the year were used to fund M&A activity and acquisitions of own shares for cancellation.
31Annual Report and Accounts 2025
Strategic Report / Directors’ Report / Auditor’s Report / Financial Statements
10. Net (bank debt)/cash
Net bank debt as at 31 December 2025 was £114.2m (2024: net cash of £10.1m).
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
2025 2024
Short- and long-term borrowings (note 20) (165.3) (40.4)
Cash 51.1 50.5
Net (bank debt)/cash (114.2) 10.1
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 2025
Year Ended
31 December 2024
Growth
Cash flow generated from operations 83.3 97.6 -15%
Interest paid (8.8) (10.9) -19%
Income taxes paid (24.1) (40.7) -41%
Contingent consideration paid (2.5) (0.5) +400%
Principal elements of lease payments (5.6) (5.6) -
Purchase of intangible and tangible assets (7.9) (7.2) +10%
Free cash flow 34.4 32.7 +5%
Dividends paid (9.9) (37.5) -74%
Net M&A
1
(33.7) (79.4) -58%
Proceeds from disposal of subsidiary 0.8 – +100%
Acquisition of own shares (11.0) (52.5) -79%
Acquisition of own shares for cancellation (101.5) (29.3) +246%
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 (120.9) 254.8 -147%
Opening net bank debt 10.1 (243.9) -104%
Non-cash movement in borrowings (1.9) (1.4) +36%
Currency translation (1.5) 0.6 -350%
Closing (bank debt)/ net cash (114.2) 10.1 -1231%
Last 12 months Adjusted EBITDA
2
110.2 116.8 -6%
Net bank debt leverage (1.0x) 0.1x -1.1x
1 Cash cost relating to acquisitions included in the Consolidated Statement of Cash Flows within investing activities (£27.0m (2024: £68.7m)) and financing activities
(£6.7m (2024: £10.7m)).
2 Reflects 12 month rolling Adjusted EBITDA results, which for the 12 months ending 31 December 2025 and 31 December 2024 respectively, directly agrees to Adjusted EBITDA
reported for each financial year.
32 Annual Report and Accounts 2025
STRATEGIC REPORT
Chief Financial
Officer’s Report (continued)
11. M&A transactions
During the year the Group invested £33.7m of equity value (headline purchase price) across two acquisitions (2024: £88.0m across
four acquisitions).
12. Contracted Forward Revenue
£m 2025 2024
Deferred revenue 117.3 114.6
Amounts not due/subscription not started at 31 December 30.1 30.7
Invoiced Forward Revenue 147.4 145.3
Contracted not yet invoiced 32.3 26.1
Contracted Forward Revenue 179.7 171.4
£m
GlobalData
Non-Healthcare
GlobalData
Healthcare
Total
Group
Contracted Forward Revenue as reported – 2025 110.5 69.2 179.7
Add back currency movements (from underlying business) 2.2 1.4 3.6
Deduct Contracted Forward Revenue of acquisitions completed during 2025
*
(6.3) - (6.3)
Contracted Forward Revenue underlying – 2025 106.4 70.6 177.0
2024 101.2 70.2 171.4
Reported growth +9% -1% +5%
Underlying growth +5% +1% +3%
* Acquisitions completed in 2025 are Stylus and AI Palette.
13. Intangible assets
Intangible assets (excluding goodwill) have increased by £5.2m during the year, from £101.7m as at 31 December 2024 to £106.9m as
at 31 December 2025. This movement is driven by an amortisation charge for the year of £16.4m offset by additions of £21.8m, which
predominantly relate to intangibles identified in relation to acquisitions made in the year as detailed in note 27.
14. Trade receivables
Net trade receivables as at 31 December 2025 were £71.0m, representing a 4% reduction compared with the 31 December 2024
balance of £74.0m.
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.
33Annual Report and Accounts 2025
Strategic Report / Directors’ Report / Auditor’s Report / Financial Statements
On 23 May 2023, the International Accounting Standards Board issued amendments to IAS 12 (International Tax Reform – Pillar Two
Model Rules), confirming that IAS 12 applies to income taxes arising from tax law enacted or substantively enacted to implement
the OECD Pillar Two model rules, including Qualified Domestic Minimum Top-up Taxes. The Group has adopted these amendments.
However, they are not applicable to the current reporting year as the Group’s consolidated revenue is below the application
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.
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 liabilities
as they 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 £115.9m of deferred revenue that represents future income earnings. Excluding deferred revenue held within current
liabilities, the Group has net current assets of £98.6m (2024: £89.2m).
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
page58, within the Strategic Report.
Graham Lilley
Chief Financial Officer
1 March 2026
34 Annual Report and Accounts 2025
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 29). 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 provide additional
useful information to assess the
year-on-year operational business
performance. Use of these
measures aids comparability to
the prior year given the variability
of the adjusting items size from
one year to the next.
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 23.
Adjusted
operating profit
Operating profit adjusted to exclude costs associated with
acquisitions, restructuring of the Group and amortisation of
acquired intangible assets. This is reconciled to the statutory
operating profit on page 23.
Adjusted
operating profit
margin
Adjusted operating profit as a percentage of revenue. This is
calculated on page 20.
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 31.
Adjusted EBITDA
margin
Adjusted EBITDA as a percentage of revenue. This is calculated on
page 21.
Adjusted EPS Adjusted profit after tax per share (reconciliation between statutory
profit and adjusted profit shown on page 29).
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 28.
Adjusted profit
before tax
Profit before tax adjusted to exclude amortisation of acquired
intangible assets, costs associated with acquisitions, restructuring
of the Group and revaluation of the interest rate swap. This is
reconciled to statutory profit before tax on page 29.
Adjusted profit
after tax
The sum of adjusted profit before tax and adjusted income tax
expense. This is calculated on page 29.
STRATEGIC REPORT
Chief Financial
Officer’s Report (continued)
35Annual Report and Accounts 2025
Strategic Report / Directors’ Report / Auditor’s Report / Financial Statements
Financial
measure
How we define it Why we use it
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 27 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 page 30.
Indicates the extent to which the
Group generates discretionary
funds for reinvesting in growth,
paying dividends or reducing debt.
Free cash flow
conversion
Free cash flow divided by Adjusted profit before tax. This is
calculated on page 30.
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 32.
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 32.
Revenue Visibility Defined as Contracted Forward Revenue plus expected revenue
from in year renewals, based upon a consistent renewal rate.
Net cash/(bank
debt)
Short and long-term borrowings (excluding lease liabilities) less cash
and cash equivalents. This is reconciled on page 31.
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 31.
Net cash flow Free cash flow less dividends paid, net M&A costs, acquisition of
own shares, cash received on drawdown of loans and cash paid on
repayment of loans. This is calculated on page 31.
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 30.
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 24. Underlying Contracted Forward Revenue is reconciled to
reported Contracted Forward Revenue on page 32.
36 Annual Report and Accounts 2025
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 and achieve its strategic objectives 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: 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.
• 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 and Risk
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 and
Risk 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.
Challenge and Review
Monitors the system of internal control and risk management
and performs an annual assessment of its effectiveness.
Ongoing Review, Control and Implementation
The Senior Leadership Team are responsible for day-to-day
ownership of risk management and the design and implementation
of internal controls.
During 2025 the Audit Committee took on a wider remit in the Group’s risk management framework and became an Audit and Risk
Committee with updated Terms of Reference.
The Audit and Risk 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 and Risk Committee reports to the Board on a regular basis.
37Annual Report and Accounts 2025
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Economic and Geo-political
Data Privacy Artificial Intelligence
Acquisition and Integration
Market Cyber and Technology
People
Product
Legal, Regulatory and Compliance
Impact
Likelihood
Key
: Link to Growth Transformation Plan (“G.T.P”): 1. Customer Obsession, 2. World-Class Products, 3. Sales Excellence,
4. Operational Agility
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 significantly 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 and Risk 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.
Artificial Intelligence has previously been recognised as an emerging risk to the Group. The assessment as at 31 December 2025
has concluded that Artificial Intelligence is now a principal risk. The Board acknowledges the increased risk associated with the
accelerated progression of Artificial Intelligence. Whilst we recognise the significant opportunity that Artificial Intelligence presents
to the Group we are, at the same time, mindful of the risks it also brings. The potential impact and key mitigations for Artificial
Intelligence 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. 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 50 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:
38 Annual Report and Accounts 2025
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.
• External audit of Standard Process Manual
compliance.
• Internal Quality team independently checks
compliance against Standard Process Manuals
which set out consistent research and publishing
procedures, which focus on quality and accuracy and
are continually reviewed for best practice.
• 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.
• Regular product and research planning meetings
consolidate client feedback, competitive positioning
and new product development to ensure relevance
and drive innovation.
Risk Movement
Stable.
There was no material
change to this
principal risk in 2025.
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 (see
AI risk category) as
well as capitalising on
the opportunities AI
brings.
Cyber and IT 1,4 Data is at the core of our
business operations.
Cyber threats are evolving,
and cyber-attacks are
increasing. 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, as such this risk receives
ongoing Board attention. We continue to ensure that
we implement and design 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.
• 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 2025.
We recognise that
cyber threats including
Distributed 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.
39Annual Report and Accounts 2025
Strategic Report / Directors’ Report / Auditor’s Report / Financial Statements
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, motivate,
develop 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 hiring of high-quality
talent, particularly within
the areas of Artificial
Intelligence, data analytics
and enterprise technology 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 to ensure that it
attracts and retains employees with the right skillset and
experience.
• The Group operates a Long-Term Incentive Plan
to attract and retain key employees with the
Remuneration Committee considering in 2026 the
design of future LTIP arrangements. The Committee
will ensure that any new arrangements continue to
support the Company’s long-term growth ambitions,
attract and retain key individuals, ensure rewards
are closely aligned with underlying performance and
reflect prevailing market practice.
• Succession plans in place for the Board and Senior
Leadership Team.
• Annual appraisal process for all employees which
allows the Group to evaluate performance and
competence demonstrating that the Group is invested
in employee growth and development leading to
improved morale, enthusiasm and performance.
• A continuation of the Employee Resource Groups
throughout 2025 to help the Company foster an
inclusive, supportive, and empowered community of
employees where diverse voices are heard, valued and
championed.
• Group-wide employee-engagement survey with
the results actively feeding into plans to enhance
employee engagement, motivation and development.
• Our commitment to diversity, equity, and inclusion
remains strong, with ongoing efforts to attract,
onboard and retain superb talent, using our employee
value proposition (EVP).
Risk Movement
Stable.
40 Annual Report and Accounts 2025
STRATEGIC REPORT
Principal and Emerging Risks
and Uncertainties (continued)
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 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.
• We aim to embed our products and services in client
organisations and workflows, thereby increasing
switching costs.
• In 2025 we have invested heavily in sales enablement,
including comprehensive onboarding and training
programmes, enhanced sales tools and CRM
capabilities as well as the establishment of a Group
revenue operations team to fully support the sales
operation.
Risk Movement
Stable.
There was no
material change
to this principal
risk in 2025. 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.
41Annual Report and Accounts 2025
Strategic Report / Directors’ Report / Auditor’s Report / Financial Statements
Risk
Description
Link to
G.T.P. Potential Impact Key Mitigations and Controls Assessment
Economic and
Geo-political
1,4 Macroeconomic, political
and market conditions may
adversely affect 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 and restrict the
Company’s ability to deliver
on its growth strategy.
The Group is impacted by
a number of financial risks
including interest rate risk,
specifically movement in
the SONIA rate which would
cause variability in interest
payments, and foreign
currency movements given
the Group’s significant
international operations.
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, while around 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.
• 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.
• We have an option to mitigate the risk of rising
interest rates by entering into an interest rate swap
which would fix 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.
Risk Movement
Stable.
There was no
material change to
this principal risk in
2025. 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.
42 Annual Report and Accounts 2025
STRATEGIC REPORT
Principal and Emerging Risks
and Uncertainties (continued)
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
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. 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.
• 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,
supported by external advisors, dedicated to M&A
to research the market, build pipelines and manage
multiple relationships across the market.
• 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.
• Appointment of a Director of Integrations to lead
on the Group’s integration strategy and manage
the critical transition from ‘integration project’ to
‘business as usual’.
• As a Board, annual review of the capital allocation
strategy is performed to ensure funding is available
for M&A.
Risk Movement
Stable.
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.
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Operational Risks:
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.
We aim to protect our data robustly and align with
privacy regulations and good security practices.
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
2025. 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.
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 and have
received additional training in preparation for the
Main Market listing.
• 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.
Risk Movement
Stable.
There was no
material change to
this principal risk
in 2025. The Group
remains committed to
complying with all laws
and regulations and
controls are in place
to mitigate the risk of
non-compliance.
44 Annual Report and Accounts 2025
Risk
Description
Link to
G.T.P. Potential Impact Key Mitigations and Controls Assessment
Artificial
Intelligence
1,2,4 AI is a positive theme for
GlobalData. In 2025 we
have launched several
innovative AI-enabled
solutions that are already
creating value for clients.
These investments position
us to continue leading in
AI-enabled intelligence and
to maximise the benefits
of AI developments for our
business and clients.
We do however recognise
the risks associated with
the accelerated progression
of AI including data privacy
breaches, biased analytics,
regulatory non-compliance
across jurisdictions and
cybersecurity vulnerabilities,
all of which could undermine
client trust and damage the
Company’s reputation. If not
carefully managed these
risks could affect operational
stability, competitive
positioning and long-term
growth.
Artificial Intelligence risk receives ongoing Board
attention. GlobalData mitigates Artificial Intelligence
risks through a combination of strong data governance,
regulatory compliance and human oversight frameworks.
• Internal policy on acceptable use of AI applicable to all
employees across the Group.
• AI training undertaken by all employees as part of the
mandatory annual compliance training.
• Human review into AI-driven analytics to reduce the
risk of bias, inaccuracy or overreliance on automated
outputs.
• Ongoing data validation, transparency in
methodology and internal ethical guidelines support
responsible AI deployment, helping maintain client
trust and operational resilience.
• We continue to monitor 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.
• To address the competitive threats around the
use of AI in existing and emerging competitors, we
have a strict focus around the proprietary data and
protecting the proprietary channels and sources
used in the collection process.
Risk Movement
N/A – new principal
risk for 2025.
STRATEGIC REPORT
Principal and Emerging Risks
and Uncertainties (continued)
45Annual Report and Accounts 2025
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 65
to 72), 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
acquisitions during 2025 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 considers 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
satisfies 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 Contracted
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 by the Board regularly 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.
STRATEGIC REPORT
Directors’ Section 172(1)
Statement
46 Annual Report and Accounts 2025
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. 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
supported by a dedicated sponsor from the Company’s Senior
Leadership Team.
During 2025, in her capacity as our designated workforce
Non-Executive Director, Annette Barnes met with employees
quarterly to ensure communication channels to and from the
Board were effective. Feedback and themes of the meetings
were 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 quarterly employee meetings,
Annette provided 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. Immediately following
the approval of the 2025 Annual Report and Accounts, Annette
is stepping down from office due to length of tenure. It has
been agreed that Toby Walter will be appointed as the new
Remuneration Committee Chair during March 2026, and as
such will also assume the role of Non-Executive Director for
workforce engagement. An element of this role, being the
review of any feedback from the whistleblowing hotline, will be
passed to Catherine Birkett in her position as Chair of the Audit
and Risk Committee.
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.
During 2025, the Board was made up of 6 male and 2 female
Directors.
During 2025, the Senior Leadership Team comprised of 7 male
employees and 3 female employees and was made up of
9 members from the UK and 1 from Dubai.
The success of our transformation journey is dependent on the
dedication and expertise of our global team. Over the past
24 months 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 2025,
as well as other initiatives such as “All in on AI”, which has been
used to educate, train and familiarise our colleagues with the
advancements in AI and the Group’s strategy. 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.
The Group’s People function has continued to focus 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.
(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 Team.
• Roll out of new annual appraisal and review process.
• Annette Barnes continued her role as designated
Non-Executive Director for the workforce, chairing several
meetings with colleagues to understand feedback, ensuring
that communication channels to and from the Board were
effective. This also included a focus meeting with groups
from our newly acquired businesses.
• 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.
STRATEGIC REPORT
Directors’ Section 172(1)
Statement (continued)
47Annual Report and Accounts 2025
Strategic Report / Directors’ Report / Auditor’s Report / Financial Statements
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.
• We held a capital markets event on 24 November 2025
which focused on the recent developments of the Group’s
platform, focusing on investments made in AI-enablement
and the beneficial differentiation the Group is achieving in
terms of client engagement and experience.
• Attended a number of investor conferences held by brokers.
• The Group operates an enhanced Investor Relations
website.
Customers
• 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 and 2025 to drive the execution of our
plan and build customer relationships.
• We have implemented a new customer success
management platform across the Group, which tracks
customer engagement and allows for a more collaborative
and consistent way of managing client relationships.
• The Group is firmly focused on operating as a customer-
centric organisation with customer engagement remaining
central to our success. Page 13, within the Chief Executive’s
Report, discusses how the Group and its Board address
the Customer Obsession priority, and page 40 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 63 days in 2025 (2024: 68).
• We have a continued focus on product quality, innovation
and giving our clients timely insights in an ever-evolving
world.
Banks
• During 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 2025 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
and Risk 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.
48 Annual Report and Accounts 2025
• Scott Bayne was appointed as audit engagement partner,
following Jon Young’s previous 5-year tenure ending at the
end of the 31 December 2024 audit.
• The Board considered whether a re-tendering process
was appropriate given 2025 is Deloitte’s sixth 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.
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 74 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 2025, we have reported
energy intensity metrics for our UK companies on page 76. 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. Further
details on the charities we have supported within the year are
provided on page 77.
(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.
STRATEGIC REPORT
Directors’ Section 172(1)
Statement (continued)
49Annual Report and Accounts 2025
Strategic Report / Directors’ Report / Auditor’s Report / Financial Statements
(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
in nature is conducted on terms that are at arm’s length and
reasonable and are not favouring or disadvantaging the
Company and any of its members. During 2025, the Related
Party Transactions Committee comprised of the Chair Murray
Legg, Catherine Birkett, Annette Barnes and Andrew Day. The
Committee met once during 2025. As part of the proposed move
to the Main Market during 2026, and recognising that the volume
and value of related party transactions has reduced over recent
years, the Board has determined that the functions of the
Related Party Transactions Committee should be transferred to
the Audit and Risk Committee, and as such this Committee will
cease to exist.
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 2025, there were 32.4m
share options in issue and the Company had 50.8m shares
held in treasury within the Group’s Employee Benefit Trust,
therefore there is currently no net dilution against these
options.
50 Annual Report and Accounts 2025
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 6 April 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 the 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 and Risk 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 and Risk Committee and CISC with respect to the governance
of climate-related financial risks:
Governance body Responsibilities
The Board
• Reviews the annual risk assessment, which includes an assessment of climate-related
financial risks and opportunities.
Audit and Risk Committee
• Responsible for reviewing and challenging the Group’s risk management processes.
• The climate-related financial risks and opportunities contained within the annual risk
assessment is reviewed by the Audit and Risk Committee.
• All members of the Audit and Risk Committee are members of the Board.
Climate Impact Steering Committee (CISC)
• 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 and Risk
Committee
Climate Impact Steering
Committee (CISC)
Review and Confirmation
Challenge and Review
Ongoing Review, Control and
Implementation
STRATEGIC REPORT
Non-Financial and Sustainability
Information Statement
51Annual Report and Accounts 2025
Strategic Report / Directors’ Report / Auditor’s Report / Financial Statements
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 36 to 44 for further details on our approach to risk management.
Climate-related financial risks and opportunities are reviewed by the Audit and Risk Committee as part of the Group’s 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.
52 Annual Report and Accounts 2025
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 have
transitioned all energy contracts to 100% renewable energy
certified contracts.
Our near-term reduction and Net Zero targets were
validated by the SBTi during 2024, and we continue to track
performance against them.
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)
53Annual Report and Accounts 2025
Strategic Report / Directors’ Report / Auditor’s Report / Financial Statements
Potential impact Strategic responses and mitigations
Opportunity-1
Category
Opportunity
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.
The Group has proactively compiled ESG-
related data and maintained 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.
Type
Market (customer)
Opportunity
Revenue growth due to climate
demand for ESG insights
Time Horizon
Medium term
Scenario A:
Low-carbon economy
Scenario analysis
In 2025 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; Scenario B 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 continue to maintain 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.
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
54 Annual Report and Accounts 2025
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 and Risk 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 55.
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 to meet our disclosed targets (Risk-3).
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 have 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 76), we also can report more widely across our global footprint.
STRATEGIC REPORT
Non-Financial and Sustainability
Information Statement (continued)
55Annual Report and Accounts 2025
Strategic Report / Directors’ Report / Auditor’s Report / Financial Statements
2025 Report
Emission Sources
2025
2024
2025 Change
versus 2024
(%)
2022
(Base Year)
2025 Change
versus 2022
(%)
Scope 1 101 101
-
98
3%
Scope 2 (location-based) 1,217 863
41%
951
28%
Scope 2 (market-based) 1,154 843
37%
1,039
11%
Scope 3 17,160 15,755
9%
9,902
73%
Total Scopes 1,2 & 3 (location-based) 18,478 16,719
11%
10,951
69%
Total Scopes 1,2 & 3 (market-based) 18,415 16,699
10%
11,039
67%
Scope 3 Breakdown:
Category 1 – Purchased goods and services 10,840 9,644
12%
6,765
60%
Category 2 – Capital goods 1,717 1,492
15%
391
339%
Category 3 – Fuel and energy related activities 379 257
47%
308
23%
Category 4 – Upstream transportation and distribution 1,279 479
167%
37
3,357%
Category 5 – Waste generated in operations 9 16
-44%
41
-78%
Category 6 – Business travel 2,098 3,037
-31%
978
115%
Category 7 – Employee commuting 838 830
1%
1,382
-39%
Total Scope 3 17,160 15,755
9%
9,902
73%
GHG emissions (tCO
2
e) 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
emissions have remained level with the base year and the Scope 2 emissions have increased by 11% whilst the Scope 3 emissions
have increased 73%. The increase in Scope 2 emissions in 2025 is partly due to acquisitions adding additional locations and
associated emissions (representing an increase on 2022 base year of 16.2% location-based emissions and 19.7% market-based).
In London, our office footprint changed as we added a new location mid-way through the year which has also added to the Scope
2 emission increase. The increase in Scope 3 emissions in 2025 is predominantly due to an increase in emissions in purchased
goods and services, which results from an increase in spend when the spend-based measurement approach is used. Upstream
Transportation & Distribution has also increased for a similar reason with an increase in spend with the relevant suppliers that are
used to calculate this category.
Following a series of recent acquisitions, we will undertake a review and rebasing of our global emissions targets to ensure they
accurately reflect our expanded operational footprint. As the Group integrates newly acquired businesses, their emissions profiles,
energy usage and geographic coverage will be incorporated into the Group’s consolidated greenhouse gas metrics. Rebasing is
a standard and necessary step to maintain transparency, comparability and credibility in target tracking. This process will allow
the Group to realign its baseline emissions and associated reduction pathways so that future performance reporting remains
consistent, meaningful and representative of the Group’s enlarged global operations.
56 Annual Report and Accounts 2025
Intensity Ratios
We track two intensity ratios for the Group’s global emissions using both location-based and market-based emissions information.
The ratios are tonnes of CO
2
e per million-pound turnover and tonnes of CO
2
e per thousand-square meters. These ratios provide
relative emission performance over time and comparison with other organisations.
Calculation
Method Intensity Ratio Description
2025 2024 2022
(Base Year)
Location-based Tonnes of CO
2
e per £m of revenue 57.4 58.6 45.0
Market-based Tonnes of CO
2
e per £m of revenue 57.2 58.5 45.4
Location-based Tonnes of CO
2
e per 1,000 m
2
Gross Internal Area (GIA) 767.7 769.9 502.0
Market-based Tonnes of CO
2
e per 1,000 m
2
Gross Internal Area (GIA) 765.1 769.0 506.0
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 tCO
2
e by 2030 based on the 2022 emissions of 1,137 tCO
2
e.
In 2025, Scope 1 emissions have not changed significantly from 2022 with only a 3% increase; however, Scope 2 (market-based)
emissions have increased in 2025 by 11%. This was mainly due to the increase of sites that were added during the reporting year,
which is linked to the recent acquisitions made by the Group.
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 tCO
2
e by 2030 based on the 2022 emissions of 9,902 tCO
2
e.
In 2025, Scope 3 emissions have increased by 73% since the Base Year. Purchased goods & services is the largest source of Scope
3 emissions (10,840 tCO
2
e in 2025) and increased by 1,196 tCO
2
e this year compared to 2024. The increase is primarily due to the
increase of spend by the Group. The highest supplier by emissions totalled 493 tCO
2
e with an increased spend of approximately
£857,000 from 2024.
Upstream transportation & distribution continues to show a significant increase this year rising from 479 tCO
2
e in 2024 to 1,279
tCO
2
e in 2025. This is due to increased spend with the Group’s primary transportation and distribution supplier, primarily linked to
an acquisition at the end of 2024. Capital Goods has also increased this year mostly due to the increase in purchases for furbishing
the new offices which have been acquired.
Addressing the challenge
To meet our stated ambitions of reducing GHG emissions whilst continuing our growth trajectory will require ongoing focus on key
areas, and in particular our Scope 3 emissions, which comprise the majority of overall emissions. The Group’s focus will be on the
following areas:
• Acquisitions: As reported above, we have seen Scope 2 emissions increasing with locations acquired through the Group’s
acquisitions. Our approach has been to rationalise these offices where proximity allows, resulting in the consolidations of sites
in New York and London into our existing offices and closing the acquired locations, and the closure of an office in Los Angeles,
all in line with lease opportunities during 2025, ceasing these emission sources from 2026. We would anticipate continuing this
approach to mitigate the impact of future acquisitions.
• London strategy: During 2025 we acquired an additional London office, and restructured our operations across our existing
locations resulting in the mothballing of an existing office. We expect this to provide a more efficient operating model, although over
a slightly larger footprint. We are exploring disposal options (including sublease) of the mothballed office, which will further reduce
ongoing emissions.
STRATEGIC REPORT
Non-Financial and Sustainability
Information Statement (continued)
57Annual Report and Accounts 2025
Strategic Report / Directors’ Report / Auditor’s Report / Financial Statements
• Other Scope 1 and 2 improvements: We will continue to consider the energy efficiencies of office locations as part of relocation
selection criteria as lease events provide for relocation opportunities.
• Supplier engagement: Continuing engaging with our supplier network will be an important part of reducing emissions within
the supply chain and improving the reporting of these emissions where calculation currently relies on a spend-based approach.
In order to drive emission reductions in purchased goods and services, it is important that we progress from the spend-based
approach and begin to improve data flows across the supply chain through supplier engagement. The outcome of this is to
drive the availability of accurate, consistent and auditable data across supply chains. By encouraging suppliers to adopt carbon
reduction measures and improving the visibility of their environmental data, the Group can work collaboratively with its supply
chain to lower emissions, and we will be progressing this throughout 2026.
• Business travel: Business travel is currently the second highest source of emissions and has been increasing with higher levels
of business travel activity. We continue to utilise technology to meet and collaborate but we understand that clients value face
to face interaction. We are actively exploring travel options that would encourage employees to choose more sustainable travel
options where possible.
• Energy audits and efficiency tracking: We have commissioned energy audits for our main London offices and are
implementing energy saving measures where they are practical, and are undertaking internal awareness programmes to
educate employees on reducing energy consumption across all offices.
58 Annual Report and Accounts 2025
Going Concern
The Group meets its day-to-day working capital requirements through free cash flow. The Group has closing cash of £51.1m as
at 31 December 2025 and net bank debt of £114.2m (31 December 2024: cash of £50.5m and net cash of £10.1m), being cash and
cash equivalents less short and long-term borrowings, excluding lease liabilities. During December 2024, the Group secured debt
financing facilities which mature in December 2027 (with an option to extend further by a year, subject to agreement by both
parties). The facilities comprise of a £200.0m facility for the Healthcare business as well as a separate £185.0m facility for the rest
of the Group (‘Non-Healthcare’). The facilities include a general-purpose Revolving Capital Facility ‘RCF’ (Healthcare: £130.0m; Non-
Healthcare: £135.0m) and an Acquisition and Capex Facility ‘ACF’, which can only be used for the purpose of making acquisitions
(Healthcare: £70m; Non-Healthcare: £50m). As at 31 December 2025, the Group had drawn £37.0m from the Healthcare facilities
and £131.0m from the Non-Healthcare facilities. Further details of the Group’s loan facilities are provided in note 20.
The finance facilities were issued with debt covenants which are measured on a quarterly basis. There have been no breaches
of covenants in the year ended 31 December 2025. Management has reviewed forecast cash flows and there is no indication that
there will be any breach in the next 12 months.
The Directors have a reasonable expectation that there are no material uncertainties that cast significant doubt about the Group
and Parent company’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. To complete the going concern assessment
the Directors have modelled for each of the two Group segments (aligned with the two separate facilities) a base case, applied
sensitivities to the base case and modelled a reverse stress test for the period to September 2027. The base case models assume
that the Group’s financial performance is consistent with the budget for 2026 followed by growth rates based on Management’s
expectation of future performance. Under the two base case models, the Group maintains a significant level of positive liquidity
headroom. The Directors have applied reasonable downside sensitivities to each base case model, acknowledging that such risks
and uncertainties exist. The downside scenarios modelled included the following assumptions:
• Healthcare: A combined scenario with revenue in 2026 being 4.5% lower than expectation and costs in 2026 being 2.4% higher
than expectation, resulting in a net reduction to 2026 Adjusted EBITDA of 10.7%.
• Non-Healthcare: A combined scenario with revenue in 2026 being 5.4% lower than expectation and costs in 2026 being 1.6%
higher than expectation, resulting in a net reduction to 2026 Adjusted EBITDA of 20.6%.
The Group maintains liquidity and there remains headroom on the covenants during the period running to September 2027 under
each scenario modelled across the two segments.
In addition to performing scenario planning, the Directors have also conducted a reverse stress test which shows that the Group
can afford to lose 47.8% of its budgeted 2026 sales across the Healthcare segment and 12.5% of its budgeted 2026 sales across
the Non-Healthcare segment and maintain compliance with debt covenants for the period running to September 2027; this
extremely remote scenario assumes no cost mitigation actions are taken.
Through our normal business practices, we are in regular communication with our lenders and are satisfied they will be in a position
to continue supporting us for the foreseeable future.
Although the statement of financial position shows net current liabilities (current assets less current liabilities), included in current
liabilities is £115.9m of deferred revenue that represents future income earnings. Excluding deferred revenue held within current
liabilities, the Group has net current assets of £98.6m (2024: £89.2m).
The Directors therefore consider the strong balance sheet, with good cash reserves and working capital along with financing
arrangements, provide ample liquidity. Accordingly, the Directors have prepared the financial statements on a going concern basis.
Long-Term Viability
The Directors have formally assessed the viability of the Group to December 2030 as part of the 5-year financial plan, taking
account of the Group’s current position, its cash flows and the potential impact of the principal risks as outlined on pages 36 to 44
of this Annual Report. The Directors have a reasonable expectation that the Group will be able to continue in operation and meet its
liabilities as they fall due over the period of their assessment. The Board considers this period as an appropriate review period as it
offers a medium-term view and gives actions and strategy sufficient time to review against.
STRATEGIC REPORT
Going Concern and
Viability
59Annual Report and Accounts 2025
Strategic Report / Directors’ Report / Auditor’s Report / Financial Statements
The 5-year financial plan has been built on the basis that the Group continues to achieve consistent revenue growth. The 2026
budget is the basis for the plan. Our cost base is relatively fixed and predictable and as such we have assumed modest cost growth.
The cash flow assumptions follow our business model of our clients being invoiced in advance of the subscription start date and
suppliers and employees are paid within 30 days and at the end of the month respectively.
The 5-year financial plan has been subject to stress testing for the scenarios noted within the Going Concern statement above
(in which the sensitivities are modelled into subsequent years), the results of which show significant headroom in cash and facility
terms. The Group also has strong headroom in relation to the financial covenants in place and no breach is forecast.
The Group’s prospects are assessed primarily through the annual budgeting process. Detailed plans are prepared by the Senior
Leadership Team and are presented to the Board at the Annual Away Day, which allows a deep dive into various areas of the
business and provides the opportunity for input and scrutiny by the Board which ensures alignment with the overall Group strategy.
Progress against plan is presented to the Board throughout the year, commenting on performance and any newly identified risks.
The individual plans are then consolidated into an overall Group plan.
As noted on page 5 of the Annual Report, our business model has strong fundamental attributes, being significant recurring and
visible revenue streams, strong incremental margins, robust working capital and operational cash flow and scalable opportunity.
The Board feels that the Group’s four strategic priorities give the appropriate focus to protect the business from risks, threats and
uncertainties as well as giving the agility to pursue opportunities as they arise and to capitalise on the business model attributes.
The focus on Customer Obsession, developing World-Class Products, Sales Excellence and Operational Agility are the correct
focuses aligned with the Group’s mission and vision.
The Board believes internal execution to be the single greatest risk against its 5-year financial plan. The Group recognises the key
mitigations to protect the Group from this as set out in its Principal Risks on page 39.
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. Further disclosure is
provided within the Non-Financial and Sustainability Information Statement on pages 50 to 57.
The Group has debt financing facilities of £385.0m which mature in December 2027 (with an option to extend further by a year,
subject to agreement by both parties). The facilities comprise of a £200.0m facility for the Healthcare business as well as a separate
£185.0m facility for the rest of the Group. As at 31 December 2025, the Group had drawn £37.0m from Healthcare and £131.0m from
Group facilities. The Group has to date had a very supportive banking syndicate (as indicated by the successful renegotiation
of the finance facilities in December 2024). As such the Directors do not believe there will be any issues in renegotiating the loan
facilities in the future when necessary. On the basis that refinancing is possible on similar terms to the existing facilities, the Board
has reviewed forecast cash flows until 2030 which demonstrate the ability to trade with headroom on its facilities.
The Board is satisfied that the current financial position of the Group, its significant visibility on revenues and other business model
fundamentals provides a stable platform for the Group to pursue its mission and vision. The Board is confident that in pursuing the four
stated strategic priorities, this will protect business interests against threats and allow the Group to pursue opportunities that will drive
growth.
Mike Danson
This report was approved by the Board of Directors on 1 March 2026 and signed on its behalf by Mike Danson,
Chief Executive
The Board is committed
to achieving the highest
standards of corporate
governance. The Group
is working towards full
adoption of the UK Corporate
Governance Code.
Responsibility for governance
matters lies with the Board,
which is accountable to
shareholders and wider
stakeholders for the activities
of the Group.
Annual Report and Accounts 202560
Strategic Report / Directors’ Report / Auditor’s Report / Financial Statements
Directors’
Report
The Directors 62
Corporate Governance Report 65
Environmental, Social and Governance 74
Audit and Risk Committee Report 78
Directors’ Remuneration Report 85
Statement of Directors’ Responsibilities 102
Strategic Report / Directors’ Report / Auditor’s Report / Financial Statements
Annual Report and Accounts 2025 61
Annual Report and Accounts 202562
Murray Legg
Non-Executive Chair
Murray is a Chartered Accountant with over 35 years of audit and
advisory experience gained with PricewaterhouseCoopers in the UK,
where he held a variety of senior management, governance and client
roles across a broad range of industry sectors. Murray joined the
Board in February 2016 and became Non-Executive Chair in April 2021.
Previously, Murray was also a Non-Executive Director of Sutton and East
Surrey Water Plc.
The Directors who served the Group during the year and up to the date of signing were:
Mike Danson
Chief Executive
Mike Danson founded Datamonitor Plc, an online information company,
in 1990. In 2000, Datamonitor completed its flotation on the London
Stock Exchange and was sold to Informa Plc for £502m in 2007.
GlobalData acquired the Datamonitor Financial, Datamonitor Consumer,
MarketLine and Verdict businesses from Informa Plc in 2015.
Graham Lilley
Chief Financial Officer
Graham joined the Group in 2011 and held senior finance positions
before becoming Chief Financial Officer in January 2018. Since joining,
the Group has grown significantly in scale and Graham has been
involved in a number of corporate transactions, including; M&A, debt
raising and corporate re-organisation. Graham started his career
at PricewaterhouseCoopers, where he qualified as a Chartered
Accountant and subsequently joined Datamonitor when it was part of
Informa Plc.
Annette Barnes
Non-Executive Director (Senior Independent
Director, Chair of Remuneration Committee)
(resigned 1 March 2026)
Annette joined the Board in February 2017. Annette is also an Executive
Director of Leeds Building Society and a Non-Executive Director of
Stratos Markets Ltd, in addition to conducting consulting / advisory
work. Prior to moving into a portfolio career, Annette was CEO of Lloyds
Bank Private Banking Limited and Managing Director for Wealth & Mass
Affluent for Lloyds Banking Group. Prior to that, Annette was Managing
Director of Bank of Scotland (Retail). Annette has over 35 years of
Financial Services experience, working for Lloyds Banking Group, Bank
of America, MBNA Europe Bank Ltd and NWS Bank Ltd. Annette’s prior
experience has given her an excellent understanding of Technology,
product channels to meet customer needs, Operational Management
and Risk.
DIRECTORS’ REPORT
The Directors
Strategic Report / Directors’ Report / Auditor’s Report / Financial Statements
Annual Report and Accounts 2025
Strategic Report / Directors’ Report / Auditor’s Report / Financial Statements
63
Catherine Birkett
Non-Executive Director (Chair of Audit and
Risk Committee)
Catherine Birkett is Chief Financial Officer of GoCardless, a leading
global account to account payments business. Joining in 2018 she has
overseen a period when revenue has increased five times, led three
funding rounds, the last of which saw GoCardless reach unicorn status.
Alongside finance, Catherine also leads legal, regulatory & compliance
and business systems. Before joining GoCardless, Catherine was Chief
Financial Officer for one of Europe’s fastest-growing telecoms providers,
Interoute, where she took the business from $20m to $800m in turnover
over 16 years, leading equity and debt raises, including an inaugural
high yield debt issue. While there, she also completed 10 acquisitions,
including one for a business half the size of Interoute, before overseeing
a successful exit of the business in May 2018.
Peter Harkness
Non-Executive Director
Peter Harkness has more than 35 years’ experience as a Director or
Chair of several successful businesses, predominantly in the media
sector. In addition to leading a number of private equity deals, Peter
has also spent more than 20 years as a Non-Executive Director of five
quoted companies, including Walker Greenbank Plc and Chrysalis VCT
Plc, and has twice been a Plc Chair. Peter was a Non-Executive Director
of Datamonitor until its sale to Informa Plc and was Chair of the Butler
Group until its sale to Datamonitor. Peter has also undertaken Board
roles in the Third Sector. Peter’s experience and understanding of the
media and information subscription sector is an excellent asset for the
GlobalData Board, particularly how we sell and the selling process.
Andrew Day
Non-Executive Director
(resigned 1 March 2026)
Alongside his Non-Executive role at GlobalData, Andrew is the Operating
CEO for a Sports Technology business, ai.io and holds a number of
Non-Executive and advisory roles to a range of technology and data
companies including VSN International and Data Leaders. Over the
course of his career, Andrew has held a range of executive level roles
including Group Chief Data Officer at Pepper Financial Services, Group
Chief Data Officer for J Sainsbury Plc, Business Intelligence Director at
News UK and General Manager of Business Intelligence at Telefonica.
With over 30 years of experience in commercially orientated data and
analytics, Andrew has a successful track record for implementing
transformational data-driven change across a number of industry
sectors.
Julien Decot
Non-Executive Director
Julien is a veteran technology executive with more than 20years’
experience in Silicon Valley and Europe across multiple senior roles
in major technology companies including Amazon.com, eBay, Skype,
Facebook and Intuit. He joined Skype in 2007, where he built the team in
charge of Strategy, Business Development and Corporate Development.
Prior to joining Facebook, he founded a mobile messaging company
called TextMe, which reached 40m users and is now a profitable and
successful business. He joined Facebook in 2016 to lead Platform
Partnerships for EMEA. Since 2022, he has been leading International
Business Development and Strategy for Intuit. Julien holds a BA in
Finance from ESCP Europe in Paris, as well as an MBA from UC Berkeley.
Annual Report and Accounts 202564
Rachel Higham
Non-Executive Director
(appointed 20January 2026)
Rachel joined the Board in January 2026. She is also a Non-Executive
Director of Macmillan Cancer Support and serves on the Advisory
Councils of PwC, Xiid and Aldemore Bank. In addition, she undertakes
strategic advisory to Boards and Executive Leadership on business
resiliency, digital transformation, and technology, data, AI and product
strategy.
Prior to moving into a portfolio career, Rachel spent 30 years in senior
technology leadership roles across retail and investment banking,
insurance, telecoms, advertising/media and consumer retail. Her last
three executive roles were as Global Chief Information Officer or Chief
Digital & Technology Officer for BT, WPP and Marks & Spencer. Rachel’s
experience allows her to guide organisations as they build enterprise-
grade technology platforms, product roadmaps, digital experiences
and high-performing teams, and as they enhance business resilience,
govern strategic investments and minimise risk.
Toby Walter
Non-Executive Director
(appointed 10February 2026)
Toby joined the Board in February 2026 and chairs the Remuneration
Committee. He has been a Non-Executive Director of Charity Bank
for 9 years and also conducts consulting/advisory work. Toby has
over 30 years executive experience across Financial Services leading
businesses, large transformations and restructurings. Most recently
he was Group Chief Technology and Transformation Officer at Lowell
Group. Prior to this he held several senior roles at HSBC, including being
a member of the HSBC Bank plc Executive Committee as Chief of Staff
and Head of Strategy for Europe. He was also Chief of Staff and Head
of Strategy for HSBC Global Private Banking. Before HSBC he was at
Lloyds Banking Group (‘LBG’) holding a variety of roles including; Home
Insurance Director, Chief of Staff to the Group CEO, Managing Director,
Leveraged Finance and Head of Portfolio. Toby is also a Fellow Chartered
Accountant.
DIRECTORS’ REPORT
The Directors (continued)
Annual Report and Accounts 2025
65Annual Report and Accounts 2025
Strategic Report / Directors’ Report / Auditor’s Report / Financial Statements
The Board has set out its responsibility for preparing the Annual Report and Accounts on page 102. The Board considers the Annual
Report and the Accounts, taken as a whole, are fair, balanced and understandable and provides the information necessary for
shareholders to assess the Company’s position and performance, business model and strategy.
The Board is committed to the highest standards of corporate governance and throughout the year has adopted all requirements
of the UK Corporate Governance Code that are applicable to it as a ‘smaller company’ (defined in the UK Corporate Governance
Code as being a company below the FTSE 350), with the exception of the provisions listed below.
Throughout 2025 there has been one instance of non-compliance with the Code. This is listed below, together with the remedial
action taken and position as at 1 March 2026:
Non-compliance with the
Code Remediation taken
Compliant for the
full year ended
31 December 2025
Compliant as at
1 March 2026
In non-compliance with
provisions 40 and 41 of the
UK Corporate Governance
Code, the Remuneration
Committee had not engaged
with employees and
shareholders when setting
remuneration.
The remuneration of the Executive Directors
has not been set following engagement with
shareholders and employees. Our Chief Executive
does not receive a salary and therefore the review
by our Remuneration Committee only relates to
the role of CFO and the Senior Leadership Team.
The Committee feels that its review of relevant
benchmarks when setting remuneration for the
CFO is appropriate. However, should there be any
material change to the remuneration arrangements
of the Executive Directors it will seek to consult with
appropriate stakeholders.
X X
The UK Corporate Governance Code is publicly available at: www.frc.org.uk/directors/corporate-governance-and-
stewardship/uk-corporate-governance-code.
Details of GlobalData’s corporate governance practices are publicly available on its website www.globaldata.com.
Responsibility for governance matters lie with the Board, which is accountable to shareholders and wider stakeholders for the
activities of the Group.
As part of the process to step up to the Main Market, the Group has set out a number of actions to enhance its governance
arrangements across the Group. These actions include the introduction a co-sourced Internal Audit programme and a roadmap to
comply with the new Provision 29 requirements of the code, which are effective from 1 January 2026.
Board Leadership and Company Purpose
The Group is led by the Board. The Executive Directors meet regularly with investors to discuss the performance and governance
of the Group and any feedback is communicated and distributed to the wider Board. The Chairs of the Remuneration and Audit and
Risk Committees make themselves available to discuss with investors annually at the AGM.
The Board assesses the basis on which the Company generates and preserves value over the long term and has prepared a
long-term viability statement on page 58, which considers the 5-year financial plan. The Board considers the opportunities and
threats to the business model and assessment is made on how the Group’s strategy is aligned to addressing the Group’s mission
and protecting the sustainability of the business. The regular challenge and governance provided by the Board keeps the Senior
Leadership Team and the entire organisation united in achieving the Group goals.
The Board recognises that culture is an important aspect of its four strategic priorities which ultimately drives the Group towards
its mission. The Group is a diverse, global business but we aim to have a common tone across the organisation. We promote agility,
innovation, hard work and ethical behaviours underpinned by our framework of ethical codes. We invest in our employees’ training
and development with clear progression and career plans that allow our colleagues to flourish. We deliver consistent training,
DIRECTORS’ REPORT
Corporate Governance
Report
66 Annual Report and Accounts 2025
communication and policy across the Group and within
different work groups. We recognise that it is advantageous
to promote different cultures within different functions of the
organisation which all contribute to the overall culture of the
business.
The Company has several company-sponsored and employee-
driven groups to help the Company foster an inclusive,
supportive, and empowered community of employees where
diverse voices are heard, valued and championed. These
groups are named Employee Resource Groups (‘ERGs’) and
cover: Gender Balance, Race and Ethnicity (‘EmbRACE’),
LGBTQIA+ Allies (‘PRIDE’), which are all focused on our
Diversity, Equity and Inclusion, plus Mental Health Awareness.
We encourage our employees to share their feedback and
ideas on the issues that matter to them and their colleagues.
The ERGs act as a platform to gather and discuss feedback,
suggest ideas for improvement, and help to implement them.
Each group is led by passionate advocates with an executive
sponsor from our Senior Leadership Team. Updates from
the initiatives led by the individual ERGs are published to
colleagues on the internal intranet.
The role of designated Non-Executive Director for employees
has the aim of forging closer relationships between the Board
and the workforce. During 2025, this role included meeting with
employees quarterly to ensure communication channels to
and from the Board were effective and reviewing any feedback
from the whistleblowing hotline, providing a useful insight into
employee matters. Due to these responsibilities within the role
of Remuneration Chair and its links to employees, the Board
does not believe that workforce representation on the Board is
required. Immediately following the approval of the 2025 Annual
Report and Accounts, Annette Barnes is stepping down from
office due to length of tenure. It has been agreed that Toby
Walter will be appointed as the new Remuneration Committee
Chair during March 2026, and as such will also assume the
role of Non-Executive Director for workforce engagement. An
element of this role, being the review of any feedback from the
whistleblowing hotline, will be passed to Catherine Birkett in her
position as Chair of the Audit and Risk Committee.
Our colleagues can raise concerns in confidence and
anonymously via our whistleblowing hotline, which is facilitated
via an independent company, with any whistleblowing reports
notified to the Chief People Officer, the Group’s People
Director, the Group’s Chief Financial Officer and the Senior
Independent Non-Executive Director.
The Group operates an intranet, which every employee has
access to. The intranet publishes Company policies and
procedures, and it is also used to communicate Company
events, activities and regular corporate updates from the Chief
Executive.
The Directors have set out its wider stakeholder analysis in the
Directors’ Section 172(1) Statement. The Board views renewal
rates (which are published in the Chief Financial Officer’s
Report) and payment statistics for a high-level view on the
health of client and supplier engagement, but also has deep
dives into engagement through discussion with commercial
managers.
Division of Responsibilities
The Board is made up of two Executive Directors and six
Non-Executive Directors. The Executive Directors who have
served during the year are Mike Danson and Graham Lilley.
The Chair is responsible for the running of the Board and,
together with the Board members, approving the strategy of
the Group. The Chief Executive is responsible for developing
the Group’s strategy and operational management of the
business. The Senior Independent Director provides a
sounding board for the Chair and serves as an intermediary for
the other Directors and shareholders.
During 2025, our Non-Executive team comprised of the Chair,
Murray Legg; the Senior Independent Director, Annette
Barnes; Andrew Day; Catherine Birkett; Julien Decot and Peter
Harkness. Immediately following the approval of the 2025
Annual Report and Accounts, Annette and Andrew are both
stepping down from the Board due to length of tenure. During
January 2026, Rachel Higham was appointed, followed by Toby
Walter during February 2026. Julien Decot will assume the role
of Senior Independent Director following Annette stepping
down from the Board.
All the Non-Executive Directors are considered independent,
with the exception of Murray Legg and Peter Harkness,
who are not considered to be independent as at 1 March
2026 under the definition of the Code due to time served as
Directors. However, the Board believe both Murray and Peter
are independent of mind and bring valuable experience to the
Company.
The Non-Executive Directors’ shareholdings are detailed in the
Directors’ Interests table on page 72 of the report.
In 2025, the Board met 12 times during the year and there is a
formal schedule of matters reserved for the consideration of
the Board. The Board is responsible to the shareholders for
the proper management of the Group. The Board sets and
monitors the Group strategy, reviewing trading performance,
ensuring adequate funding, examining development
possibilities and formulating policy on key issues. The Board is
also responsible for monitoring the current and emerging risk
and control environment, and has set out its approach to risk
on pages 36 to 44. The Board confirms that it has completed
a robust assessment of the Group’s principal and emerging
DIRECTORS’ REPORT
Corporate Governance
Report (continued)
67Annual Report and Accounts 2025
Strategic Report / Directors’ Report / Auditor’s Report / Financial Statements
risks during the year. During the year, the Chair met with the
Non-Executive Directors without the Executive Directors
present. These sessions provided a valuable forum for open
and constructive debate regarding the performance of the
Board and Management. Additionally, the Non-Executive
Directors, led by the Senior Independent Director, met without
the Chair present to conduct the annual appraisal of the Chair’s
performance.
All members of the Board have access to the Company
Secretary who is responsible for advising the Board on all
governance matters. Procedures are in place for the Directors
in the furtherance of their duties to take independent
professional advice, if necessary, at the Company’s expense.
The Company Secretary ensures that the Board and its
committees are supplied with papers to enable them to
consider matters in good time for meetings and to enable them
to discharge their duties. Responsibility for the appointment
and removal of the Company Secretary is held by the Board as
a whole.
The Board has procedures that require Directors to notify the
Chair and Company Secretary of all new external interests
and any actual or perceived conflicts of interest that may
affect their role as a Director of the Company. As part of this
process, the Board considers each conflict situation separately
according to the particular situation and in conjunction with
the Company’s Articles.
Composition, Succession and Evaluation
The Nominations Committee was established to lead the
process for appointments and manage succession plans
for its executives. During 2025, the committee comprised of
one Executive Director and four Non-Executive Directors,
including the Chair. The Board is committed to ensuring that
the Nominations Committee always consists of a majority of
Independent Non-Executive Directors. The Non-Executive
Chair of the Board, Murray Legg, remained the Nominations
Committee Chair during 2025, in line with the committee’s
terms of reference. Where the Nominations Committee
uses an external search agency to appoint a member of the
Board, it is disclosed in the Annual Report. When making
new appointments the Board takes into consideration other
demands on Directors’ time, and external appointments by
any members of the Board require prior approval to confirm no
conflicts of interest or significant demands on time.
The role of the Nominations Committee is to:
• be responsible for identifying and nominating for the
Board’s approval, candidates from a wide range of
backgrounds to fill Board vacancies as and when they
arise;
• consider proposals for the reappointment or promotion
of Directors and also any proposal for their dismissal,
retirement, non-reappointment or any substantial change
in their duties or responsibilities or the term of their
appointment;
• before the Board makes any appointment, evaluate the
balance of skills, experience, independence, knowledge
and diversity on the Board, and, in light of this evaluation,
prepare a description of the role and capabilities required
for a particular appointment;
• for the appointment of a Chair, prepare a job specification,
including the time commitment expected, and require a
proposed chair to disclose other significant commitments
to the Board before appointment and disclose any
changes to the Chair’s commitments to the Board as they
arise;
• ensure that on appointment to the Board, Non-Executive
Directors receive a formal letter of appointment setting
out clearly what is expected of them in terms of time
commitment, committee service and involvement outside
Board meetings and the induction process; and
• keep under review the number of external directorships
held by each Director.
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.
During 2025, the Board was made up of 6 male Directors and
2 female Directors and the Senior Leadership Team had 7 male
employees and 3 female employees serve during the year.
All Directors are required to stand for re-election every
year. The terms and conditions of the appointment of the
Non-Executive Directors are available for inspection at our
registered office. Prior to recommending reappointments at
the AGM, the Board considers whether each Non-Executive
Director continues to be independent and to appropriately
challenge Management, as well as each other, in Board
and Committee meetings. Following review, the Board has
reaffirmed that each Non-Executive Director is able to offer an
external perspective on the business, is able to constructively
challenge and scrutinise activities, is independent in character
and judgement, and has the required experience necessary to
perform their role as an independent Director.
The Board conducts an annual performance review process,
which is undertaken by all Directors via an online survey, to
determine overall performance of the Board during the year.
Results are fed back and debated, and are used to drive the
future actions and objectives of the Board.
68 Annual Report and Accounts 2025
As a ‘smaller company’ (defined in the UK Corporate
Governance Code as being a company below the FTSE 350)
the Board has decided that the internal review of Board
performance conducted in the year is sufficient and that
external facilitation of the performance review is not necessary
in this financial period. During 2026, following the proposed
move to the Main Market, it is intended that an external
performance review will be performed in conjunction with a
professional adviser.
In addition, all Board members are subject to an annual
appraisal by virtue of their role within the Board, fostering a
culture of continuous improvement and professional growth
within the Group. The Chair appraises the Chief Executive and
the Non-Executive Directors, the Chief Executive appraises the
Chief Financial Officer and the entire Board appraises the Chair
which is delivered by the Senior Independent Non-Executive
Director.
The Nomination Committee monitors the structure, size and
composition of the Board, and oversees succession plans for
senior management, to ensure there is a correct balance of
skills, knowledge, diversity and experience.
Immediately following the approval of the 2025 Annual Report
and Accounts, both Annette Barnes and Andrew Day are
stepping down from office and will not offer themselves for
re-election as a Director at the 2026 Annual General Meeting
given they would, at that time, have served on the Board for
more than nine years from the date of their first appointment.
They have been replaced by two new independent
Non-Executive Directors, with Rachel Higham appointed on
20 January 2026 (to succeed Andrew Day) and Toby Walter
appointed on 10 February 2026 (to succeed Annette Barnes).
The Committee believes both of the new Directors will bring
a wealth of knowledge and expertise to the Board and help
provide ongoing Non-Executive oversight.
Murray Legg was first appointed to the Board on 24 February
2016 and was appointed Chair on 20 April 2021. Provision 19
of the UK Corporate Governance Code prescribes that the
chair of a board should not remain in post beyond nine years
from the date of their first appointment to the board. However,
it also permits this period to be extended for a limited time,
particularly in those cases where the chair was an existing
Non-Executive Director on appointment, as is the case with
Murray. Further to the comprehensive review conducted last
year, led by the Senior Independent Director and supported
by external professional advisers, the Board remains
satisfied that it is appropriate for the Chair to continue in role
notwithstanding his tenure exceeding nine years. The Board
believes this continuity remains in the best interests of the
Company and its shareholders, particularly as the Company
progresses its transition from AIM to the Main Market of the
London Stock Exchange. Continued tenure is intended to
support an orderly transition process and maintain stability,
consistency and effective governance during this period
of change. Accordingly, the Board recommends Murray’s
re-election as Chair at the 2026 Annual General Meeting.
The Nomination Committee considers all Non-Executive
Directors to be independent, with the exception of Murray
Legg and Peter Harkness, who are not considered to be
independent as at 1 March 2026 under the definition of
the Code due to time served on the Board. However, the
Committee continues to consider both Murray and Peter to be
independent of mind and noted the valuable experience and
challenge both Board members bring to the Group.
Audit, Risk and Internal Control
The Board has established Audit and Risk, Nomination,
Related Party Transactions and Remuneration Committees
with mandates to deal with specific aspects of its business.
In addition, there is a Board, Audit and Risk Committee and
Remuneration Committee at the Healthcare sub-group level.
As part of the proposed move to the Main Market during
2026, and recognising that the volume and value of related
party transactions has reduced over recent years, the Board
has determined that the functions of the Related Party
Transactions Committee should be transferred to the Audit
and Risk Committee, and as such this Committee will cease to
exist. The table below details the membership and attendance
of individual Directors at the Group Board and committee
meetings held during the year ended 31 December 2025.
Board meetings reported within the table below represent
attendance at the standard monthly meetings and do not
include ad hoc Board meetings held during the year.
DIRECTORS’ REPORT
Corporate Governance
Report (continued)
69Annual Report and Accounts 2025
Strategic Report / Directors’ Report / Auditor’s Report / Financial Statements
Board meetings during the year:
Board
Audit and Risk
Committee
Remuneration
Committee
Nominations
Committee
Related Party
Transactions
Committee
Number of meetings 12 4 5 1 1
Murray Legg 12 – 2 1 1
Mike Danson 12 – – 1 –
Graham Lilley 11 – – – –
Annette Barnes 12 4 5 1 1
Peter Harkness 11 – – – –
Andrew Day 10 4 2 1 1
Catherine Birkett 11 4 – – 1
Julien Decot 12 4 5 – –
The Audit and Risk Committee met four times in the year with
the external auditors in attendance. The Chair, CEO and CFO
attend the meetings by invitation.
The Audit and Risk Committee is responsible for:
• Monitoring the integrity of the financial statements
and any formal announcements relating to the Group’s
financial performance, and reviewing significant financial
reporting judgements contained in them;
• Providing advice on whether the Annual Report and
Accounts, taken as a whole, are fair, balanced and
understandable, and provide the information necessary
for shareholders to assess the Group’s position and
performance, business model and strategy;
• Reviewing the Group’s internal financial controls and
internal control and risk management systems;
• Considering annually whether there is a need for an
internal audit function and reporting its view and findings
to the Board;
• Conducting the tender process and making
recommendations to the Board about the appointment,
reappointment and removal of the external auditor, and
approving the remuneration and terms of engagement of
the external auditor;
• Reviewing and monitoring the external auditor’s
independence and objectivity;
• Reviewing the effectiveness of the external audit process,
taking into consideration relevant UK professional and
regulatory requirements; and
• Developing and implementing policy on the engagement
of the external auditor to supply non-audit services,
ensuring there is prior approval of non-audit services,
considering the impact this may have on independence,
taking into account the relevant regulations and ethical
guidance in this regard, and reporting to the Board on any
improvement or action required.
The Audit and Risk Committee discharges its responsibilities
through receiving reports from Management and advisers,
working closely with the auditors, carrying out and reviewing
risk assessments and taking counsel where appropriate in
areas when required to make a judgement.
The Board has overall responsibility for the Group’s system of
internal controls and for monitoring its effectiveness. Such
a system is designed to manage rather than eliminate risk of
failure to achieve business objectives and can only provide
reasonable and not absolute assurance against material
misstatement or loss. The internal controls are considered
within the Principal and Emerging Risks and Uncertainties
section of the Strategic Report on pages 36 to 44.
The Directors review the effectiveness of the Group’s system
of internal controls. This review extends to all controls including
financial, operational, compliance and risk management. Formal
risk review is a regular Board agenda item.
The key controls reviewed by the Board during the year
comprise the following:
• The preparation of comprehensive annual budgets and
business plans integrating both financial and operational
performance objectives, with an assessment of the
70 Annual Report and Accounts 2025
associated business and financial risks. The overall Group
budget and business plan is subject to approval by the
Board;
• Weekly sales reports are produced and reviewed by
management;
• Monthly management accounts are prepared and
reviewed by the Board. This includes reporting against
KPIs and exception reporting;
• An organisational structure with formally defined lines of
responsibility including an organisational structure for the
Healthcare sub-group;
• The monthly preparation and review of balance sheet
control account reconciliations; and
• Regular review of IT and cyber security controls and
enhancements.
The Board, in conjunction with the Audit and Risk Committee,
reviewed the Annual Report and Accounts for the year ended
31 December 2025 to ensure that they provide a fair, balanced
and understandable reflection of the Group, its performance,
position and future prospects.
Remuneration
During 2025, the Remuneration Committee comprised the
Chair Annette Barnes, Andrew Day and Julien Decot. Murray
Legg was also a member of the Remuneration Committee
until 10 March 2025, when he formally resigned as a member
following the publication of the Annual Report and Accounts
for the year ended 31 December 2024, in order to satisfy
independence requirements under provision 32 of the UK
Corporate Governance Code. The Remuneration Committee
is responsible for determining the service contract terms,
remuneration and other benefits of the Executive Directors
and reviewing senior team members’ remuneration on an
annual basis, details of which are set out in the Directors’
Remuneration Report on pages 85 to 101. The terms of
reference of the Remuneration Committee are available on the
Company’s website. Immediately following the approval of the
2025 Annual Report and Accounts, Annette Barnes is stepping
down from office due to length of tenure. It has been agreed
that Toby Walter will be appointed as the new Remuneration
Committee Chair during March 2026.
As part of Annette’s role as Remuneration Committee Chair, she
has undertaken the role of designated Non-Executive for the
workforce. This role involves a close working relationship with
the Group’s Chief People Officer and the Group’s employees.
Engagement with the workforce spans a range of items
including culture, remuneration and well-being. The Board see
this as an important duty to drive positive actions.
To date, in non-compliance with provisions 40 and 41 of the
UK Corporate Governance Code, the remuneration of the
Executive Directors has not been set following engagement
with shareholders and employees. Specific engagement
with colleagues relating to executive remuneration has not
taken place due to there being no material changes during
the period. The remuneration of the Executive Directors
has been set as outlined in the Remuneration Policy which
addresses the requirements of provision 40 with the exception
disclosed above. The Committee feels that its review of
relevant benchmarks when setting Executive remuneration
is appropriate. Should there be any material change to the
Remuneration arrangements of the Executive Directors in the
future the Remuneration Committee will seek to consult with
key stakeholders.
Related Party Transactions
During 2025, the Related Party Transactions (RPT) Committee
comprised of the Chair Murray Legg, Catherine Birkett,
Annette Barnes and Andrew Day. The Committee met once
during 2025. The Committee ensures that there are adequate
controls in place to provide assurance that any transaction
which is or may be a related party transaction in nature is
conducted on terms that are at arm’s length and reasonable.
As part of the proposed move to the Main Market during
2026, and recognising that the volume and value of related
party transactions has reduced over recent years, the Board
has determined that the functions of the Related Party
Transactions Committee should be transferred to the Audit
and Risk Committee, and as such this Committee will cease to
exist.
Disclosure Committee
The Disclosure Committee was formed in early 2026, as part
of the proposed move to the Main Market. The Committee
is chaired by Graham Lilley, and its other members are Mike
Danson, Murray Legg and Bob Hooper. The responsibilities
of the Disclosure Committee include (i) ensuring timely and
accurate disclosure of all information that is required to be
disclosed to the market to meet the legal and regulatory
obligations and requirements arising from the listing of the
Company’s securities on the London Stock Exchange, including
the Disclosure Guidance and Transparency Rules, UK Listing
Rules and the UK Market Abuse Regulation; (ii) to consider
whether the conditions for delaying disclosure of inside
information are and remain satisfied; and (iii) to ensure that
disclosures are monitored and company records maintained.
DIRECTORS’ REPORT
Corporate Governance
Report (continued)
71Annual Report and Accounts 2025
Strategic Report / Directors’ Report / Auditor’s Report / Financial Statements
Going Concern
The Group meets its day-to-day working capital requirements
through free cash flow. Based on cash flow projections, the
Group considers the existing financing facilities to be adequate
to meet short-term commitments as discussed in more detail
on page 58.
The Directors have a reasonable expectation that there are
no material uncertainties that cast significant doubt on 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.
Long-Term Viability
The Directors have set out a long-term viability statement on
page 58 of the Strategic Report.
Shareholder Relationships
The Company operates a corporate website at
www.globaldata.com where information is available to
potential investors and shareholders.
The Board uses the AGM to communicate with shareholders
and seek their participation, as well as one-to-one results
presentations with investors at each full year and interim
results announcement. The Group also held a Capital Markets
Event for its institutional investors, brokers and research
analysts on 24 November 2025 to give an update on strategy.
The Notice of the Annual General Meeting will be circulated
more than 21 clear days prior to the meeting.
The Directors’ interests are disclosed on page 72, which
includes the shareholding of Mike Danson, who owns
454,092,406 shares as at 1 March 2026, representing 60.0%
of the total share capital. There are no other individual
shareholders owning more than 10% of the company’s issued
share capital.
There are no specific restrictions on the size of a holding nor
on the transfer of shares, which are both governed by the
general provisions of the Articles of Association and prevailing
legislation. The Directors are not aware of any agreements
between holders of the Company’s shares that may result in
restrictions on the transfer of securities or on voting rights.
No person has any special rights of control over the Company’s
share capital and all its issued shares are fully paid.
With regard to the appointment and replacement of Directors,
the Company is governed by its Articles of Association, the
Companies Act and related legislation. The Articles themselves
may be amended by special resolution of the shareholders.
The powers of Directors are described in the Board Terms of
Reference, copies of which are available upon request.
The Company has the authority to make market purchases of
up to 10% of the Company’s total issued ordinary share capital,
either for cancellation or for placing into treasury. The authority
is proposed each year as a resolution at the Company’s AGM
for shareholders to vote on.
Employee Policies
The Group places considerable value on the involvement
of its employees and keeps them informed on matters
affecting them as employees and on the factors affecting the
performance of the Group. This is achieved through formal
and informal meetings. As part of Group communications
we hold regular Chief Executive Information Sessions,
which are video conference meetings attended by all Group
employees. These meetings are used as a forum to keep our
colleagues up to date with performance, strategy and other
corporate communication. Annette Barnes’ role during 2025 as
workforce designated Non-Executive also helped to increase
engagement between the Board and the wider workforce.
Further detail on how the Directors have engaged with
employees is provided within the Section 172(1) Statement on
page45.
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.
It is the Group’s policy to give full and fair consideration to the
employment of disabled persons, the continuing employment
of employees becoming disabled, and to the full development
of the careers of disabled employees, having regard to their
particular abilities.
The Group does not discriminate on the grounds of gender,
race, disability, sexuality, religion, philosophical belief, political
belief, trade union membership or age as guided by the
Equality Act 2010.
As at 31 December 2025, the Group employed the following
number of employees of each gender:
2025
No.
2024
No.
Male 2,010 2,113
Female 1,548 1,627
3,558 3,740
72 Annual Report and Accounts 2025
Health and Safety
It is the policy of the Group to conduct all business activities
in a responsible manner, free from recognised hazards and to
respect the environment, health and safety of our employees,
customers, suppliers, partners, neighbours and the community
at large.
Political Donations
The Group has not made any political donations during the
current year or prior year.
Supplier Payments Policy
It is the Group’s policy to abide by the payment terms agreed
with suppliers whenever it is satisfied that the supplier has
provided the goods and services in accordance with agreed
terms and conditions. During 2025, average creditor days were
33 days (2024: 29 days).
Subsidiaries and Overseas Branches
Details of the Group’s subsidiaries are provided on page 179.
The Group operates branches in Spain and China.
Subsequent Events
There are no subsequent events to disclose.
Dividends
These are disclosed within the Strategic Report on page 9.
Financial Instruments
Use of financial instruments and exposure to various financial
risks has been discussed within the Strategic Report (page32).
Future Developments
Future developments have been discussed within the Chief
Executive’s Report on page 17.
Directors’ Interests
Details of the Company’s share capital are set out in note 24
to the financial statements. As at 1 March 2026, Mike Danson
had a beneficial interest of 60.0% of the issued ordinary share
capital of the Company. No other person has notified any
interest in the ordinary shares of the Company, in accordance
with AIM Rule 17.
The interests of the Directors as at 1 March 2026 in the
ordinary shares of the Company were as follows:
Number of ordinary shares
Mike Danson 454,092,406
Peter Harkness 308,294
Graham Lilley 166,288
Murray Legg 164,200
As at 31 December 2025, Graham Lilley held 1,071,429 1/100
pence share options (2024: 1,607,857) all of which were in
Scheme 2.
Directors’ Indemnities
To the extent permitted by English law and the Articles, the
Directors are granted an indemnity from the Group in respect
of liability arising from, or in connection with, the execution of
their powers, duties and responsibilities as a Director of the
Company and any of its subsidiaries. The indemnity would
not provide coverage where the Director is proved to have
acted fraudulently or dishonestly. The Group purchases and
maintains Directors’ and Officers’ insurance cover against
certain legal liabilities and the costs of claims in connection
with any act or omission by its Directors and Officers in the
execution of their duties.
DIRECTORS’ REPORT
Corporate Governance
Report (continued)
Strategic Report / Directors’ Report / Auditor’s Report / Financial Statements
Environmental, Social and Governance (“ESG”) matters are a key
part of our strategy, and the Board is focused on safeguarding
long-term viability and sustainable growth for the Group, our
people, our clients, our environment and communities as well as
our shareholders.
We continue to recognise that how we engage with our
people, clients, business partners, the wider community and
environment is fundamental to the Group’s success. The Group
is committed to focusing on creating and maintaining positive
long-term relationships with our broad base of stakeholders.
Strategic Report / Directors’ Report / Auditor’s Report / Financial Statements
73Annual Report and Accounts 2025
74 Annual Report and Accounts 2025
Environmental, Social and Governance (“ESG”) matters are a key part of our strategy, and the Board is focused on safeguarding
long-term viability and sustainable growth for the Group, our people, our clients, our environment and communities as well as our
shareholders.
We continue to recognise that how we engage with our people, clients, business partners, the wider community and environment
is fundamental to the Group’s success. The Group is committed to focusing on creating and maintaining positive long-term
relationships with our broad base of stakeholders.
Founded on 5 pillars, ESG is at the heart of who we are and what we do:
Our Company Our People Our Clients Our Environment Our Communities
We strive to establish
strong governance
which highlights our
core values.
Our colleagues and
the inclusive culture
they evolve in is key
to the success of our
organisation.
The intelligence we
provide our clients
with to drive growth,
positive social and
environmental impact
through their business.
Our effort to limit any
negative impact on the
environment.
The support we
provide to charitable
organisations globally.
DIRECTORS’ REPORT
Environmental, Social
and Governance
Our Company
The Board is committed to achieving the highest standards
of corporate governance. The Group is working towards full
adoption of the UK Corporate Governance Code. Responsibility
for governance matters lies with the Board, which is
accountable to shareholders and wider stakeholders for the
activities of the Group.
GlobalData has improved its governance arrangements and
reporting over recent years. During the year we have:
• Reviewed areas in the UK Corporate Governance Code in
which we were not compliant. There is a table of actions
and outcomes on page 65 to demonstrate this;
• Continued our enhanced reporting on remuneration
matters, as well as continuing to enhance engagement
with shareholders;
• Defined strategic priorities to address the key
foundational requirements for a people enabled business.
These aligned to five key pillars across culture and
behaviour; reward and performance; attraction and
onboarding; sales enablement and organisational agility;
and
• Continued the strong engagement with our people
through Employee Resource Groups, and through the
designated Non-Executive Director for the workforce
holding quarterly meetings with employees thereby
forging a clear link to the Board. We have also continued
to operate the annual Group-wide colleague engagement
survey as part of our commitment to creating an engaging
environment for GlobalData’s colleagues.
Our People
The Group benefits from the diversity and variety of
its workforce and is fully committed to maintaining and
encouraging diversity. It is the Group’s policy to give full and
fair consideration to the employment of disabled persons, the
continuing employment of employees becoming disabled, and
to the full development of the careers of disabled employees,
having regard to their particular abilities.
The Group does not discriminate on the grounds of gender,
race, disability, sexuality, religion, philosophical belief, political
belief, trade union membership or age as guided by the
Equality Act 2010.
% Female
As at 31
December
2025
As at 31
December
2024 Change
Board 25% 25% –
Senior Leadership
Team 30% 22% +8%
Group Colleagues 44% 44% –
75Annual Report and Accounts 2025
Strategic Report / Directors’ Report / Auditor’s Report / Financial Statements
During the year:
• We have continued to promote the Group’s values:
• Courage - We courageously guide our customers
and the markets we serve, to a more successful,
sustainable future. We are committed, trustworthy,
and resilient when making a positive difference.
• Curiosity - The world is always changing and so
are we. We have a curiosity for opportunities to
innovate and do things better, with an appetite for
experimentation and thinking differently.
• Collaboration - We work together and combine our
powerful resources to provide clarity in a complex
world. We believe in the collective power of data,
technology, expertise and collaborative relationships
to succeed.
• Continued to engage with the colleague-led Employee
Resource Groups (ERGs), covering:
• Gender Balance
• Race and Ethnicity (‘EmbRACE’)
• LGBTQIA+ Allies (‘PRIDE’)
• Mental Health Awareness
• Our Graduate and Internship programmes continue to
grow and develop and include a greater breadth of job
roles in the organisation.
• Continued with an annual Group wide colleague
engagement survey as part of our commitment to an
engaging environment for GlobalData colleagues. The
results of this survey have been shared with colleagues
as part of the regular CEO communication sessions with
a commitment given to continue culture transformation
based on the survey feedback received.
Our Clients
Customer Obsession is our number one strategic priority
and we continue to focus on client needs and on providing
unique and innovative solutions. We strive to maintain strong
customer relationships and endeavour to build even deeper
relationships. We have a number of ongoing initiatives with the
aim of increasing engagement with our clients.
Our ongoing initiatives are aimed at providing clients with
world-class solutions delivered with exceptional levels of
service. With AI advancements helping to drive customer
success, our customer engagement intelligence is helping
us to target specific recommendations for clients such as
flagging relevant content and customising solutions. Initiatives
are constantly underway to ensure our people are engaging
with customers as much as possible, being face-to-face to
understand customer needs in order to pivot towards a more
solutions-led approach.
The net result of our Customer Obsession is a continuation of
strong renewal rates; on a volume basis our renewal rates were
83% for customers >£20,000 (2024: 83%). Looking ahead, we
remain laser focused on improving in the different areas of
Customer Obsession.
Our Environment
As a data and analytics company, our products are created
and distributed digitally. This means our carbon footprint is
considerably smaller than those of many other companies of
our size. However, we are committed to minimising the impact
of our operations on the environment.
The Group is pleased to report its current UK-based annual
energy usage and associated annual greenhouse gas (“GHG”)
emissions pursuant to the Companies (Directors’ Report) and
Limited Liability Partnerships (Energy and Carbon Report)
Regulations 2018 (“the 2018 Regulations”) that came into force
1 April 2019.
In accordance with the 2018 Regulations, the energy use and
associated GHG emissions are for those assets owned or
controlled within the UK only as defined by the operational
control boundary. This includes all 6 offices along with personal
vehicles used for business mileage (“grey fleet”).
The 2019 UK Government Environmental Reporting Guidelines
and the GHG Protocol Corporate Accounting and Reporting
Standard (revised edition) were followed. The 2025 UK
Government GHG Conversion Factors for Company Reporting
were used in emission calculations as these relate to the
majority of the reporting period. The report has been reviewed
independently by Zenergi Limited (trading as Briar Consulting
Engineers Limited).
Electricity and gas consumption were based on invoice
records, while spend data from expenses was converted to
mileage to calculate energy and emissions from grey fleet.
Where necessary, the pro-rata estimation technique was used
to fill gaps in data. Gas consumption for one site was estimated
using the CIBSE benchmark, while electricity consumption for
sites with missing data was benchmarked against other sites
within the Group. Gross calorific values were used, except for
mileage energy calculations, which followed Government GHG
Conversion Factors.
The emissions are divided into mandatory and voluntary
emissions according to the 2018 Regulations, then further
divided into the direct combustion of fuels and the operation
of facilities (Scope 1), indirect emissions from purchased
electricity (Scope 2) and further indirect emissions that
occur as a consequence of company activities but occur from
sources not owned or controlled by the organisation (Scope 3).
76 Annual Report and Accounts 2025
Breakdown of Energy Consumption Used to Calculate Emissions (kWh)
Mandatory requirements:
2025
kWh
2024
kWh
Purchased electricity 1,270,506 1,087,594
Gas 554,605 549,903
Heat 74,404 74,404
Transport fuel 32,428 18,116
Total gross energy consumed (mandatory) 1,931,943 1,730,017
Breakdown of Emissions Associated with the Reported Energy Use (tCO
2
e)
Mandatory requirements:
2025
tCO
2
e
2024
tCO
2
e
Scope 1
Gas 101.5 100.6
Company-owned vehicles – –
Scope 2
Purchased electricity (location based) 224.9 225.2
Heat 13.6 13.6
Scope 3
Category 6: Business travel (grey fleet) 7.9 4.4
Total gross emissions (mandatory: location based) 347.9 343.8
Voluntary requirements:
Scope 2
Purchased electricity (market based) 170.8 204.3
Total gross emissions (mandatory and voluntary: market based) 293.8 322.9
Intensity Ratios
Our chosen carbon intensity ratio is gross tonnes of carbon dioxide equivalent emissions per million pounds (£m) of revenue. The
revenue relates to UK operations only to align with the energy and emission reporting boundary. This financial metric is considered
the most relevant to the Group’s energy consuming activities and provides a good comparison of performance over time and
across different organisations and sectors.
Year ended
31 December
2025
Year ended
31 December
2024
Tonnes of CO
2
e per £m of revenue 1.67 1.78
Our activities are split between energy used in buildings and for business travel. As a consequence, we have also chosen to report
gross tonnes of carbon dioxide equivalent emissions per 1,000 metres squared of occupied building space for emissions related
to buildings, and gross tonnes of carbon dioxide equivalent transport emissions per 1,000 miles travelled for emissions related to
business travel.
DIRECTORS’ REPORT
Environmental, Social
and Governance (continued)
77Annual Report and Accounts 2025
Strategic Report / Directors’ Report / Auditor’s Report / Financial Statements
Buildings
Year ended
31 December
2025
Year ended
31 December
2024
Tonnes of CO
2
e per 1,000 m
2
Gross Internal Area (GIA) 28.06 46.45
Business Travel
Year ended
31 December
2025
Year ended
31 December
2024
Tonnes of CO
2
e per 1,000 miles 0.27 0.27
The buildings intensity ratio has significantly improved compared with the prior year due GIA being calculated as at 31 December
2025, which includes a year-on-year increase in UK floorspace of approximately 30%, mainly attributable to an additional London
office where rental commenced during August 2025. Tonnes of CO
2
e per 1,000 m
2
data spans the entire financial year therefore
includes a partial period of CO
2
e information in respect of this new office. We therefore anticipate the FY 2026 buildings intensity
ratio to be more comparable with the FY 2024 result.
Energy Efficiency Action During Current Financial Year
The Group continues to review energy efficiency across all locations and has implemented the following energy efficiency actions
this year:
• The Group has continued to monitor efficiency and adjust the run times of HVAC equipment to align with seasonal
requirements.
• In the main London office, a phased replacement of external mechanical plant has commenced, which is expected to deliver
improved energy efficiency. This is planned as a multi-year project, with the initial phase underway and due to complete in
2026.
• Continued investment has been made across the London offices to replace older fluorescent lighting with energy-efficient
LED fittings.
The Directors believe that environmental risk factors are emerging for the Group but are not a principal risk to the Group.
Our 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. During the year we supported the following charities and communities:
• Sadhana Society – Established in 1996, the Sadhana Society is dedicated to the welfare of the intellectually challenged based
in Hyderabad. The charity operates a day-care and residential centre for children with intellectual disability;
• PHIN – A local school and residential facility in Hyderabad for hearing impaired children. PHIN supports around 120 young
people;
• Sai Seva Sangh – Sai Seva Sangh was established in August 1988 to provide education to underprivileged children, free
shelter to old age and impoverished women, with a special needs school for differently-abled rural children; and
• Seva Bharathi – Runs multiple skills development programmes to help underprivileged women and children to become more
self-reliant.
We will continue to work with our charity partners and offer a volunteer programme to our colleagues to enable them to get more
involved directly in our communities as well as our usual fundraising efforts.
78 Annual Report and Accounts 2025
Audit and Risk Committee – snapshot
Members, attendance and number of meetings:
The Committee comprises four independent Non-Executive Directors. As at 31 December 2025, the Committee consisted of myself,
Catherine Birkett (Chair), Annette Barnes, Andrew Day and Julien Decot. The biographies of each member are given on pages62 to
63.
I am satisfied that the Audit and Risk Committee has a good balance of experience and expertise and is appropriately independent
of the operations of the business. The Committee’s mix of financial and industry experience allows for effective discussion,
challenge and oversight of significant financial estimates and judgements.
During the year the Audit and Risk Committee met on four occasions. I am satisfied that the committee was presented with papers
of good quality and in a timely fashion.
Committee membership and attendance (2025):
Member Role No. of meetings attended
Catherine Birkett Chair since April 2021 4
Annette Barnes Member since February 2017 4
Andrew Day Member since February 2017 4
Julien Decot Member since February 2023 4
Changes after 31 December 2025 (now effective):
Both Annette Barnes and Andrew Day will not offer themselves for re-election as a director at the 2026 Annual General Meeting
given they would, at that time, have served on the Board for more than nine years from the date of their first appointment. As
such, they both resigned from office following approval of the 2025 Annual Report and Accounts and have been replaced by
Rachel Higham and Toby Walter.
Terms of Reference
The Committee operates within the mandate as agreed by the Board. The Terms of Reference of the Audit and Risk Committee
are publicly available on the Company’s website and were updated during the period to move from an Audit Committee to an
Audit and Risk Committee reflecting that the Committee has taken on a wider remit in the Group’s risk management framework.
As part of the proposed move to the Main Market during 2026, and recognising that the volume and value of related party
transactions has reduced over recent years, the Board has determined that the functions of the Related Party Transactions
Committee should be transferred to the Audit and Risk Committee, and as such this Committee will cease to exist.
DIRECTORS’ REPORT
Audit and Risk Committee
Report
79Annual Report and Accounts 2025
Strategic Report / Directors’ Report / Auditor’s Report / Financial Statements
Areas of responsibility
The Audit and Risk Committee assists the Board in setting governance standards and has specific responsibility over
financial controls, financial reporting and audit effectiveness. Specifically, the Audit and Risk Committee has the delegated
responsibilities for the following:
• To monitor the integrity of the Group’s Financial Reporting including review of significant estimates and judgements;
• To review and monitor the Group’s internal financial controls and risk management processes;
• To oversee compliance, whistleblowing and fraud programmes, and monitor legal regulatory requirements regarding
financial reporting;
• To make recommendations to the Board on the appointment, reappointment and removal of the Company’s external auditor
and approve the remuneration of the external auditor;
• To review and monitor the external auditor’s independence and objectivity (including processes to review non-audit
services) and the effectiveness of the audit process; and
• To report to the Board on how it discharges its responsibilities.
Key actions in 2025
In 2025, the Audit and Risk Committee has been focused on:
• Monitoring the integrity of the Group’s Annual Report for the year ended 31 December 2024 to ensure it was fair, balanced
and understandable;
• Reviewing the financial performance of the Group throughout the year;
• Review of the quality of earnings against the 2024 LTIP targets in respect of the three plans across both Schemes;
• Assessing the accounting implications and financial impact of the volatility in the macroeconomic environment, specifically
including the impact on Group revenue/margins; impairment/valuation assumptions; performance against 2025 LTIP
targets and forecast performance against 2026 LTIP targets;
• Reviewing the acquisition accounting in respect of the two M&A transactions in 2025, particularly the assumptions behind
the purchase price allocation;
• Monitoring the adequacy and effectiveness of the Group’s internal control and risk management process, ensuring that a
robust assessment of the principal risks facing the Group has been undertaken;
• Reviewing the Group’s climate-related financial risks and opportunities assessment;
• Assessing the external assurance obtained by the Group and considering the need for further assurance;
• Reviewing and monitoring the robustness of the Group’s plans in respect of the requirements of Provision 29 of the revised
UK Corporate Governance Code that will apply for our 2026 reporting year.
80 Annual Report and Accounts 2025
Key priorities in 2026
• Review of the financial performance of the Group, including the Group’s Annual Report for the year ended 31 December
2025 to ensure it is fair, balanced and understandable;
• Continue to assess the accounting implications and financial impact on the Group of the volatility in the macroeconomic
environment;
• Regular review of status against Provision 29 roadmap and assess progress and adequacy of any areas of remediation
identified;
• Monitor output from Internal Audit reviews and track progress against remediation plans;
• Continue to monitor and challenge the control environment and adequacy and effectiveness of the Group’s internal control
and risk management framework;
• Continue to apply robust scrutiny on M&A opportunities and integration, review the acquisition accounting and ensure
acquired businesses are quickly onboarded into our control environment;
• Review the enhanced 2026 Annual Report disclosure to ensure it meets the requirements of a main market listed company.
DIRECTORS’ REPORT
Audit and Risk Committee
Report (continued)
81Annual Report and Accounts 2025
Strategic Report / Directors’ Report / Auditor’s Report / Financial Statements
Dear Shareholders
On behalf of the Audit and Risk Committee, I am pleased to present the Audit and Risk Committee report to you for the financial year
ended 31 December 2025. The report provides an overview as to how the Committee operates, its activities and priorities during
2025 and its role in ensuring the integrity of the Group’s financial reporting and effectiveness of the Group’s risk management and
internal control processes.
The Audit and Risk Committee is a key part of the Group’s governance framework to which the Board has delegated oversight in
respect of the following areas: the integrity of financial reporting, the effectiveness of internal controls and risk management
framework, significant financial estimations and judgements, and the external auditor.
The Integrity of Financial Reporting
We reviewed the integrity of the financial statements and all formal announcements relating to financial performance during 2025.
As part of the review, we challenged Management on whether significant areas of judgement and significant risks were adequately
evaluated, reported and disclosed.
As well as the integrity, we also considered whether the report gives a fair, balanced and understandable reflection of the Group, its
performance, position and future prospects.
As part of the review, the Committee considered whether:
• There are any material or sensitive omissions from the narrative and statements;
• The narrative is a true and balanced reflection of events and performance in the year;
• There is consistency throughout the Annual Report and Accounts;
• There is a clear explanation of key performance indicators, their link to performance and strategy and equal prominence of
statutory performance measures; and
• The appropriate accounting policies and practices had been applied and adequately disclosed.
In the view of the Committee, the Annual Report is fair, balanced and understandable in accordance with the requirements of the
UK Corporate Governance Code.
For the year ended 31 December 2025 the Group will be taking advantage of the provision of section 479A of the Companies Act
2006. The Company has thus elected that certain UK subsidiaries will be exempt from an audit on the basis that those subsidiaries
are included in the consolidated accounts of GlobalData Plc. The Audit and Risk Committee have approved this Group policy.
The Effectiveness of Internal Controls and Risk Management Framework
The Audit and Risk Committee monitors the adequacy and effectiveness of internal control and risk management systems and
ensures that a robust assessment of the principal risks facing the Group has been undertaken.
During the year, the Committee has assessed the documentation and review that has taken place with regard to the Group’s
internal controls and risk management procedures, in line with the policies set out in the Group’s Risk Management Framework. The
Group’s approach to internal controls is to follow a three lines of defence model and the Committee is satisfied, with the control
design as well as the policies and procedures in place. The Committee is satisfied that the review of internal controls and risk
assessment were carried out in a robust manner.
It was noted in the previous Audit Committee report for the year ended 31 December 2024 that the Committee recognised some
further actions were required to improve its systems, processes and controls in respect of the IT control environment. Our systems
are critical to how we deliver our product to our customers and how we operate the business on a day-to-day basis. The Committee
therefore continues to recognise that ongoing investment in its systems is necessary to further enhance processes and improve
the control environment. The Group will therefore continue to invest in this area throughout 2026.
In January 2024, the Financial Reporting Council published a revised UK Corporate Governance Code (‘the Code’). The revised
Code aims to support good corporate governance, transparency, and investor confidence. The most significant revision is in
“Section 4 – Audit, risk, and controls,” where Provision 29 now asks for an explicit effectiveness declaration over material controls
82 Annual Report and Accounts 2025
as of the balance sheet date. Provision 29 is applicable for accounting periods beginning on or after 1 January 2026 and hence
31December 2026 is the first balance sheet date for which the declaration will be made by the Group.
During 2025 the Audit and Risk Committee has considered the actions that the Group will need to undertake to ensure full
compliance of Provision 29 and to support the Board in making a robust declaration on the effectiveness of the Group’s material
controls. Management have identified the material risk categories and specific material risks within those categories across
financial, operational, reporting and compliance areas. During 2026 the Group will further formalise and document its framework
for identifying, assessing and monitoring material controls across each of these categories. Management will test both the design
effectiveness and operating effectiveness of the material controls throughout 2026, ensuring any failures are remediated.
The Audit and Risk Committee will monitor Management’s documented assessment and testing of control effectiveness, review
the identification and remediation of any control deficiencies, and evaluate whether any material weaknesses have arisen. The
Committee will provide robust challenge and oversight to ensure that the Board’s statement in respect of Provision 29 is supported
by appropriate evidence and reflects a thorough and balanced assessment of the effectiveness of the Group’s systems throughout
the year.
It was noted in the previous Audit Committee report for the year ended 31 December 2024 that following the announcement
that the Group intends to move the Main Market, the Audit and Risk Committee had reassessed its assurance programme and
determined that the business is of a sufficient size and complexity to warrant an Internal Audit function. The function is being
set up in conjunction with the Group’s move to the Main Market and has engaged a third-party, co-source partner to support the
Internal team on audits that require a specific technical skillset.
During 2026, the Audit and Risk Committee will oversee the first year of operation of the Internal Audit function within the Group.
The Committee will approve a risk-based audit plan focused on the Group’s principal and emerging risks and material controls and
will monitor the function’s independence, authority and resourcing to ensure it is appropriately embedded across the business.
Throughout the year, the Committee will review internal audit findings, assess the quality and depth of assurance provided, and
oversee the timely remediation of identified control deficiencies. The Committee will also evaluate the effectiveness of the new
function at the year end to ensure it is operating in line with its mandate and delivering meaningful assurance to the Board.
DIRECTORS’ REPORT
Audit and Risk Committee
Report (continued)
83Annual Report and Accounts 2025
Strategic Report / Directors’ Report / Auditor’s Report / Financial Statements
Significant Financial Estimations and Judgements
The Committee considered the following significant accounting matters for the year ended 31 December 2025:
Item Committee consideration of estimation or judgement
Going Concern
and Viability
Statement
The Committee reviewed Management’s assessment to support the preparation of the financial
statements on a going concern basis and the appropriateness of the Going Concern and Viability
Statement in the Strategic Report. The Committee considered the worst-case but plausible scenario
models prepared by Management along with the mitigations available to the Group in its five-year viability
assessment and the going concern assessment to September 2027. After carefully considering the
assumptions supporting Management’s assessment, the Committee have concluded that the disclosures
are appropriate.
Impairment of
the Company
investment in
Washington Topco
Limited
In accordance with IAS 36 ‘Impairment of Assets’, Management have assessed whether there are any
indicators of impairment of the Company’s investments. As part of this assessment, Management
identified impairment indicators in Washington Topco Plc, due to the trading performance in the period.
As per the requirements of IAS 36 Management performed a formal impairment test to determine the
recoverable amount of the investment, being the higher of the investment’s fair value less costs to sell
and its value in use (‘VIU’). Management have determined the recoverable value of £459.5m based on the
investment’s VIU, giving rise to an impairment charge of £228.4m.
The Group engaged an external valuation specialist to assist Management in determining the both the
fair value and VIU, recognising the complexity and judgement required. The Committee reviewed the
assumptions and judgements behind these valuations and considered the key sensitivities in assessing
the fair value including revenue growth, long term growth rate and the discount rate. The Committee are
satisfied that the impairment charge and resulting carrying value are appropriate.
Share-based
payment credit
In 2025 the Group recognised a £20.5m credit to the consolidated income statement driven by the scheme
targets not being met for 2025 and Management forecasting that the target of £153m is unlikely to be met
in 2026. The Committee is satisfied that the full £20.5m credit is appropriate to recognise in 2025.
Carrying value
of goodwill
and acquired
intangible assets
The impairment test for the carrying value of goodwill and acquired intangible assets requires significant
judgement and estimation in respect of the forward-looking VIU calculations. The Audit and Risk Committee
reviewed these calculations and challenged the assumptions, particularly around the future revenue
growth and discount rate used. The Committee concluded that the impairment review had been completed
in line with the provisions of IAS36 and that Management had used a range of sensitivities to stress test the
models used. The Audit and Risk Committee was satisfied with the conclusions reached by Management
that the carrying value of goodwill and intangible assets could be supported.
Acquisition
accounting
During 2025 the Group completed on two acquisitions. In respect of each acquisition the Committee
reviewed the acquisition accounting, particularly in relation to the purchase price allocation exercise
which involves the allocation of the purchase price to tangible and intangible assets, the process of
which requires various assumptions and judgements. The Group engaged an external valuation specialist
to assist Management with this valuation process. The Committee reviewed the assumptions and
judgements behind these valuations and is satisfied that they are appropriate.
Adjusted
performance
measures (APMs)
The Committee reviewed the Strategic Report and the financial statements contained within the Annual
Report and Accounts to ensure that APMs were not given undue prominence over statutory numbers,
that adjustments made to get to the APMs were consistent with previous years and that the adjustments
gave the reader a clearer understanding of the underlying performance of the business. The Committee is
satisfied that the Annual Report and Accounts give a balanced and fair view of performance and APMs are
presented in a consistent and clear manner, so that they contribute to the reader’s overall understanding
of the accounts and the business performance.
84 Annual Report and Accounts 2025
External Auditor
In order to maintain the independence of the external auditor, the Board has determined that non-audit work will not be offered
to the external auditor unless there are clear efficiencies and only where such work is permitted under the Financial Reporting
Council’s Ethical Standard. When assessing the independence and objectivity of the external auditor, the Committee considers the
assurances and information provided by Deloitte LLP (Deloitte) regarding the nature of the non-audit services it provides, as well
as any commercial business relationships between Deloitte and the Group. The Committee is comfortable that there have been no
instances of non-compliance or independence issues during the year.
The Audit and Risk Committee annually reviews the remuneration received by the auditors for audit services and non-audit work.
Their audit and non-audit fees are set, monitored and reviewed throughout the year (see note 6 of the financial statements).
The Group has adopted the Competition and Markets Authority Order (CMA Order) and will rotate audit firms at least every
20years and tender at least every 10 years. 2025 was Deloitte’s sixth year as Group auditor.
The Committee has reviewed the effectiveness of the audit and audit team and recommends the reappointment of Deloitte
for 2026. We believe that their independence, their objectivity and the effectiveness of the external audit is strong. This is
safeguarded through their continuing challenge, their focused reporting and their discussions with both Management and the
Audit and Risk Committee in planning and concluding their work.
The Committee confirms that there are no contractual obligations that restrict the choice of external auditor.
Catherine Birkett
Chair of the Audit and Risk Committee
1 March 2026
DIRECTORS’ REPORT
Audit and Risk Committee
Report (continued)
85Annual Report and Accounts 2025
Strategic Report / Directors’ Report / Auditor’s Report / Financial Statements
Unaudited information
Remuneration Committee overview
Role of the Committee
The Remuneration Committee is responsible for setting the Company’s remuneration policy and determining the remuneration
outcomes for the Executive Directors. In doing so, the Committee’s overarching aim is to ensure that remuneration supports the
delivery of the Company’s long-term strategy, promotes sustainable performance and value creation for shareholders, and is
aligned with the Company’s purpose, culture and risk appetite.
The Committee seeks to structure remuneration in a way that:
• attracts, motivates and retains leaders of the calibre required to deliver the Company’s strategic objectives;
• aligns Executive Directors’ interests with those of shareholders through a significant emphasis on performance-related
and long-term incentive arrangements;
• supports responsible pay practices, taking into account wider workforce remuneration and relevant market benchmarks;
and
• reflects performance outcomes, the quality of delivery, and the broader stakeholder experience, including an assessment
of any material risk, conduct or reputational considerations.
The Committee operates independently of management and retains full authority for decisions on Executive Directors’
remuneration, including performance targets, incentive outcomes and the operation of any discretion under the policy.
Executive Directors may be invited to attend Committee meetings by the Chair to provide input on business performance,
strategic priorities, and the operation of remuneration arrangements across the wider organisation, where this assists the
Committee in fulfilling its duties.
However, Executive Directors are not involved in, and do not participate in any discussions or decisions relating to their own
remuneration. Any potential conflicts of interest are actively managed, and where an Executive Director is in attendance
for relevant items, they will be required to withdraw from the meeting for all matters concerning their own pay, incentives,
performance assessment or contractual arrangements.
The Committee also takes advice, where appropriate, from independent external remuneration advisers and from relevant
internal functions (such as HR, Finance and Risk) when developing and applying the remuneration framework.
Members, attendance and number of meetings:
The Committee comprises three independent Non-Executive Directors. Committee members do not receive performance
related pay and have not been awarded any Long-Term Incentive Plan (LTIP) options.
As of 31 December 2025, the Committee consisted of myself, Annette Barnes (Chair), Andrew Day and Julien Decot. Murray Legg
stepped down as a Committee member immediately following the publication of the 2024 Annual Report and Accounts due to
having served for 9 years and technically being deemed non-independent.
The composition of the Committee as of 31 December 2025 was compliant with the provisions of the UK Corporate Governance
Code, with each Committee member acting within a pre-approved appointment period, in line with the Committee’s Terms of
Reference. I am satisfied that the Remuneration Committee had a good balance of experience and expertise throughout 2025
and was appropriately independent of the operations of the business.
During the year the Remuneration Committee met on five occasions. I am satisfied that the Committee was presented with
papers of good quality and in a timely fashion.
DIRECTORS’ REPORT
Directors’ Remuneration
Report
86 Annual Report and Accounts 2025
Committee membership and attendance (2025):
Name Details
No. of meetings
attended
Annette Barnes Member since February 2017 (Chair since April 2021) 5
Andrew Day Member since February 2017 2
Julien Decot Member since April 2021 5
Murray Legg Member until 10 March 2025 2
Changes after 31 December 2025 (now effective):
Both Andrew Day and I will not offer ourselves for re-election as a director at the 2026 Annual General Meeting given we would,
at that time, have served on the Board for more than nine years from the date of our first appointment in February 2017. As such,
we are both resigning from office following approval of the 2025 Annual Report and Accounts. I am delighted to welcome Toby
Walter and Rachel Higham as new Non-Executive Directors to GlobalData Plc (subject to annual re-election at the AGM) and
as members of the Remuneration Committee. I am pleased to confirm that Toby Walter, who has prior remuneration committee
experience, has been appointed as the new Remuneration Committee Chair with effect from March 2026.
Terms of Reference
The Committee operates within the mandate as agreed by the Board. The Terms of Reference of the Remuneration Committee
are publicly available on the Company’s website and were reviewed during the period to ensure the Committee continues to
operate at maximum effectiveness.
Areas of responsibility
As noted above, the Remuneration Committee holds the delegated responsibility for shaping the remuneration strategy and
determining specific remuneration packages for Executive Directors, while also overseeing the broader remuneration strategy
as it relates to the culture of the Group. The Committee’s key activities include:
• Establishing and reviewing the remuneration policy for Executive Directors, ensuring alignment with the UK Corporate
Governance Code and considering factors such as clarity, proportionality, and risk mitigation.
• Setting and reviewing the remuneration for the Chair and Executive Directors, as well as overseeing the remuneration of
senior management, including the Company Secretary, on an annual basis.
• Approving awards and vesting events under Long-Term Incentive Plans (LTIPs) and ensuring these align with the Company’s
long-term strategy and shareholder interests.
• Reviewing and updating post-employment shareholding policies, and conducting annual reviews of share incentive plans.
• Evaluating workforce remuneration principles to ensure alignment with company culture.
• Conducting annual self-evaluations of committee performance and terms of reference, and providing necessary training
and induction for committee members.
DIRECTORS’ REPORT
Directors’ Remuneration
Report (continued)
87Annual Report and Accounts 2025
Strategic Report / Directors’ Report / Auditor’s Report / Financial Statements
Key actions in 2025
During 2025, the Remuneration Committee focused on:
• Remuneration strategy: The Committee maintained governance and reporting with respect to remuneration themes,
including the evaluation of remuneration strategy, a review of our compensation philosophy and alignment with culture as
part of a Group wide colleague engagement survey.
• LTIP performance targets: The Committee increased the LTIP performance targets for FY2025 and FY2026 to reflect
profit and synergy expectations from recent acquisitions and investments, and post year end deferred the final FY2026
performance period by re-profiling the remaining awards across FY2027 and FY2028.
• Exceptional STIP awards (‘ESA’): As the increased 2025 LTIP target was not met, due to Group investment choices and
slower acquisition integration, the 2025 LTIP options will lapse in full. The Committee therefore agreed that ESAs for a small
number of senior colleagues would be essential to recognise the significant contribution that they have driven over the
course of 2025. No Executive Directors will receive an ESA.
• Healthcare remuneration matters: The Committee considered remuneration matters specific to the healthcare business,
including a proposed management incentive plan (MIP).
• New LTIP schemes: Discussions were held regarding the introduction of new LTIP schemes. This includes potential
arrangements for senior management to replace Schemes 2 and 4 as they expire and a potential new scheme for the CEO.
• Benchmarking and compliance: Compliance with the UK National Minimum Wage was confirmed.
• Consultant review: During the year, the Committee continued to receive advice from both Reed Smith LLP and KPMG LLP.
The Committee reviewed the performance of each consultant and remains satisfied that the advice received is objective
and independent. Both consultants have no other connection with the Company or its individual directors.
Priorities for 2026
During 2026, the Remuneration Committee will focus on:
• LTIP scheme development: Continued development and refinement of new LTIP schemes, including the development of a
LTIP scheme for the CEO, with a focus on aligning with shareholder interests and broader market practices.
• Performance targets for STIP: Introduction of personal performance targets, in addition to existing Company performance
targets, for Short-Term Incentive Plans (STIP), which are anticipated to be implemented by the end of 2026.
• Pay gap reporting: Consideration of the data architecture and disclosure requirements for Ethnicity & Disability pay gap
reporting, as required, in addition to existing Gender pay gap reporting.
• Shareholder engagement: Ensuring shareholder engagement and appropriate consultation for significant remuneration
changes and/or those related to Executive Directors, as required.
• Committee effectiveness and training: Ongoing training and evaluation of committee effectiveness to ensure alignment
with best practices, with improvements brought forward in the short term.
88 Annual Report and Accounts 2025
Dear Shareholders,
On behalf of the Remuneration Committee, I am pleased to present the Remuneration Committee report to you for the financial year
ended 31 December 2025. The report contains three main sections:
• Chair’s annual statement;
• Annual report on remuneration; and
• Remuneration policy report.
CHAIR’S ANNUAL STATEMENT
Review of business performance over the previous financial year
The Committee’s remuneration decisions during the year were taken against the backdrop of the Company’s performance and
strategic priorities. The Remuneration Committee’s focus remained on ensuring that the remuneration framework supports
long-term value creation and is appropriately aligned with the Company’s strategy, performance delivery and the experience of
shareholders and other stakeholders.
There were no changes to the Company’s two Executive Directors’ core remuneration arrangements during the year. Whilst the
CEO remains entitled to a nominal salary of £50,000, he has not previously received any remuneration from the Company and
requested that this changes when the Company has moved to the main market. The Committee has commenced developing plans
to address this.
The CFO’s remuneration package remained unchanged. The Committee considered this approach to be acceptable in the context
of the Company’s performance and priorities, and consistent with maintaining a measured and proportionate approach to
Executive Directors’ remuneration.
To replace LTIP Schemes 2 and 4 as they expire, the Committee is now considering the design of future LTIP arrangements. The
Committee will ensure that any new arrangements continue to support the Company’s long-term growth ambitions, attract and
retain key individuals, ensure rewards are closely aligned with underlying performance and reflect prevailing market practice.
Summary of incentive outcomes
The Remuneration Committee reviewed incentive outcomes for the year in accordance with the Company’s remuneration policy
and the rules of the relevant incentive plans. No positive discretion was applied in determining Executive Directors’ remuneration
outcomes during the 2025 performance year.
Changes were made to the two current long-term incentive arrangements (LTIP Schemes 2 and 4):
• increasing targets during the year to reflect profit and synergy expectations from recent acquisitions and investments; and
• Post year end, deferring the final FY2026 performance period by re-profiling the remaining awards across FY2027 and FY2028.
The CFO is currently the only Executive Director participant in a Company LTIP Scheme (Scheme 2). The detailed amendments and
plan mechanics are set out in the ‘annual report on remuneration’ section of this Directors’ Remuneration Report.
Looking ahead to the next financial year
The Committee’s priorities for the coming year are to continue to ensure that Executive Directors’ remuneration remains
proportionate, aligned to performance and supportive of the Company’s strategic objectives. In particular, the Committee will:
• keep base remuneration under review, ensuring future changes (if any) remain consistent with the Company’s approach to
attracting and retaining high calibre talent, aligned to the Company’s goals and performance expectations;
• continue to monitor the operation and appropriateness of performance-related incentives to ensure that outcomes reflect
performance and shareholder experience; and
• progress its work on the design of future LTIP arrangements to replace existing Schemes 2 and 4 as they expire, ensuring
that any new arrangements reflect market practice, support long-term growth ambitions, and align reward outcomes with
underlying performance. Future LTIP arrangements may also include the provision of an LTIP for the CEO.
DIRECTORS’ REPORT
Directors’ Remuneration
Report (continued)
89Annual Report and Accounts 2025
Strategic Report / Directors’ Report / Auditor’s Report / Financial Statements
The Chief Executive Officer (CEO) does not currently receive remuneration. The CEO has been in discussion with the Remuneration
Committee (RemCo) about a remuneration package and the RemCo now plans to put this in place for him in the current financial
year; this will be proposed by the RemCo in accordance with the approved remuneration policy and taking account of market
practice, shareholder interests and the Company’s circumstances.
The remuneration policy was updated during the year to reflect the addition of an Exceptional STIP award (‘ESA’). This Short Term
Incentive Plan is intended for exceptional circumstances only, where the Committee considers that a senior leader is critical to
the successful transformation of the Company and that delivery of the Exceptional STIP will provide continuity to achieve the
Company’s strategic objectives. Any decision to make an ESA would be subject to the terms of the policy and would be considered
carefully in the context of performance, shareholder alignment and wider stakeholder expectations.
Stakeholder consultation and shareholder engagement
The Committee recognises the importance of understanding stakeholder perspectives, including those of colleagues across the
Group and shareholders.
• Colleague engagement and wider workforce context
During the period, as part of our commitment to fostering an inclusive and engaging workplace, we undertook several key
engagement activities with colleagues across the Group.
As our employee nominated Board member, I have participated in several employee engagement sessions during the period,
collaborating with a diverse group of colleagues. These sessions highlighted strong enthusiasm for the Group’s M&A plans and AI
agenda, and provided an opportunity for colleagues to share insights that reinforce and enhance best practice.
We have also continued to utilise colleague engagement surveys to gather feedback, which have been positively received and are
integral to maintaining transparent communication and engagement.
Our commitment to diversity, equity, and inclusion remains strong, with ongoing efforts to attract, onboard and retain superb
talent, using our employee value proposition (EVP).
These engagement activities reflect our dedication to listening, addressing employee concerns, enhancing operational
efficiencies, and fostering an inclusive work environment. The feedback from employee engagement sessions is being used to
inform strategic decisions and improve the overall employee experience.
As reported previously in my 2024 Directors’ Remuneration Report, workforce remuneration continues to be monitored in line with
published advice and guidance from both the UK government and the Living Wage Foundation.
• Shareholder engagement and voting
As no material changes to the Company’s Remuneration approach and philosophy were determined, in addition to no material
changes to the components of Executive Director remuneration, no shareholder consultation took place during the year. As noted
in prior years, the Committee keeps the need for consultation under review and, where appropriate, particularly in the event of
any material changes to remuneration arrangements or the introduction of a new CEO-specific LTIP, the Company would expect to
undertake shareholder consultation.
Whilst historically listed on the AIM market of the London Stock Exchange, we have included an advisory resolution to accept
the Directors’ Remuneration Report. This has been included to give shareholders a platform through which any concerns or
suggestions within the Directors’ Remuneration Report can be registered. The 2025 AGM results, in relation to remuneration for the
year ended 31 December 2024, have been presented for your information in this Directors’ Remuneration Report.
Following admission to the Main Market, the Company will be subject to the statutory shareholder voting requirements on directors’
remuneration under the Companies Act 2006 (as amended). Accordingly, shareholders will be asked to vote on the Directors’
Remuneration Report by way of an advisory (non-binding) resolution at each AGM, and to approve the Directors’ Remuneration
Policy by way of a binding resolution at least every three years (and sooner if the Company proposes to make changes to the
policy). Recognising the Company’s proposed admission to the Main Market in 2026, the Directors’ Remuneration Policy is included
for approval.
90 Annual Report and Accounts 2025
Conclusion
In summary, the Committee’s approach in the year was characterised by stability and proportionality. There were no major
changes to Executive Directors’ remuneration, and no positive discretion was applied in determining remuneration outcomes
for Executive Directors during the 2025 performance year. The CEO’s nominal salary entitlement (which he does not draw) and
the CFO’s remuneration package remained unchanged.
The substantive remuneration-related changes related to amendments to LTIP Schemes 2 and 4 (with only Scheme 2 including
an Executive Director) to include acquisition expectations in updated LTIP Targets and to defer the final 2026 performance
period by re-profiling the remaining awards across the 2027 and 2028 performance years. In parallel, to replace existing
Schemes 2 and 4 as they expire, the Committee has commenced work on the design of future LTIP arrangements.
The Remuneration policy has been updated to include an Exceptional STIP award, intended for use in exceptional
circumstances for senior leaders that are critical to the successful transformation of the Company. As I stand down from
the Board, due to nine years’ time expired, I welcome Toby Walter as the incoming Remuneration Committee Chair. Toby has
significant Remuneration Committee experience and will be focused, amongst other things, on the assessment of new LTIP
Schemes for future years, including the intention to establish a CEO-specific LTIP arrangement.
As we conclude 2025, the Committee believes that the Company’s remuneration approach remains appropriate and is fully
aligned with the Company’s strategy and the interests of shareholders and other stakeholders.
By order of the Board
Annette Barnes
Chair of the Remuneration Committee
1 March 2026
DIRECTORS’ REPORT
Directors’ Remuneration
Report (continued)
91Annual Report and Accounts 2025
Strategic Report / Directors’ Report / Auditor’s Report / Financial Statements
ANNUAL REPORT ON REMUNERATION
The tables below set out the single total figure of remuneration for the Company’s directors for the years ended 31 December 2025
and 31 December 2024, showing each element of remuneration and the total value included in respect of each year in accordance
with the Directors’ Remuneration Reporting Regulations.
Single total figure of remuneration
Year ended
31 December 2025
Basic salary/
NED fees
£000s
Committee
Chair fees
£000s
Bonus
£000s
Share-
based
payment
£000s
Other
benefits
£000s
Total
£000s
Total
Fixed
£000s
Total
Variable
£000s
Executive directors
Mike Danson (CEO) – – – – – – – –
Graham Lilley (CFO) 300 - - 767 3 1,070 301 769
Non-executive directors
Murray Legg (Chair) 143 – – – – 143 143 –
Annette Barnes (SID) 55 15 – – 10 80 70 10
Peter Harkness 55 – – – - 55 55 –
Andrew Day 55 – – – 2 57 55 2
Catherine Birkett 55 15 – – – 70 70 –
Julien Decot 55 – – – – 55 55 –
718 30 – 767 15 1,530 749 781
Year ended
31 December 2024
Basic salary/
NED fees
£000s
Committee
Chair fees
£000s
Bonus
£000s
Share-
based
payment
£000s
Other
benefits
£000s
Total
£000s
Total
Fixed
£000s
Total
Variable
£000s
Executive directors
Mike Danson (CEO) – – – – – – – –
Graham Lilley (CFO) 300 – – 1,062 3 1,365 301 1,064
Non-executive directors
Murray Legg (Chair) 120 – – – – 120 120 –
Annette Barnes (SID) 55 15 – – 7 77 70 7
Peter Harkness 55 – – – – 55 55 –
Andrew Day 55 – – – 3 58 56 2
Catherine Birkett 55 15 – – 1 71 71 –
Julien Decot 55 – – – 1 56 56 –
695 30 – 1,062 15 1,802 729 1,073
92 Annual Report and Accounts 2025
The other benefits include employer’s pension contributions and travel expenses to GlobalData offices on GlobalData business,
plus any associated tax due on said expenses. Share-based payment represents equity settled income received on the vesting of
share options in the year.
Executive Directors in scope of this Directors’ Remuneration Report
For the financial year ended 31 December 2025, the Company had two Executive Directors: the Chief Executive Officer (CEO) and
the Chief Financial Officer (CFO). Both Executive Directors are within the scope of this Directors’ Remuneration Report and are, in
principle, eligible to receive remuneration in accordance with the Company’s Executive Director remuneration policy framework (as
set out in this Report), including base salary and the other elements of executive remuneration described in the policy.
The incumbent CEO has a specific remuneration arrangement. While the CEO remains contractually entitled to a nominal salary of
£50,000, he does not draw this and, during the year, received no Executive Director remuneration from the Company. Accordingly,
the detailed disclosures in this Report predominantly reflect the CFO’s remuneration, as the CFO is the only Executive Director who
received executive remuneration during the year.
The Committee considers that this is a specific remuneration arrangement, reflecting the current CEO’s status as a major
shareholder and founder of the Company. It is not intended to represent the Company’s standard approach to remunerating a CEO,
nor does it necessarily indicate how the current CEO’s remuneration will be structured going forward. Any future CEO remuneration
package will be determined by the Committee at the relevant time, in accordance with the approved remuneration policy and taking
account of market practice and the Company’s circumstances.
Executive Directors’ remuneration
The CFO’s salary was last increased on 1 January 2024 by 20%, from £250,000 per annum to £300,000 per annum, as documented
in the 2024 Remuneration Report.
The CFO’s salary and total compensation were reviewed again during 2025. The Committee considered his role and remuneration
against current market conditions and concluded that his positioning remains appropriate. Accordingly, no changes were
proposed to his compensation package. It is important to note that during this period, the targets for the CFO’s Scheme 2 LTIP were
increased to reflect acquisition expectations and the FY2026 performance period deferred, as noted earlier in this report, which
will represent changes to the variable components of his compensation package.
Disclosure of STIP and LTIP outcomes (CFO only)
The Company’s variable remuneration arrangements comprise an annual bonus (Short-Term Incentive Plan (“STIP”)) and a Long-
Term Incentive Plan (“LTIP”). For the year under review, the principal financial performance measure for both plans was EBITDA.
EBITDA performance for the 2025 measurement period was below the minimum level required to trigger any payout under the STIP
and was below the threshold required for any vesting under the LTIP. Accordingly, no STIP bonus will be paid and no LTIP awards will
vest for the CFO in respect of the 2025 year.
No Committee discretion was applied to increase or decrease formulaic outcomes under either plan. No new LTIP awards were
granted during the year.
Measure Target
Actual vs
target Outcome
STIP 100% EBITDA £131.0m Below target 0% payout
LTIP (vesting assessed) 100% EBITDA £131.0m Below target 0% vested
LTIP (new grants) N/A N/A N/A No awards
granted
DIRECTORS’ REPORT
Directors’ Remuneration
Report (continued)
93Annual Report and Accounts 2025
Strategic Report / Directors’ Report / Auditor’s Report / Financial Statements
The CFO was the only Executive Director to hold share options during 2025, analysed as follows:
Scheme 1
No.
Scheme 2
No.
Scheme 4
No.
Total
No.
Number of 1/100p options brought forward – 1,607,857 – 1,607,857
Exercised 5 August 2025
(relevant to 2023 and 2024 performance periods) – (536,428) – (536,428)
Awards during 2025 – - – –
Closing number of options – 1,071,429 – 1,071,429
Pay for Performance Scenarios
The charts below provide an illustration of the potential future reward opportunities for the CFO during 2026, and the potential
split between the different elements of remuneration under three different performance scenarios: ‘Minimum’; ‘On-target’; and
‘Maximum’.
• The ‘Minimum’ scenario reflects base salary, pension and benefits, being the elements of the CFO’s remuneration package not
linked to performance. The total ‘Minimum’ scenario is £303,000, comprising £300,000 base salary and £3,000 pension and
benefits.
• The ‘On-target’ scenario reflects base salary, pension and benefits, as well as the on-target thresholds being satisfied to
trigger a 100% annual bonus payment and the vesting of all share awards measured against the 2026 performance period. As
the FY2026 LTIP performance period was deferred post year end, and the awards will instead be re-profiled across FY2027 and
FY2028, the 2026 ‘On-target LTIP’ scenario is reflected as £nil in the charts below.
• The ‘Maximum’ scenario reflects the maximum remuneration receivable, including maximum pay out for the annual bonus
payment and LTIPs. Note, this is equal to the ‘On-target’ scenario given both the annual bonus and share award elements are
based on EBITDA targets only.
£303,000 £303,000 £303,000
£60,000 £60,000
£0
£333,333
£666,666
£999,999
Minimum On Target Maximum
Salary, pension and benefits Performance Bonus LTIP
94 Annual Report and Accounts 2025
Percentage change in Directors’ remuneration
The table below shows the annual percentage change in base salary between 2025 vs. 2024, 2024 vs. 2023 and 2023 vs. 2022 of the
Executive Directors of the Group compared to the increase to average salary per employee of the Group. The year-on-year analysis
prior to this is not presented as the comparatives are not meaningful. Over time, the percentage over five years will be disclosed.
% change
2025 v 2024
Salary
% change
2024 v 2023
Salary
% change
2023 v 2022
Salary
Mike Danson – – –
Graham Lilley – 20 –
Average % increase for employees 5 5 6
Non-Executive Directors’ remuneration
During the year ended 31 December 2025, each NED received a base fee of £55,000 reflecting their duties on the Board and
memberships of any Committees. Each Committee Chair received an additional £15,000 to reflect the time and expertise required
for the role.
Following a thorough benchmarking review, and recognising that the Chair’s fee had not increased since May 2023, the Committee
concluded that it had fallen below that of comparable businesses. The Chair’s fee was therefore increased with effect from 1 April
2025 from £120,000 per annum to £150,000 per annum, to ensure it remained aligned with the responsibilities of the role and
broader market trends.
Directors’ service agreements
It is the Group’s policy that Directors should not have service agreements with notice periods capable of exceeding 12 months. The
existing service agreements have neither fixed terms nor contractual termination payments but do have fixed notice periods. The
details of the service agreements of the Directors as at 31 December 2025 are:
Contract date Notice period
Murray Legg 23 February 2016 3 months
Mike Danson 9 October 2025 12 months
Graham Lilley 5 April 2021 12 months
Annette Barnes 19 January 2017 3 months
Peter Harkness 12 April 2016 3 months
Andrew Day 19 January 2017 3 months
Catherine Birkett 23 February 2021 3 months
Julien Decot 13 April 2021 3 months
Rachel Higham and Toby Walter were appointed as Non-Executive Directors post 31 December 2025 and also have notice periods of
3months.
DIRECTORS’ REPORT
Directors’ Remuneration
Report (continued)
95Annual Report and Accounts 2025
Strategic Report / Directors’ Report / Auditor’s Report / Financial Statements
AGM result and outcomes
The following table shows the non-binding result of the vote to receive and approve the Remuneration Report for the 2024 financial
year at the 2025 AGM.
Remuneration
Report votes % votes
Number of votes ‘in favour’ 628,759,289
96.15%
Number of votes ‘against’ 25,145,930
3.85%
Total votes validly cast 653,905,219
Number of votes withheld 9,540
The resolution to receive and approve the Remuneration Report was passed with over 96% of votes.
The Board undertook a review of Committee composition in light of the Company’s proposed move to the Main Market of the
London Stock Exchange. As a result, and to support compliance with independence expectations under provision 32 of the UK
Corporate Governance Code, the Chair resigned from the Remuneration Committee with effect immediately following publication
of the FY2024 Annual Report and Accounts on 10 March 2025.
Long-Term Incentive Plans
As reported previously in my 2024 Directors’ Remuneration Report, LTIP Scheme 1 is now closed and certain participants chose to
defer their exercise upon vesting, as allowed under the scheme rules. Several option holders subsequently exercised during 2025
in line with the Committee’s approval that such options can be exercised by participants at any point before 11 August 2033, subject
to compliance with the Company’s Share Dealing Code.
The Company continues to operate LTIP Schemes 2 and 4. During the year, the Remuneration Committee undertook a
comprehensive review and increased the overall performance targets for each scheme to reflect profit and synergy expectations
from recent acquisitions.
The original performance targets for FY2025 and FY2026, in addition to the changes that the Committee have made, are
summarised in the table below. The revised targets are designed to be both fair and balanced for colleagues, whilst also remaining
challenging to achieve, in support of all stakeholders.
As part of this process, the Committee realigned the performance targets for the non-healthcare business with those of
the corporate function. This strategic alignment was implemented to ensure consistency and coherence across the Group’s
operations, fostering a unified approach to achieving the Company’s financial objectives. This realignment reflects the integrated
nature of the Group’s corporate and non-healthcare operations, where cross-functional collaboration is essential for driving overall
business success. The decision was further influenced by the need to simplify the performance evaluation process, making it more
straightforward for stakeholders to assess the Group’s progress towards its strategic goals.
The implemented adjustments underscore the Committee’s commitment to maintaining a robust and competitive remuneration
framework that supports the Company’s strategic objectives while ensuring alignment with shareholder interests.
96 Annual Report and Accounts 2025
Scheme 2 (2019) Scheme 4 (2021)
Previous
performance
target(s)
Plan 1 – healthcare business option holders
The remaining awards will vest based upon the
following proportions if Adjusted EBITDA targets
are met, as measured in the year end results for the
below years:
• 2025 £68m Adjusted EBITDA (25% Vest)
• 2026 £79m Adjusted EBITDA (25% Vest)
Plan 2 – non-healthcare business option holders
The remaining awards will vest based upon the
following proportions if Adjusted EBITDA targets
are met, as measured in the year end results for the
below years:
• 2025 £57m Adjusted EBITDA (25% Vest)
• 2026 £66m Adjusted EBITDA (25% Vest)
Plan 3 – corporate function option holders
The remaining awards will vest based upon the
following proportions if Adjusted EBITDA targets
are met, as measured in the year end results for the
below years:
• 2025 £125m Adjusted EBITDA (25% Vest)
• 2026 £145m Adjusted EBITDA (25% Vest)
Plan 1 – healthcare business option holders
The awards will vest based upon the following
proportions if Adjusted EBITDA targets are met,
as measured in the year end results for the below
years:
• 2025 £68m Adjusted EBITDA (20% Vest)
• 2026 £79m Adjusted EBITDA (70% Vest)
Plan 2 – non-healthcare business option holders
The awards will vest based upon the following
proportions if Adjusted EBITDA targets are met,
as measured in the year end results for the below
years:
• 2025 £57m Adjusted EBITDA (20% Vest)
• 2026 £66m Adjusted EBITDA (70% Vest)
Plan 3 – corporate function option holders
The awards will vest based upon the following
proportions if Adjusted EBITDA targets are met,
as measured in the year end results for the below
years:
• 2025 £125m Adjusted EBITDA (20% Vest)
• 2026 £145m Adjusted EBITDA (70% Vest)
Revised
performance
target(s)
Plan 1 – healthcare business option holders
The remaining awards will vest based upon the
following proportions if Adjusted EBITDA targets
are met, as measured in the year end results for the
below years:
• 2025 £70.3m Adjusted EBITDA (25% Vest)
• 2026 £83.0m Adjusted EBITDA (25% Vest)
Plan 2 – non-healthcare business option holders
The remaining awards will vest based upon the
following proportions if Adjusted EBITDA targets
are met, as measured in the year end results for the
below years:
• 2025 £131m Adjusted EBITDA (25% Vest)
• 2026 £153m Adjusted EBITDA (25% Vest)
Plan 3 – corporate function option holders
The remaining awards will vest based upon the
following proportions if Adjusted EBITDA targets
are met, as measured in the year end results for the
below years:
• 2025 £131m Adjusted EBITDA (25% Vest)
• 2026 £153m Adjusted EBITDA (25% Vest)
Plan 1 – healthcare business option holders
The awards will vest based upon the following
proportions if Adjusted EBITDA targets are met,
as measured in the year end results for the below
years:
• 2025 £70.3m Adjusted EBITDA (20% Vest)
• 2026 £83.0m Adjusted EBITDA (70% Vest)
Plan 2 – non-healthcare business option holders
The awards will vest based upon the following
proportions if Adjusted EBITDA targets are met,
as measured in the year end results for the below
years:
• 2025 £131m Adjusted EBITDA (20% Vest)
• 2026 £153m Adjusted EBITDA (70% Vest)
Plan 3 – corporate function option holders
The awards will vest based upon the following
proportions if Adjusted EBITDA targets are met,
as measured in the year end results for the below
years:
• 2025 £131m Adjusted EBITDA (20% Vest)
• 2026 £153m Adjusted EBITDA (70% Vest)
DIRECTORS’ REPORT
Directors’ Remuneration
Report (continued)
97Annual Report and Accounts 2025
Strategic Report / Directors’ Report / Auditor’s Report / Financial Statements
Total amounts charged to the income statement:
Year ended
31 December
2025
£m
Year ended
31 December
2024
£m
Scheme 1 – –
Scheme 2 (6.7) 12.6
Scheme 4 (11.3) 11.5
Exceptional STIP awards 2.6 –
(15.4) 24.1
The total credit recognised across all schemes for the year ended 31 December 2025 was £15.4m (2024: £24.1m charge). As the
Adjusted EBITDA performance targets for FY2025 were not achieved and management currently forecasts that the Adjusted
EBITDA performance targets for FY2026 are unlikely to be met, the Company has reversed certain previously recognised charges
during the period, resulting in net credits to the consolidated income statement. The awards of the scheme are settled with
ordinary shares of the Company.
In recognition that the 2026 performance threshold (being the final performance year for Scheme 2 and Scheme 4) is not currently
expected to be met, and to ensure that outcomes remain aligned with longer-term value creation and the delivery of the Company’s
strategy, the Committee has taken the decision, post year end, to defer the 2026 performance year for the purposes of these
schemes. Instead, the unvested options relevant to that year will be re-profiled and tested over two additional performance years,
2027 and 2028, as set out below.
• Scheme 2: the remaining 25% of awards will be moved from the 2026 performance year and allocated across 2027 and 2028.
The proportion of this remaining 25% to be tested in 2027 will be 50%, with the balance 50% tested in 2028.
• Scheme 4: the remaining 70% of awards will be moved from the 2026 performance year and allocated across 2027 and 2028.
The proportion of this remaining 70% to be tested in 2027 will be 50%, with the balance 50% tested in 2028.
During the year the Group’s Employee Benefit Trust purchased an aggregate amount of 7.3m shares (nominal value: 1/100 pence)
at a total market value of £11.0m (representing ~1.0% of the total share capital as at 31 December 2025). The purchased shares are
held in the Trust for the purpose of satisfying the exercise of share options under the Company’s Employee Share Option Plans
and the cash settlement of Exceptional STIP awards. The following table illustrates expected net dilution, presented on the basis
the Scheme 2 and Scheme 4 Adjusted EBITDA performance target for FY2025 was not met, but that the deferred Scheme 2 and
Scheme 4 Adjusted EBITDA targets for FY2027 (vesting 2028) and FY2028 (vesting 2029), as amended post year end, will be fully
achieved.
Vesting Schedule 2026 2027 2028 2029 Total
Scheme 1* 656,537 – – – 656,537
Scheme 2 – – 2,517,859 2,517,859 5,035,718
Scheme 4** 320,000 – 8,078,311 8,078,311 16,476,622
Total 976,537 – 10,596,170 10,596,170 22,168,877
Shares held in trust (976,537) – (10,596,170) (10,596,170) (22,168,877)
Maximum net dilution – – – – –
* the remaining share options in Scheme 1 can be exercised anytime until 11 August 2033 and for the purposes of this analysis it has been assumed they will be exercised
during 2026.
** 320,000 Scheme 4 awards are due to vest during 2026 with respect to the 2024 performance period.
98 Annual Report and Accounts 2025
Excluded from the above table are shares which will be sold by the Group’s EBT during 2026 in order to satisfy the cash-settled
Exceptional STIP awards, on the basis that these are not share options in issue. The sale of such shares will not impact the net
dilution position reflected above.
As a result of 2025 performance awards not vesting, the EBT will hold more than 5% of the Company’s issued share capital in
the short term. This is not intended to be a long-term position and will be reduced as future awards vest, back to the Investment
Association expectation of 5% or less.
REMUNERATION POLICY REPORT
Remuneration Policy – overview
Purpose – The Executive Remuneration Policy aims to set out the policies and principles related to the elements of remuneration
considered for Executive pay. It also sets out the oversight and guidance the Remuneration Committee gives on aligning
Executive, senior management and the broader workforce’s pay to the Company’s performance, strategy and culture.
Principles – The policy has been implemented with the following key principles:
• Remuneration policies and practices are designed to support strategy and promote long-term sustainable success.
• Directors can exercise independent judgement and discretion when authorising remuneration outcomes.
• The Remuneration Committee has delegated responsibility for setting remuneration strategy for Executive Directors and
setting specific remuneration for the Chair and Executive Director(s).
• It is the intention of the policy to set remuneration which:
• has clarity and is transparent
• has a simple structure, without undue complexity
• does not invite undue risk to the business
• is predictable in outcome
• is proportional to the delivery of strategy and long-term performance of the business
• aligns to the culture of the business and its core values.
• Similar principles to those applied to Executive Directors are taken into account by the CEO and CPO when setting the
remuneration and benefits of senior managers (which are reviewed annually by the Committee as part of evaluating total
reward) and other colleagues.
Responsibilities – The Remuneration Committee is responsible for determining the service contract terms, remuneration and
other benefits of the Executive Directors. As of 31 December 2025, the Committee was chaired by myself, Annette Barnes (an
Independent Non-Executive Director), supported by 2 Non-Executive Directors: Andrew Day and Julien Decot.
The primary objectives of the Group’s policy on Executive remuneration are that it should be structured so as to attract and retain
executives of a high calibre with the skills and experience necessary to develop the Company successfully and, secondly, to reward
them in a way which encourages the creation of long-term value for the shareholders. The performance measurement of the
Executive Directors and the determination of their annual remuneration package is undertaken by the Remuneration Committee.
No Director is involved in setting their own remuneration.
The elements of remuneration that could be offered to Executive Directors are defined in the table below. The same remuneration
structure is considered when setting the policy for employees more generally, with the component elements of any package based
on the seniority of role and market trends. In the Committee’s opinion, the approach to executive remuneration aligns consistently
with the wider Group pay policy.
Currently, the only Executive Director to receive executive remuneration is the Chief Financial Officer (CFO) although the same
principles would be applied when agreeing the components of a remuneration package for any newly appointed executive
directors.
DIRECTORS’ REPORT
Directors’ Remuneration
Report (continued)
99Annual Report and Accounts 2025
Strategic Report / Directors’ Report / Auditor’s Report / Financial Statements
Remuneration Policy for future financial periods
Element
Purpose and link to
strategy Operation Maximum Opportunity
Base Salary Is payable in cash spread
over 12 monthly payments.
It is set at an appropriate
level, based on benchmark
data, to attract and
retain management of
a high calibre with the
necessary skills and
credentials required to
deliver a sustainable
business model and drive
shareholder returns.
Base salaries are normally reviewed annually but may be
reviewed at other times if the Committee considers this
appropriate. In determining base salary levels and any salary
increase, consideration is given to:
· the individual’s experience and the performance of the
Group and the individual;
· salary levels at other companies of a similar size and
complexity; and
· the pay levels and increases for other employees in the
Group.
While there is no maximum
salary level, salary increases
will generally be awarded
to ensure compensation
packages remain in line with
market trends.
Benefits Provide Executive
Directors with market-
competitive benefits
consistent with the role.
The Committee’s Policy is to set benefits at an appropriate
level, taking into account the market benchmarks and
benefits offered to the wider workforce. Executive Directors
can currently receive private health insurance and life
assurance as standard benefits, which is broadly in line with
senior roles within the Senior Leadership Team.
The overall level of benefits
will depend on the cost
of providing individual
items and the individual’s
circumstances.
For any all-employee share
plans which may be offered
in the future, the maximum
participation levels will be
the same as any maximum
applicable to other
employees (and consistent
with any relevant tax limits).
Pension To enable the Company to
offer market-competitive
remuneration through
the provision of additional
retirement benefits.
Executive Directors are eligible for defined employer
contribution funding to the GlobalData Pension Plan,
payments into a personal fund and/or a cash allowance in
lieu of pension.
Pension arrangements are aligned with those offered to
senior roles within the Senior Leadership Team.
In accordance with provision
39 of the Corporate
Governance Code, the
pension contribution rates
for Executive Directors
will be in line with those
available to the majority of
the workforce.
Annual Bonus
Plan
Rewards Executive
Directors for delivery
of pre-defined EBITDA
Group performance
target measures set
annually by the Board.
The performance against
these targets are
reviewed by the Audit and
Risk Committee to ensure
consistency in accounting
policies and review of any
material one-off impacts
that could be impacting
the results.
Annual bonus is a cash award based on a percentage of
base salary in line with market competitive annual bonus
practices, focused on specific performance metrics relevant
to each year. In certain circumstances the Committee will
have the discretion to reduce the size (“malus”) or require
the repayment (“clawback”) of the bonus following receipt
by the Executive Director.
The minimum annual
bonus is 0% of salary, if
performance falls below
expected standards. The
maximum annual bonus
opportunity will be in line
with market competitive
bonus practices and based
on company performance.
Exceptional
STIP Awards
Awarded in exceptional
circumstances to
attract and / or retain
colleagues that support
the transformation of the
Company.
An Exceptional STIP award is an exceptional award, which
may be awarded to recognise specific colleagues for their
contribution towards the transformation of the Company
and to support recruitment and/or retention. In certain
circumstances the Committee will have the discretion
to reduce the size (“malus”) or require the repayment
(“clawback”) of the award following receipt by the Executive
Director.
The maximum Exceptional
STIP award will be at the
discretion of the Committee
and will be payable in cash.
100 Annual Report and Accounts 2025
Element
Purpose and link to
strategy Operation Maximum Opportunity
Long-Term
Incentive Plan
(LTIP)
Designed to reward
delivery of shareholder
value in the medium-
to-long term, with
vesting conditional on
the achievement of
pre-defined EBITDA
performance hurdles.
The Remuneration Committee can award share options on
any of our active LTIPs. The Committee will take into account
market conditions and incentives of the wider workforce,
ensuring that UK Corporate Governance Code and
Investment Association Principles are considered.
Full details of the share option schemes operated by the
Group are set out in note 25.
No maximum, but the
Committee will consider
benchmark data and consult
with shareholders on
material awards.
Remuneration Policy notes:
• Performance measures - EBITDA has been selected to ensure senior leaders are incentivised to drive core operational
profitability. This measure focuses on revenue growth and cost discipline, the primary levers within management’s control -
which are essential for generating the cash flow required to fund the Group’s strategic transformation and future scaling.
• Performance targets – performance targets are set at levels designed to be appropriately stretching, calibrated against the
Board’s long-term strategic plan. These targets account for the necessary investment phase of our transformation while
ensuring that executive rewards remain contingent on delivering tangible growth milestones.
• Exceptional STIP awards (ESAs) – the Committee intends to use ESAs only in exceptional circumstances. They are designed to
ensure the ability to attract and retain mission-critical talent during pivotal periods of transformation. Such awards will only be
granted where the Committee deems it essential to protect shareholder value.
• Recruitment remuneration – the Committee may also consider compensating new senior leaders for remuneration that they
have forsaken from their previous employment.
Shareholding Guidelines
In line with provision 36 of the UK Corporate Governance Code and as outlined in last year’s report, the Committee has included
guidelines on Executive Director shareholding requirements both during and post-employment, within the Remuneration policy.
The policy encourages Executive Directors to hold vested shares with a value equal to at least 100% of their base salary within five
years of appointment. It also expects Executive Directors to retain shares equivalent to 100% of base salary for one year post-
employment and 50% for two years post-employment.
As at 31 December 2025, the CFO held 166,288 shares with an approximate value of £184,000, equating to ~62% of his 2025 salary
(2024: ~90%). During the year, the CFO increased his shareholding, purchasing 23,961 shares on 1 October 2025. The reduction
in percentage coverage year-on-year reflects movements in the Company’s share price rather than any reduction in the CFO’s
underlying shareholding or commitment to the policy. The Committee notes that progress towards the guideline should be
assessed over the longer term and considers the CFO remains on an appropriate trajectory towards achieving (and maintaining)
full alignment with shareholder interests. The CEO’s holding was 59.4% as of 31 December 2025.
Malus and Clawback
Malus and clawback provisions will apply to the Annual Bonus Plan, Exceptional STIP Award and Long-Term Incentive Plan for
a period of at least two years after payment or vesting and may be affected, among other means, by requiring the transfer of
shares, payment of cash or reduction of awards or bonuses. Circumstances in which malus and clawback may be applied include a
material misstatement of the Company’s financial accounts, fraud or gross misconduct on the part of the award-holder or an error
in calculating the award vesting outcome. Participants in the Annual Bonus Plan, Exceptional STIP Award and LTIP are required to
acknowledge their understanding and acceptance of the malus and clawback provisions as a pre-condition to participating in these
plans. The Committee is satisfied that the malus and clawback provisions are appropriate and enforceable.
Operation of Remuneration policy
The Remuneration Policy operated as intended during the year, in terms of both remuneration performance and quantum.
The policy has been subject to an annual review, with one change deemed necessary at this time to reflect the addition of
an Exceptional STIP award (‘ESA’), to be used in exceptional circumstances, where a senior leader is critical to the successful
transformation of the Company. The Remuneration Committee has proactively chosen not to apply discretion to any Executive
Director remuneration elements or outcomes during the 2025 performance year.
DIRECTORS’ REPORT
Directors’ Remuneration
Report (continued)
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Specifically, the Committee has reviewed the CFO’s eligibility for a bonus award for 2025 based upon financial performance. The
minimum target threshold for a bonus payout, which was £131m EBITDA (excluding acquisitions) for 2025, was not achieved. This
results in a 0% payout for the CFO under the Corporate Bonus Plan for 2025. No upward discretion on this matter was deemed
appropriate by the Committee.
Recognising that EBITDA targets for 2025 were not achieved due to slower acquisition integration and Group choices on
transformation investment, the Committee reviewed in detail the consequences of such for a small number of senior colleagues
that are of significant importance to the ongoing transformation of the Company. As EBITDA targets are solely used to determine
annual bonus plan and LTIP achievement, no awards will crystallise for 2025. The Committee determined that an ESA was
appropriate for a small number of senior colleagues, to support their continued engagement and the retention of critical talent
during this transformative period. This ESA will be satisfied in cash, through the sale of shares from the Company’s Employee
Benefit Trust.
Recruitment remuneration
The Committee’s approach to recruitment remuneration is to offer a package that is sufficient to attract, retain, and motivate talent
of the necessary calibre to execute the Company’s strategy, while remaining mindful of the need to pay no more than is necessary.
When determining the remuneration package for a new Executive Director, the Committee will target a total package that is broadly
consistent with the existing Remuneration Policy.
Loss of office policy
The Committee will honour Executive Directors’ contractual entitlements. Service contracts do not contain liquidated damages
clauses. If a contract is to be terminated, the Committee will determine such mitigation as it considers fair and reasonable in each
case. There are no contractual arrangements that would guarantee a pension with limited or no abatement on severance or early
retirement. Salary, benefits and pension will be paid over the notice period and the Committee has discretion to make a lump sum
payment in lieu of this value. In addition, the Committee may invoke a period of garden leave in advance of notice being served.
Non-executive Director remuneration policy
Element Purpose and Link to Strategy Operation and Opportunity
Chair Fee To attract and retain a Chair with the experience and
leadership skills necessary to lead an effective Board
and oversee the Group’s strategy.
The Chair receives a single all-inclusive annual fee.
The fee is reviewed periodically by the Remuneration
Committee (without the Chair present). Fees are
set taking into account the time commitment and
responsibility of the role, as well as market data for
companies of similar size and complexity.
NED Base Fee To attract and retain high-calibre individuals
who bring independent challenge and a range of
expertise to the Board.
NEDs receive a core base fee for service on the
Board. Fees are reviewed periodically by the Board
(without the NEDs present). There is no prescribed
maximum fee level, but increases are typically
aligned with those of the wider workforce or market
adjustments.
Additional Fees To recognise additional responsibilities and the
significant extra time commitment required for
specific Board roles.
Additional annual fees are payable to the Chair of
a Board Committee (Audit and Risk Committee;
Remuneration Committee).
Expenses &
Benefits
To ensure NEDs are not out-of-pocket for performing
their duties.
NEDs do not participate in any bonus or share plans.
They are entitled to reimbursement of reasonable
travel and subsistence expenses incurred in the
performance of their duties (and any associated tax
thereon). The Company provides Director & Officer
(D&O) liability insurance.
102 Annual Report and Accounts 2025
The Directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and
regulations.
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors are
required to prepare the Group financial statements in accordance with United Kingdom adopted international accounting
standards. The financial statements also comply with International Financial Reporting Standards (IFRSs) as issued by the IASB.
The Directors have chosen to prepare the parent Company financial statements in accordance with United Kingdom Generally
Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including FRS 101 “Reduced Disclosure
Framework”. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a
true and fair view of the state of affairs and profit or loss of the Company and the Group for that period.
In preparing these financial statements, the Directors are required to:
• Select suitable accounting policies and then apply them consistently;
• Make judgements and accounting estimates that are reasonable and prudent;
• Present information, including accounting policies, in a manner that provides relevant, reliable, comparable and
understandable information;
• State whether applicable accounting standards have been followed, subject to any material departures disclosed and
explained in the financial statements; and
• Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will
continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company’s
transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure
that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the
Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the
Company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may
differ from legislation in other jurisdictions.
Auditors
A resolution to reappoint Deloitte LLP as auditors to the Company will be proposed at the Annual General Meeting.
Disclosure of information to auditors
The Directors confirm that: so far as each Director is aware, there is no relevant audit information of which the Group’s auditors are
unaware, and the Directors have taken all steps that they ought to have taken in order to make themselves aware of any relevant
audit information and establish that the Group’s auditors are aware of that information. This confirmation is given and should be
interpreted in accordance with the provisions of s418 of the Companies Act 2006.
Annual General Meeting
The Annual General Meeting will be held on 28 April 2026 at John Carpenter House, John Carpenter Street, London EC4Y 0AN at
10am.
Approved by the Board and signed on its behalf by
Mike Danson
Chief Executive
1 March 2026
DIRECTORS’ REPORT
Statement of Directors’ responsibilities
in respect of the Annual Report and the
financial statements
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Annual Report and Accounts 2025104
Strategic Report / Directors’ Report / Auditor’s Report / Financial Statements
Independent
Auditor’s
Report
Strategic Report / Directors’ Report / Auditor’s Report / Financial Statements
Annual Report and Accounts 2025 105
106 Annual Report and Accounts 2025
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF GLOBALDATA PLC
Report on the audit of the financial statements
1. Opinion
In our opinion:
• the financial statements of GlobalData plc (the ‘Company’) and its subsidiaries (the ‘Group’) give a true and fair view of
the state of the Group’s and of the Company’s affairs as at 31 December 2025 and of the Group’s profit for the year then
ended;
• the Group financial statements have been properly prepared in accordance with United Kingdom adopted international
accounting standards and IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB);
• the parent Company financial statements have been properly prepared in accordance with United Kingdom Generally
Accepted Accounting Practice, including Financial Reporting Standard 101 “Reduced Disclosure Framework”; and
• the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.
We have audited the financial statements which comprise:
• the consolidated income statement;
• the consolidated statement of comprehensive income;
• the consolidated statement of financial position;
• the consolidated statement of changes in equity;
• the consolidated statement of cash flows;
• the related Notes 1 to 28 to the consolidated financial statements;
• the company statement of financial position;
• the company statement of changes in equity; and
• the related Notes 1 to 14 to the company financial statements.
The financial reporting framework that has been applied in the preparation of the Group financial statements is applicable law,
United Kingdom adopted international accounting standards and IFRS Accounting Standards as issued by the IASB. The financial
reporting framework that has been applied in the preparation of the parent Company financial statements is applicable law and
United Kingdom Accounting Standards, including FRS 101 “Reduced Disclosure Framework” (United Kingdom Generally Accepted
Accounting Practice).
2. Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our
responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the financial
statements section of our report.
We are independent of the Group and the Company in accordance with the ethical requirements that are relevant to our audit
of the financial statements in the UK, including the Financial Reporting Council’s (the ‘FRC’s’) Ethical Standard as applied to listed
entities, and we have fulfilled our other ethical responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
AUDITOR’S REPORT
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Report
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3. Summary of our audit approach
Key audit matters The key audit matters that we identified in the current year were:
• the accuracy of consulting revenue recognition; and
• impairment of the Company’s investment in Washington Topco Limited.
Within this report, key audit matters are identified as follows:
Newly identified
Materiality The materiality that we used for the Group financial statements was £3,900,000 (2024:
£4,000,000) equating to 1.2% of revenue. The materiality benchmark has been updated from
adjusted profit before tax in 2024 to revenue for 2025. This change is due to the share-based
payment credit in 2025, which would distort an earnings-based metric.
Scoping Our scoping covers 91% of Group revenue, 94% of Group profit before tax and 96% of Group net
assets.
Significant changes in
our approach
In our audit of the year ended 31 December 2024 we identified a key audit matter in relation to
the identification and valuation of intangible assets acquired as a result of the four material
acquisitions made by the Group in 2024. Due to the reduced number of acquisitions in 2025 we
have not identified this as a key audit matter.
In 2024 we also identified a key audit matter in relation to the accuracy of the Group’s recognition
of subscription revenue. We have not identified this as a key audit matter in 2025. However, we
have identified a key audit matter in relation to the accuracy of consultancy revenue. This is due
to the level of judgement required in revenue recognition, the increased complexities introduced
by recently acquired entities, and the growth in the Group’s consultancy sales, which increases
transaction volume and diversity.
In 2024, we identified a key audit matter in relation to the sale of minority interest in healthcare
division. Given that this was a one-off transaction in 2024, we have not identified this as a key audit
matter in 2025.
In 2025, due to the underperformance in the period, we have also identified a new key audit matter
in relation to the valuation of the investment in Washington Topco Limited held by the Company.
4. Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Directors’ use of the going concern basis of accounting in the
preparation of the financial statements is appropriate.
Our evaluation of the Directors’ assessment of the Group’s and Company’s ability to continue to adopt the going concern basis of
accounting included:
• obtaining an understanding of the controls related to management’s forecasting process;
• consideration of the cash held by the Group of £51.1m, net bank debt of £114.2m and further undrawn facilities of £124m
(excluding facilities for M&A purposes of £94m) in the context of the operating cash flow needs of the Group;
• consideration of the Group’s borrowing facilities which mature at the end of December 2027 with an option to extend for a
further year if agreed to by the lenders, including the forecast for utilisation of the facilities throughout the going concern
period;
• assessment and sensitivity analysis of the headroom on the Group’s cash flow forecasts including the assumptions within the
detailed budget for 2026 and the forecasts for the going concern period beyond 2026;
108 Annual Report and Accounts 2025
• evaluation of the Group’s borrowing covenants and review of the scenarios which could lead to a covenant breach and
evaluation of whether any of those scenarios are reasonably possible;
• testing the arithmetic accuracy of management’s model including agreement to the most recent Board approved budget and
forecast;
• assessment of the historical accuracy of management’s cash flow forecasts; and
• evaluation of the appropriateness of the going concern disclosures included in the financial statements.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that,
individually or collectively, may cast significant doubt on the Group’s and Company’s ability to continue as a going concern for a
period of at least twelve months from when the financial statements are authorised for issue.
In relation to the reporting on how the Group has applied the UK Corporate Governance Code, we have nothing material to add
or draw attention to in relation to the Directors’ statement in the financial statements about whether the Directors considered it
appropriate to adopt the going concern basis of accounting.
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of
this report.
5. Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial
statements of the current period and include the most significant assessed risks of material misstatement (whether or not due to
fraud) that we identified. These matters included those which had the greatest effect on: the overall audit strategy, the allocation
of resources in the audit; and directing the efforts of the engagement team.
These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion
thereon, and we do not provide a separate opinion on these matters.
AUDITOR’S REPORT
Independent Auditor’s
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5.1 Accuracy of consulting revenue recognition
Key audit matter
description
The Group has total revenue of £322.1m (2024: £285.5m).
Consulting is the Group’s second largest revenue stream, representing approximately 12% of
total Group consolidated revenue. The bespoke nature of consulting contracts, which often
contain multiple performance obligations, necessitates an increased level of judgement in
determining the correct treatment for revenue recognition and release of deferred revenue under
IFRS 15. Management’s accounting policy is to recognise consulting revenue once contractual
performance obligations have been delivered.
Given the growth in consulting revenue (both organic and from newly acquired entities), the
significant judgement involved within the revenue environment, and the level of audit effort
involved, we identified this as a key audit matter and a potential risk of fraud. The Group’s
accounting policies for revenue recognition are disclosed in Note 2 to the consolidated financial
statements.
How the scope of our
audit responded to the
key audit matter
Our audit procedures to test the accuracy of consulting revenue recognition included:
• obtaining an understanding of the Group’s business model and terms set out in customer
contracts and the sales process;
• obtaining an understanding of relevant controls over the sales process from the initiation of
sales orders to cash collection, including those related to the release of deferred revenue;
• obtaining an understanding of the relevant controls in relation to revenue recognition
including the review and approval of sales orders, the review of approved orders not yet
invoiced and the quarterly review of consulting revenue recognised;
• performing detailed testing by obtaining a sample of contract orders. For each order, we have
selected at least one performance obligation and agreed this to statements of work, evidence
of fulfilment of that performance obligation and related sales invoice.
Key observations Following our assessment of the controls related to consulting revenue, we communicated to
management and the Audit and Risk Committee the deficiencies in the implementation of manual
internal controls in the sales order approval process and the review of consulting revenue.
Whilst a number of immaterial adjustments were identified, based on the audit procedures
performed, we concluded that the accuracy of consulting revenue was appropriate.
110 Annual Report and Accounts 2025
5.2 Impairment of the Company investment in Washington Topco Limited
Key audit matter
description
In accordance with the requirements of IAS 36, the Directors have considered if there are
indicators of impairment of the Company’s investment in Washington Topco Limited.
Due to the underperformance against budget of the Washington Topco Limited Group in the
period, indicators of impairment have been identified. Therefore, as per the requirements of IAS
36, the recoverable value of the investment is determined as being the higher of the investment’s
fair value less costs to sell and its value in use (‘VIU’). Management have engaged a third party
specialist to assist in determination of the recoverable value of the investment.
There is significant judgement and complexity in the determination of the recoverable amount.
The impairment assessment is inherently uncertain with key assumptions relating to revenue,
margin, long-term growth rate and discount rates.
As detailed in note 7 to the Company financial statements, an impairment charge of £228.4m
has been recognised against the carrying value of the investment in Washington Topco Ltd of
£687.9m.
Due to the complexity and judgement required in the determination of the recoverable value, we
have identified a key audit matter with respect to the valuation of the investment of Washington
Topco Limited.
This is detailed in the key sources of estimation and uncertainties for the Company financial
statements in note 1, note 7 to the Company financial statements and in the Audit and Risk
Committee report on page 83.
How the scope of our
audit responded to the
key audit matter
Our audit procedures to test the impairment of Company investment in Washington Topco Limited
included:
• obtaining an understanding of the relevant controls over the impairment process;
• involving our valuation specialist to assess the reasonableness and appropriateness of
management’s fair value and value in use methodologies used against relevant accounting
guidance;
• involving our valuation specialist to assess the reasonableness of the inputs used in valuation
models for both fair value and value in use, including evaluation of discount rates,EBITDA
multiples for comparable Groups, appropriateness of revenue, margin and long-term growth
rate assumptions;
• challenging the assumptions applied by management in their determination of future
discounted cash flows by benchmarking key assumptions against relevant historical data;
• performing an independent re-calculation of management’s impairment calculation to test
the mathematical accuracy;
• assessing the competence, capabilities and objectivity of the third-party specialist engaged
by management;
• assessing the appropriateness of the related disclosures against the relevant requirements
of the accounting standards and the Companies Act 2006.
Key observations Based on the audit procedures performed, we concluded that the impairment charge, the
resulting carrying value of the investment and the associated disclosures, including those with
respect to the impairment as a key source of estimation uncertainty, are reasonable.
AUDITOR’S REPORT
Independent Auditor’s
Report (continued)
111Annual Report and Accounts 2025
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6. Our application of materiality
6.1 Materiality
We define materiality as the magnitude of misstatement in the financial statements that makes it probable that the economic
decisions of a reasonably knowledgeable person would be changed or influenced. We use materiality both in planning the scope of
our audit work and in evaluating the results of our work.
Based on our professional judgement, we determined materiality for the financial statements as a whole as follows:
Group financial statements Parent company financial statements
Materiality £3,900,000 (2024: £4,000,000) £1,950,000 (2024: £1,700,000)
Basis for
determining
materiality
1.2% of revenue.
In the prior year, materiality was determined based
on 6.1% of adjusted profit before tax.
Parent Company materiality has been determined
based on net assets but capped at 50% (2024:
50%) of Group materiality. Our materiality
represents 0.23% (2024: 0.15%) of net assets.
Rationale for
the benchmark
applied
We considered a range of measures, including
revenue, profit before tax, adjusted EBITDA
and profit before tax adjusted to exclude the
amortisation of acquired intangible assets.
We used revenue as our benchmark in 2025 as this
is a statutory measure which provides a consistent
benchmark to the users of the financial statements.
Adjusted profit before tax was impacted by the
share-based payment credit in 2025 creating
volatility and inconsistency in the adjusted profit
before tax metric we have historically used as our
benchmark.
Materiality represents 1.2% (2024: 1.4%) of revenue
and 4.8% (2024: 6.1%) of profit before tax adjusted
for the amortisation of acquired intangibles.
Net assets are considered an appropriate
benchmark for materiality as the parent Company
predominantly holds investments in trading
subsidiaries.
112 Annual Report and Accounts 2025
Group materiality £3.9m
Component performance
materiality range £1.3m to £1.7m
Audit and Risk Committee
reporting threshold
£0.195m
Revenue
Group materiality
Revenue £322m
6.2 Performance materiality
We set performance materiality at a level lower than materiality to reduce the probability that, in aggregate, uncorrected and
undetected misstatements exceed the materiality for the financial statements as a whole.
Group financial statements Parent Company financial statements
Performance
materiality 70% (2024: 60%) of Group materiality 70% (2024: 70%) of Company materiality
Basis and
rationale for
determining
performance
materiality
In determining performance materiality, we considered our past experience of the Group and our
risk assessment, including our assessment of the Group’s performance in the year, current business
environment as the Group prepares for a main market listing, control environment and the value and volume
of corrected and uncorrected misstatements identified during the prior year audit, as well as the likelihood
of these recurring in the current year.
6.3 Error reporting threshold
We agreed with the Audit and Risk Committee that we would report to the Committee all audit differences in excess of £195,000
(2024: £200,000), as well as differences below that threshold that, in our view, warranted reporting on qualitative grounds. We also
report to the Audit and Risk Committee on disclosure matters that we identified when assessing the overall presentation of the
financial statements.
7. An overview of the scope of our audit
7.1 Identification and scoping of components
We obtained an understanding of the group and its environment, including how components are organised within the Group and
the existence of Group-wide controls.
Our audit scoping has been performed utilising professional judgement to obtain sufficient coverage over significant account
balances identified at the Group level. Based on this assessment, we have performed specified audit procedures on one or more
significant classes of transactions, account balances or disclosures across the comparatively larger principal trading entities within
the UK, USA, India and the United Arab Emirates. For components where we have performed audit procedures over at least one
significant account, we have coverage of 91% (2024: 88%) of Group revenue, 94% (2024: 97%) of Group profit before tax and 96%
(2024: 99%) of Group net assets.
AUDITOR’S REPORT
Independent Auditor’s
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The component or legal entity account balances not covered by our audit scope were subject to analytical procedures confirming
that there were no significant risks of material misstatement in the aggregated financial information. We considered quantitative
and qualitative factors in our assessment, including the residual balances not covered by our audit scope both as a percentage of
the total consolidated amount of the significant account and as a multiple of Group materiality and the specific risks associated
with the component. Based on our assessment, we have concluded that audit risk has been reduced to an appropriately or
acceptably low level for all significant accounts.
In addition to the above, we also performed audit work on the Group and parent Company financial statements, including but not
limited to the consolidation of Group results, consolidation and top-side journal entries and preparation of the financial statements.
7.2 Our consideration of the control environment
In assessing the control environment of the Group, we identified four relevant IT systems. We obtained an understanding of the
controls in place and tested the general IT controls in relation to two of these: the main accounting system (SUN) and the sales
invoicing system (Salesforce). We did not seek to take reliance on these controls in our testing. As described in the Audit and Risk
Committee Report on page 81 ongoing investment is required in the Group’s systems to further enhance processes and improve
the control environment.
We also obtained an understanding of key manual controls to address the risk of management override, the risk of potential fraud
in revenue recognition and key judgments and estimates. We have been unable to place reliance over relevant controls due to
deficiencies identified in the design and implementation of certain controls.
Given the high degree of centralisation in processes and systems in the Group, we obtained an understanding of internal controls
over financial reporting and revenue recognition across all in scope entities at the Group level.
Accordingly, consistent with the prior year, and in line with our audit plan, we did not rely on IT or manual controls and extended
the scope of our substantive audit procedures and procedures over the entity’s information used in our audit in response to the
deficiencies identified.
7.3 Our consideration of climate-related risks
In planning our audit, we made enquiries of management to understand the extent of the potential impact of climate change risk on
the Group’s financial statements.
We also involved specialists in our assessment of the disclosures and climate impact during our audit process.
Audit of one or more significant classes of
transactions, account balances or disclosures
Review at group level
91+9+A94+6+A96+4+A
Revenue
Profit
before tax
Net assets
9%
6%
4%
91%
94% 96%
114 Annual Report and Accounts 2025
As disclosed in Note 1, management concluded that there was no material impact on the financial statements. Our evaluation of this
conclusion included challenging key judgements and estimates in areas where we considered that there was greatest potential for
climate change impact.
We also considered the consistency of the climate change disclosures included in the Strategic Report on page 50 with the
financial statements and our knowledge from our audit.
7.4 Working with other auditors
We used one component audit team in India during the audit of the financial statements for the year ended 31 December 2025
(2024: one) and we were in regular contact with them throughout the year to direct, supervise and review their audit approach.
We held team briefings with the component audit team, to discuss the Group risk assessment and our audit instructions, to confirm
their understanding of the business and to discuss their local risk assessment. We also held a joint audit close meeting with local
and Group management, performed technology-enabled remote reviews of their working papers and reviewed their reporting to us
on the findings of their work.
7.5 Use of audit technology
We embed technology throughout our audit to improve quality and effectiveness, including in the areas of planning and scoping,
project management, risk assessment, substantive testing and reporting insights to management and the Audit and Risk
Committee.
Our data analytical tools allow us to analyse large data sets. We utilise data analytics to recalculate subscription revenue
recognised by the Group in the period and the related deferred revenue balance at period end subjecting 100% of the subscription
revenue and deferred revenue balances within the components scoped in for our testing. We also use data analytics to reconcile
the general ledger transactions to the monthly payroll reports and utilise this in our testing of payroll and related expenses.
In addition, we used profiling technology to identify journal entries that exhibit potential fraud characteristics in testing the
appropriateness of journal entries and other adjustments.
8. Other information
The other information comprises the information included in the annual report, other than the financial statements and our
auditor’s report thereon. The Directors are responsible for the other information contained within the annual report.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated
in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent
with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated.
If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives
rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that
there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
9. Responsibilities of Directors
As explained more fully in the Statement of Directors’ responsibilities, the Directors are responsible for the preparation of the
financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors
determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to
fraud or error.
In preparing the financial statements, the Directors are responsible for assessing the Group’s and the Company’s ability to continue
as a going concern, disclosing as applicable, matters related to going concern and using the going concern basis of accounting
unless the Directors either intend to liquidate the Group or the Company or to cease operations, or have no realistic alternative but
to do so.
AUDITOR’S REPORT
Independent Auditor’s
Report (continued)
115Annual Report and Accounts 2025
Strategic Report / Directors’ Report / Auditor’s Report / Financial Statements
10. Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a
high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial
statements.
A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at:
www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
11. Extent to which the audit was considered capable of detecting irregularities,
including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our
responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which
our procedures are capable of detecting irregularities, including fraud is detailed below.
11.1 Identifying and assessing potential risks related to irregularities
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with
laws and regulations, we considered the following:
• the nature of the industry and sector, control environment and business performance including the design of the Group’s
remuneration policies, key drivers for Directors’ remuneration, bonus levels and performance targets;
• the Group’s own assessment of the risks that irregularities may occur either as a result of fraud or error, that is continually
assessed by the board during every Audit and Risk Committee meeting throughout the year;
• results of our enquiries of management, the Directors and the Audit and Risk Committee about their own identification and
assessment of the risks of irregularities, including those that are specific to the Group’s sector;
• any matters we identified having obtained and reviewed the Group’s documentation of their policies and procedures relating
to:
• identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of
non-compliance;
• detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged
fraud;
• the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and
• the matters discussed among the audit engagement team including component audit teams and relevant internal specialists,
including tax, IT, climate, valuation and share based payment specialists regarding how and where fraud might occur in the
financial statements and any potential indicators of fraud.
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud
and identified the greatest potential for fraud in the accuracy of consulting revenue recognition. In common with all audits under
ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
We also obtained an understanding of the legal and regulatory framework that the Group operates in, focusing on provisions
of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial
statements. The key laws and regulations we considered in this context included the UK Companies Act and tax legislation in the
jurisdictions in which the Group operates.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but
compliance with which may be fundamental to the Group’s ability to operate or to avoid a material penalty.
116 Annual Report and Accounts 2025
11.2 Audit response to risks identified
As a result of performing the above, we identified the accuracy of consulting revenue recognised as a key audit matter related to
the potential risk of fraud. The key audit matters section of our report explains the matter in more detail and also describes the
specific procedures we performed in response to that key audit matter.
In addition to the above, our procedures to respond to risks identified included the following:
• reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions
of relevant laws and regulations described as having a direct effect on the financial statements;
• enquiring of management, the Audit and Risk Committee and in-house and external legal counsel concerning actual and
potential litigation and claims;
• performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material
misstatement due to fraud;
• reading minutes of meetings of those charged with governance;
• in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and
other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential
bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of
business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members including
internal specialists and component audit teams and remained alert to any indications of fraud or non-compliance with laws and
regulations throughout the audit.
Report on other legal and regulatory requirements
12. Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial
statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the Company and their environment obtained in the course
of the audit, we have not identified any material misstatements in the strategic report or the Directors’ Report.
13. Opinion on other matter prescribed by our engagement letter
In our opinion the part of the Directors’ Remuneration Report to be audited has been properly prepared in accordance with the
provisions of the Companies Act 2006 that would have applied were the Company a quoted Company.
AUDITOR’S REPORT
Independent Auditor’s
Report (continued)
117Annual Report and Accounts 2025
Strategic Report / Directors’ Report / Auditor’s Report / Financial Statements
14. Corporate Governance Statement
Based on the work undertaken as part of our audit, we have concluded that each of the following elements of the Corporate
Governance Statement is materially consistent with the financial statements and our knowledge obtained during the audit:
• the Directors’ statement with regards to the appropriateness of adopting the going concern basis of accounting and any
material uncertainties identified set out on page 58;
• the Directors’ explanation as to its assessment of the Group’s prospects, the period this assessment covers and why the
period is appropriate set out on page 58;
• the Directors’ statement on fair, balanced and understandable set out on page 65;
• the Board’s confirmation that it has carried out a robust assessment of the emerging and principal risks set out on
page36;
• the section of the annual report that describes the review of effectiveness of risk management and internal control
systems set out on page 36 and
• the section describing the work of the Audit and Risk Committee set out on page 79.
15. Matters on which we are required to report by exception
15.1 Adequacy of explanations received and accounting records
Under the Companies Act 2006 we are required to report to you if, in our opinion:
• we have not received all the information and explanations we require for our audit; or
• adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been
received from branches not visited by us; or
• the parent Company financial statements are not in agreement with the accounting records and returns.
We have nothing to report in respect of these matters.
15.2. Directors’ remuneration
Under the Companies Act 2006 we are also required to report if in our opinion certain disclosures of Directors’ remuneration have
not been made.
We have nothing to report in respect of this matter.
16. Use of our report
This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act
2006. Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to
state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the Company and the Company’s members as a body, for our audit work, for this report, or for
the opinions we have formed.
Scott Bayne FCA (Senior Statutory Auditor)
For and on behalf of Deloitte LLP
Statutory Auditor
Leeds, United Kingdom
1 March 2026
The investment case for GlobalData remains
compelling:
• Strong defensive moat around high quality and
proprietary data and insights.
• Market-leading position in large, growing markets
for data and analytics.
• Resilient subscription model with high visibility
and predictable cash flows.
• Significant AI-enabled growth opportunities
ahead of the curve.
• Proven M&A platform with capacity and pipeline
for value creation.
• Clear pathway to margin expansion and
accelerating growth.
• Strong management team with track record of
value creation.
Annual Report and Accounts 2025118
FinancialFinancial
StatementsStatements
Group
Consolidated Income Statement
120
Consolidated Statement of Comprehensive Income 121
Consolidated Statement of Financial Position 122
Consolidated Statement of Changes in Equity 123
Consolidated Statement of Cash Flows 124
Notes to the Consolidated Financial Statements 125
Company
Company Statement of Financial Position
184
Company Statement of Changes in Equity 185
Notes to the Company Financial Statements 186
Strategic Report / Directors’ Report / Auditor’s Report / Financial Statements
Annual Report and Accounts 2025 119
Annual Report and Accounts 2025
Year ended | Year ended | ||
£m | Notes | 31 December 2025 | 31 December 2024 |
| Continuing operations | |||
Revenue | 5 | ||
Cost of sales | 6 | ( | ( |
Gross profit | |||
Administrative costs | 6 | ( | ( |
Losses on trade receivables | 6 | ( | ( |
Share of results of associates | 28 | ||
Other income | |||
Operating profit | |||
Net finance costs | 10 | ( | ( |
Profit before tax | |||
Income tax expense | 11 | ( | ( |
Profit for the year | |||
| Attributable to: | |||
Equity holders of the parent | |||
Non-controlling interest | |||
| Earnings per share attributable to equity holders: | |||
Basic earnings per share (pence) | 12 | ||
Diluted earnings per share (pence) | 12 |
The accompanying notes form an integral part of these financial statements.
120
FINANCIAL STATEMENTS
Consolidated Income Statement
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Year ended | Year ended | ||
£m | Notes | 31 December 2025 | 31 December 2024 |
Profit for the year | |||
| Other comprehensive income | |||
| Items that will be classified subsequently to profit or loss | |||
| when specific conditions are met: | |||
Net exchange (loss)/gain on translation of foreign entities | 24 | ( | |
Other comprehensive (loss)/income, net of tax | ( | ||
Total comprehensive income for the year | |||
| Attributable to: | |||
Equity holders of the parent | |||
Non-controlling interest |
The accompanying notes form an integral part of these financial statements.
121
FINANCIAL STATEMENTS
Consolidated Statement of
Comprehensive Income
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£m | Notes | 31 December 2025 | 31 December 2024 |
| Non-current assets | |||
Property, plant and equipment | 14 | ||
Goodwill | 13 | ||
Other intangible assets | 13 | ||
Investment in associate | 28 | ||
Deferred tax assets | 18 | ||
| Current assets | |||
Trade and other receivables | 17 | ||
Current tax receivable | |||
Short-term derivative assets | 16 | ||
Cash and cash equivalents | |||
Total assets | |||
| Current liabilities | |||
Trade and other payables | 19 | ( | ( |
Deferred revenue | 5 | ( | ( |
Short-term lease liabilities | 15 | ( | ( |
Current tax payable | ( | ( | |
Short-term derivative liabilities | 16 | ( | ( |
Short-term provisions | 23 | ( | |
( | ( | ||
Net current liabilities | ( | ( | |
| Non-current liabilities | |||
Long-term trade and other payables | 19 | ( | ( |
Deferred revenue | 5 | ( | ( |
Long-term provisions | 23 | ( | ( |
Deferred tax liabilities | 18 | ( | |
Long-term lease liabilities | 15 | ( | ( |
Long-term borrowings | 20 | ( | ( |
( | ( | ||
Total liabilities | ( | ( | |
Net assets | |||
| Equity | |||
Share capital | 24 | ||
Treasury reserve | 24 | ( | ( |
Other reserve | 24 | ( | ( |
Foreign currency translation reserve | 24 | ( | ( |
Retained profit | |||
Equity attributable to equity holders of the parent | |||
Non-controlling interest | 24 | ||
Total equity |
Company Name: GlobalData Plc. Company Number: 03925319.
The accompanying notes form an integral part of these financial statements.
122
FINANCIAL STATEMENTS
Consolidated Statement of
Financial Position
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| Equity | |||||||||
Foreign | attributable | ||||||||
currency | to equity | Non- | |||||||
Share | Treasury | Other | translation | Retained | holders of | controlling | Tota l | ||
£m | Notes | capital | reserve | reserve | reserve | profit | the parent | interest | equity |
Balance at 1 January 2024 | ( | ( | ( | ||||||
Profit for the year | |||||||||
| Other comprehensive income: | |||||||||
Net exchange (loss)/gain on translation of foreign entities | 24 | ( | ( | ||||||
Total comprehensive income for the year | ( | ||||||||
| Transactions with owners: | |||||||||
Share buyback | 24 | ( | ( | ( | |||||
Dividends | 24 | ( | ( | ( | |||||
Vesting of share options | 25 | ( | |||||||
Gain from sale of 40% of Healthcare business, net of transaction costs incurred | 24 | ( | |||||||
Equity issued to holders of non-controlling interest | 24 | ||||||||
Share buyback and cancellation scheme | 24 | ( | ( | ( | |||||
Share-based payments charge | 25 | ||||||||
Tax on share-based payments | 11 | ||||||||
Balance at 31 December 2024 | ( | ( | ( | ||||||
Profit for the year | |||||||||
| Other comprehensive income: | |||||||||
Net exchange loss on translation of foreign entities | 24 | ( | ( | ( | ( | ||||
Total comprehensive income for the year | ( | ||||||||
| Transactions with owners: | |||||||||
Share buyback | 24 | ( | ( | ( | |||||
Dividends | 24 | ( | ( | ( | |||||
Vesting of share options | 25 | ( | |||||||
Gain from completion of sale of 40% of Healthcare business | 24 | ( | |||||||
Share buyback and cancellation scheme | 24 | ( | ( | ( | |||||
Share-based payments credit | 25 | ( | ( | ( | ( | ||||
Tax on share-based payments | 11 | ( | ( | ( | ( | ||||
Balance at 31 December 2025 | ( | ( | ( |
The accompanying notes form an integral part of these financial statements.
123
FINANCIAL STATEMENTS
Consolidated Statement of
Changes in Equity
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Annual Report and Accounts 2025
Year ended | Year ended | ||
£m | Notes | 31 December 2025 | 31 December 2024 |
| Cash flows from operating activities | |||
Profit for the year | |||
| Adjustments for: | |||
Depreciation | 14 | ||
Amortisation | 13 | ||
Other income | ( | ( | |
Net exchange differences | ( | ||
Impairment | |||
Net finance costs | 10 | ||
Taxation recognised in profit or loss | 11 | ||
Share-based payments (credit)/charge | 25 | ( | |
Decrease/(increase) in trade and other receivables | 22 | ( | |
(Decrease)/increase in trade and other payables | 22 | ( | |
Revaluation of short- and long-term derivatives | 16 | ( | |
Increase in provisions | 23 | ||
Cash generated from operations | |||
Interest paid | ( | ( | |
Income taxes paid | ( | ( | |
Contingent consideration paid | 27 | ( | ( |
Total cash flows from operating activities | |||
| Cash flows from investing activities | |||
Acquisitions | 27 | ( | ( |
Proceeds from disposal of subsidiary | 7 | ||
Purchase of property, plant and equipment | 14 | ( | ( |
Purchase of intangible assets | 13 | ( | ( |
Total cash flows used in investing activities | ( | ( | |
| Cash flows from financing activities | |||
Settlement of borrowings in relation to acquisitions | 27 | ( | ( |
Proceeds from borrowings | 20 | ||
Repayment of borrowings | 20 | ( | |
Loan refinancing fee | 20 | ( | ( |
Acquisition of own shares | 24 | ( | ( |
Acquisition of own shares for cancellation | 24 | ( | ( |
Principal elements of lease payments | 20 | ( | ( |
Dividends paid | 24 | ( | ( |
Proceeds from sale of 40% of Healthcare business to non-controlling interest | 24 | ||
Receipt of loan from related party | 24 | ||
| Transaction costs relating to sale of 40% of Healthcare business | |||
to non-controlling interest | 24 | ( | |
Total cash flows (used in)/from financing activities | ( | ||
Net increase in cash and cash equivalents | |||
Cash and cash equivalents at beginning of year | |||
Effects of currency translation on cash and cash equivalents | ( | ||
Cash and cash equivalents at end of year |
The accompanying notes form an integral part of these financial statements.
124
FINANCIAL STATEMENTS
Consolidated Statement of
Cash Flows
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125
FINANCIAL STATEMENTS
Notes to the Consolidated
Financial Statements
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126
FINANCIAL STATEMENTS
Notes to the Consolidated
Financial Statements (continued)
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127
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128
FINANCIAL STATEMENTS
Notes to the Consolidated
Financial Statements (continued)
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129
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130
FINANCIAL STATEMENTS
Notes to the Consolidated
Financial Statements (continued)
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131
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FINANCIAL STATEMENTS
Notes to the Consolidated
Financial Statements (continued)
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133
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| Share-based payments and associated | Share-based payment expenses are excluded from Adjusted EBITDA as they |
| costs | are a predominantly non-cash charge and the awards are equity-settled. |
| Impairment | The Group excludes these costs from Adjusted EBITDA where the nature of the |
| item, or its size, is not related to the operational performance of the Group and | |
| allows for comparability of underlying results. | |
| Revaluation of short- and long-term | Gains and losses are recognised within Adjusted EBITDA when they are realised |
| derivatives | in cash terms and therefore we exclude non-cash movements arising from |
| Unrealised operating foreign exchange | fluctuations in exchange rates which better aligns Adjusted EBITDA with the |
| cash performance of the business. | |
| gain/loss |
| Restructuring, corporate projects and | The Group excludes these costs where the nature of the item, or its size, is not |
| refinancing costs | related to the operational performance of the Group and allows for |
| Acquisition and integration costs (including | comparability of underlying results. |
| contingent consideration) | |
| Amortisation and impairment of acquired | The amortisation charge for those intangible assets recognised on business |
| intangible assets | combinations is excluded since they are non-cash charges arising from |
| historical investment activities. Any impairment charges recognised in relation | |
| to these intangible assets are also excluded. This is a common adjustment | |
| made by acquisitive information service businesses and is therefore consistent | |
| with peers. Revenues associated with acquisitions, in the year of acquisition, | |
| are excluded from the calculation of underlying revenue. |
134
FINANCIAL STATEMENTS
Notes to the Consolidated
Financial Statements (continued)
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135
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A reconciliation of revenue to Profit after Tax on a reportable segment basis is set out below:
Year ended 31 December 2025
DA&I: | DA&I: | |||
£m | Non-Healthcare | Healthcare | Corporate | Total |
Revenue | 198.8 | 123.3 | – | 322.1 |
Operating costs | (148.6) | (61.5) | (1.8) | (211.9) |
Adjusted EBITDA | 50.2 | 61.8 | (1.8) | 110.2 |
Share-based payments credit | 10.7 | 4.7 | – | 15.4 |
| Restructuring, corporate projects and refinancing | ||||
costs | (5.7) | (1.5) | (4.0) | (11.2) |
Acquisition and integration costs | (5.8) | (1.3) | – | (7.1) |
Costs relating to share-based payment schemes | (1.5) | (0.2) | – | (1.7) |
Revaluation gain on short- and long-term derivatives | 0.6 | 0.6 | – | 1.2 |
Unrealised operating foreign exchange (loss)/gain | (2.0) | 2.4 | – | 0.4 |
India Wage Code liability true-up | (1.3) | (0.4) | – | (1.7) |
Amortisation of acquired intangibles | (9.6) | (2.5) | – | (12.1) |
| Amortisation (excluding amortisation of acquired | ||||
intangible assets) | (4.2) | (0.1) | – | (4.3) |
Depreciation | (4.9) | (1.7) | – | (6.6) |
Impairment | (1.3) | – | – | (1.3) |
Finance costs | (7.2) | (4.8) | – | (12.0) |
Taxation | (4.7) | (14.4) | – | (19.1) |
Profit after tax | 13.3 | 42.6 | (5.8) | 50.1 |
136
FINANCIAL STATEMENTS
Notes to the Consolidated
Financial Statements (continued)
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DA&I: | DA&I: | |||
£m | Non-Healthcare | Healthcare | Corporate | Total |
Revenue | 176.1 | 109.4 | – | 285.5 |
Operating costs | (117.9) | (48.5) | (2.3) | (168.7) |
Adjusted EBITDA | 58.2 | 60.9 | (2.3) | 116.8 |
| Unallocated group costs: | ||||
Share-based payments charge | (24.1) | |||
Restructuring, corporate projects and refinancing costs | (5.3) | |||
Acquisition and integration costs | (4.0) | |||
Costs relating to share-based payment schemes | (0.3) | |||
Revaluation loss on short- and long-term derivatives | (1.7) | |||
Unrealised operating foreign exchange gain | 0.3 | |||
Amortisation of acquired intangibles | (8.9) | |||
| Amortisation (excluding amortisation of acquired | ||||
intangible assets) | (1.9) | |||
Depreciation | (5.8) | |||
Finance costs | (10.2) | |||
Taxation | (18.4) | |||
Profit after tax | 36.5 |
| Total | |||||
DA&I: | Remaining | Reported to | |||
£m | Healthcare | Group | CODM | Reclassifications* | Total |
Non-current assets | 78.3 | 462.7 | 541.0 | – | 541.0 |
Current assets | 73.8 | 74.3 | 148.1 | – | 148.1 |
Total assets | 152.1 | 537.0 | 689.1 | – | 689.1 |
Current liabilities | (53.7) | (115.5) | (169.2) | 3.8 | (165.4) |
Non-current liabilities | (42.4) | (151.5) | (193.9) | (3.8) | (197.7) |
Total liabilities | (96.1) | (267.0) | (363.1) | – | (363.1) |
137
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As at 31 December 2024
| Total | |||||
DA&I: | Remaining | Reported to | |||
£m | Healthcare | Group | CODM | Reclassifications* | Total |
Non-current assets | 77.1 | 435.9 | 513.0 | – | 513.0 |
Current assets | 61.7 | 81.1 | 142.8 | – | 142.8 |
Total assets | 138.8 | 517.0 | 655.8 | – | 655.8 |
Current liabilities | (59.9) | (111.0) | (170.9) | 4.4 | (166.5) |
Non-current liabilities | (36.1) | (27.9) | (64.0) | (4.4) | (68.4) |
Total liabilities | (96.0) | (138.9) | (234.9) | – | (234.9) |
* Certain balances reported to the CODM have been reclassified to conform with the presentation in the Consolidated Statement of Financial
Position.
Asia | Rest of | ||||||
£m | UK | Europe | Americas 1 | Pacific | MENA 2 | World | Total |
Revenue from external customers | 48.8 | 85.1 | 126.8 | 28.6 | 22.9 | 9.9 | 322.1 |
Asia | Rest of | ||||||
£m | UK | Europe | Americas 1 | Pacific | MENA 2 | World | Total |
Revenue from external customers | 44.3 | 78.2 | 104.0 | 27.7 | 22.2 | 9.1 | 285.5 |
5. Revenue
The Group generates revenue from services provided over a period of time such as recurring subscriptions and other services
which are deliverable at a point in time such as reports, events and custom research.
Subscription income for online services, data and analytics (typically 12 months) is normally invoiced at the beginning of the
services and is therefore recognised as a contract liability, “deferred revenue”, in the statement of financial position. Revenue is
recognised evenly over the period of the contractual term as the performance obligations are satisfied evenly over the term of
subscription.
The revenue on services delivered at a point in time is recognised when our contractual obligation is satisfied, such as delivery of a
static report, delivery of a milestone within a consultancy project or delivery of an event. The obligation on these types of contracts
is a discrete obligation, which once met satisfies the Group performance obligation under the terms of the contract.
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Notes to the Consolidated
Financial Statements (continued)
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Any invoiced contracted amounts which are still subject to performance obligations and where the payment has been received or is
contractually due are recognised within deferred revenue at the statement of financial position date. Typically, the Group receives
settlement of cash at the start of each contract and standard terms are zero days. Similarly, if the Group satisfies a performance
obligation before it receives the consideration or is contractually due the Group recognises a contract asset within accrued income
in the statement of financial position.
| Deferred Revenue recognised within | ||||
Revenue recognised in the | the Consolidated Statement of | |||
Consolidated Income Statement | Financial Position | |||
Year ended | Year ended | As at | As at | |
31 December 2025 | 31 December 2024 | 31 December 2025 | 31 December 2024 | |
| £m | Restated* | |||
| Services transferred: | ||||
Over a period of time | 237.0 | 215.2 | 89.6 | 89.0 |
At a point in time | 85.1 | 70.3 | 27.7 | 25.6 |
Total | 322.1 | 285.5 | 117.3 | 114.6 |
* Management have identified that £12.6m of deferred revenue previously classified as services transferred over a period of time, should have been
reported as services transferred at a point in time, as such, whilst this is not material, the prior period comparatives have been restated to reflect
this change.
As subscriptions are typically for periods of 12 months the majority of deferred revenue held at 31 December will be recognised in
the income statement in the following year. As at 31 December 2025, £1.4m (2024: £1.7m) of the deferred revenue balance will be
recognised beyond the next 12 months and therefore has been presented within non-current liabilities within the Consolidated
Statement of Financial Position as at 31 December 2025. In the year ended 31 December 2025 the Group recognised revenue of
£112.9m (2024: £102.6m) that was included in the deferred revenue balance at the beginning of the period. The opening deferred
revenue balance as at 1 January 2024 was £104.6m.
As at 31 December 2025, the total non-cancellable obligations within deferred revenue to fulfil revenue amounted to £117.3m (2024:
£114.6m). As at the same date, the total non-cancellable obligations within Invoiced Forward Revenue to fulfil revenue amounted to
£147.4m (2024: £145.3m). Movement in the deferred revenue balance within the year relates to releases of revenue to the
consolidated income statement due to contractual obligations being satisfied, offset by new customer invoices raised in the year
where the performance obligations are yet to be satisfied.
In instances where the Group enters into transactions involving a range of the Group’s services, for example a subscription and
custom research, the total transaction price for a contract is allocated amongst the various performance obligations based on their
relative stand-alone selling prices.
Year ended | Year ended | |
£m | 31 December 2025 | 31 December 2024 |
Cost of sales | 161.7 | 136.6 |
Administrative costs | 77.9 | 83.4 |
239.6 | 220.0 | |
Losses on trade receivables | 1.7 | 1.0 |
Total operating expenses | 241.3 | 221.0 |
Annual Report and Accounts 2025
Year ended | Year ended | |
£m | 31 December 2025 | 31 December 2024 |
Depreciation of property, plant and equipment | 6.6 | 5.8 |
Amortisation of intangible assets | 16.4 | 10.8 |
Gain (including realised and unrealised) on foreign exchange | – | (1.0) |
Auditor’s remuneration | 2.7 | 1.8 |
Year ended | Year ended | |
£m | 31 December 2025 | 31 December 2024 |
Audit of the Company’s and the consolidated financial statements | 0.7 | 0.8 |
Audit of the subsidiary companies’ financial statements | 0.9 | 0.9 |
All other services (including half year review) | 1.1 | 0.1 |
Total auditor’s remuneration | 2.7 | 1.8 |
7. Adjusting items
Year ended | Year ended | |
£m | 31 December 2025 | 31 December 2024 |
Share-based payments (credit)/charge | (15.4) | 24.1 |
Amortisation of acquired intangibles | 12.1 | 8.9 |
Restructuring, corporate projects and refinancing costs | 11.2 | 5.3 |
Acquisition and integration costs | 7.1 | 4.0 |
India Wage Code liability true-up | 1.7 | – |
Costs relating to share-based payments scheme | 1.7 | 0.3 |
Revaluation (gain)/loss on short- and long-term derivatives | (1.2) | 1.7 |
Unrealised operating foreign exchange gain | (0.4) | (0.3) |
Impairment | 1.3 | – |
Total adjusting items | 18.1 | 44.0 |
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FINANCIAL STATEMENTS
Notes to the Consolidated
Financial Statements (continued)
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The adjustments made are as follows:
• The share-based payments (credit)/charge is in relation to the share-based compensation plans (detailed in note 25) under
which the entity receives services from employees as consideration for equity instruments (options) of the Group. The fair
value of the employee services received in exchange for the grant of the options and awards is recognised as an expense in
the income statement. The total amount to be expensed is determined by reference to the fair value of the options granted.
The original fair value on grant date is charged to the income statement based upon the Monte-Carlo method. Following
modification on 30 November 2022, an additional charge for the beneficial modification was determined by the Black-Scholes
method. The options vest once certain financial targets have been achieved. A credit has been recognised in relation to the
share-based payment schemes this year due to the EBITDA target for financial year ended 31 December 2025 not being met,
and the expectation that the EBITDA target for the financial year ending 31 December 2026 is unlikely to be met. This has
resulted in share-based payments charges recognised in prior years being reversed in the current year.
• The amortisation charge for those intangible assets recognised on business combinations.
• Restructuring and corporate project costs totalling £11.1m have been recognised within the Group, which have principally
arisen as a result of exit costs linked to restructuring projects and legal fees relating to the share tender performed during the
year. This category also contains corporate project costs associated with the proposed AIM to Main Market movement and
defence costs for the Private Equity approaches in the first half of 2025. Refinancing costs totalling £0.1m have also been
recognised within the Group.
• On 31 October 2025, the Group completed the sale of 100% of the share capital of Internet Business Group Limited, for cash
consideration of £1.3m. Net of cash held by the entity at the date of disposal, the net cash proceeds to the Group from the
disposal were £0.8m. Upon disposal of the subsidiary entity, the Group made a net gain of £0.2m including legal fees incurred
in relation to the sale, which is included within restructuring costs.
• Acquisition and integration costs includes legal and professional fees and integration related expenses incurred in relation to
recent acquisitions made by the Group (see note 27). Included within this category are contingent consideration amounts
relating to payments due to the previous owners of LinkUp and Ai Palette and retention bonuses due to employees of Celent
between 2025 and 2026. These have been treated as remuneration costs due to being contingent upon the former owners
remaining as employees of the Group at the time of payment.
• India Wage Code liability true-up costs of £1.7m which relate to prior years have been recognised in relation to increased
gratuity and leave encashment provisions required as a result of changes in the Wage code in India which was enacted during
the year.
• Costs relating to share-based payments scheme consist of professional fees incurred in advice obtained relating to the
scheme. Additionally included is the anticipated cost associated with a legal claim connected with the share-based payments
scheme.
• The revaluation of short- and long-term derivatives relates to movement in the fair value of the short- and long-term
derivatives detailed in note 16.
• Unrealised operating foreign exchange gains and losses relate to non-cash exchange gains and losses made on operating
items.
• Impairment charges of £1.3m have been recognised of which £1.2m relates to a leasehold property as detailed in note 14.
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8. Particulars of employees
Employee benefit expense
Year ended | Year ended | |
£m | 31 December 2025 | 31 December 2024 |
Wages and salaries | 147.2 | 121.9 |
Social security costs | 13.1 | 9.8 |
Pension costs | 2.9 | 1.8 |
Share-based payments (credit)/charge (note 25) | (15.4) | 24.1 |
147.8 | 157.6 |
Termination costs incurred during the year amounted to £0.5m (2024: £0.2m). Pension costs represent payments made into
defined contribution schemes.
Number of employees
The average monthly number of persons, including Executive Directors, employed by the Group during the year was as follows:
Year ended | Year ended | |
31 December 2025 | 31 December 2024 | |
No. | No. | |
Researchers and analysts | 2,779 | 2,783 |
Sales and admin | 876 | 774 |
3,655 | 3,557 |
There were no persons employed by the Company during the year (2024: nil).
Year ended | Year ended | |
£m | 31 December 2025 | 31 December 2024 |
Short-term employee benefits | 5.0 | 3.7 |
Post-employment benefits | 0.1 | 0.1 |
Share-based payments (credit)/charge | (3.2) | 8.7 |
1.9 | 12.5 |
142
FINANCIAL STATEMENTS
Notes to the Consolidated
Financial Statements (continued)
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Year ended | Year ended | |
£m | 31 December 2025 | 31 December 2024 |
Loan interest cost | 10.8 | 13.6 |
Lease interest cost | 1.2 | 1.1 |
Revaluation of interest rate swap | – | (2.8) |
Other interest cost | 0.2 | – |
Other interest income | (0.2) | (1.7) |
12.0 | 10.2 |
11. Income tax
Year ended | Year ended | |
£m | 31 December 2025 | 31 December 2024 |
| Income statement | ||
| Current income tax: | ||
Current income tax | (15.4) | (43.3) |
Adjustments in respect of prior years | (0.6) | 0.3 |
(16.0) | (43.0) | |
| Deferred income tax: | ||
Relating to origination and reversal of temporary differences | (5.6) | 25.1 |
Effect of change in tax rates | (0.1) | (0.1) |
Adjustments in respect of deferred tax of previous years | 0.1 | (0.8) |
Movement in unrecognised deferred tax | 2.5 | 0.4 |
(3.1) | 24.6 | |
Total income tax expense in income statement | (19.1) | (18.4) |
Year ended | Year ended | |
£m | 31 December 2025 | 31 December 2024 |
| Recognised in statement of changes in equity | ||
Corporation tax income on share options exercised | 0.2 | 0.4 |
Deferred tax expense on share-based payments | (2.7) | – |
Total tax (expense)/income recognised directly in equity | (2.5) | 0.4 |
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The tax charge is reconciled to the standard corporation tax rate applicable in the UK as follows:
Year ended | Year ended | |
£m | 31 December 2025 | 31 December 2024 |
Profit before tax | 69.2 | 54.9 |
Tax at the UK corporation tax rate of 25.0% (2024: 25.0%) | (17.3) | (13.7) |
| Effects of: | ||
Non-taxable income for tax purposes | – | 0.1 |
Non-deductible expenses for tax purposes | (2.1) | (1.9) |
Fixed asset disposals | (0.6) | (0.1) |
Movement in share-based payments | (1.0) | (0.5) |
Effect of tax rates in overseas jurisdictions | 0.3 | 0.7 |
Overseas tax | (0.3) | (2.8) |
Effect of change in tax rates | (0.1) | (0.1) |
Adjustments in respect of current income tax of previous years | (0.5) | (0.5) |
Movement in unrecognised deferred tax | 2.5 | 0.4 |
(19.1) | (18.4) |
12. Earnings per share
The calculation of the basic earnings per share is based on the earnings attributable to ordinary shareholders of the parent
company divided by the weighted average number of shares in issue during the period. The Group also has a share options scheme
in place and therefore the Group has calculated the dilutive effect of these options.
Year ended | Year ended | |
£m | 31 December 2025 | 31 December 2024 |
Earnings per share attributable to equity holders from continuing operations: | ||
| Basic | ||
Profit for the period attributable to equity shareholders (£m) | 50.1 | 36.5 |
Less: non-controlling interest (£m) | (17.0) | (6.9) |
| Profit for the period attributable to ordinary shareholders of the parent | ||
company (£m) | 33.1 | 29.6 |
Weighted average number of shares (no’ m) | 748.6 | 789.1 |
Basic earnings per share (pence) | 4.4 | 3.8 |
| Diluted | ||
Profit for the period attributable to equity shareholders (£m) | 50.1 | 36.5 |
Less: non-controlling interest (£m) | (17.0) | (6.9) |
| Profit for the period attributable to ordinary shareholders of the parent | ||
company (£m) | 33.1 | 29.6 |
Weighted average number of shares (no’ m) | 749.6 | 799.4 |
Diluted earnings per share (pence) | 4.4 | 3.7 |
144
FINANCIAL STATEMENTS
Notes to the Consolidated
Financial Statements (continued)
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Reconciliation of basic weighted average number of shares to the diluted weighted average number of shares:
Year ended | Year ended | |
31 December 2025 | 31 December 2024 | |
No’ m | No’ m | |
Basic weighted average number of shares, net of shares held in treasury reserve | 748.6 | 789.1 |
Dilutive share options in issue – scheme 1 | 0.7 | 1.2 |
Dilutive share options in issue – scheme 2 | – | 6.5 |
Dilutive share options in issue – scheme 4 | 0.3 | 2.6 |
Diluted weighted average number of shares | 749.6 | 799.4 |
The diluted earnings per share calculation does not include performance-related share options where the performance criteria had
not been met in the period, in accordance with IAS 33. The table below shows the number of share options which could become
dilutive should future performance criteria be met. It excludes 320,000 options which are anticipated to vest in the year ended
31 December 2026 as these are included in the diluted weighted average number of shares calculation above given the
performance criteria for these options has been met.
Also excluded from the below table are shares which will be sold by the Group’s EBT during 2026 in order to satisfy the cash-settled
exceptional STIP awards, on the basis that these are not share options in issue.
Potentially dilutive shares | Total |
Schedule | No. |
Scheme 2 | – |
Scheme 4 | 1,900,000 |
Total | 1,900,000 |
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| IP rights | |||||||
Customer | and | ||||||
£m | AUC* | Software | relationships | Brands | database | Goodwill | Total |
| Cost | |||||||
As at 1 January 2024 | 0.2 | 18.4 | 65.3 | 26.3 | 77.9 | 322.0 | 510.1 |
Additions: Business combinations | – | 1.7 | 26.3 | 9.4 | 8.9 | 46.1 | 92.4 |
Additions: Internally developed | 4.9 | – | – | – | – | – | 4.9 |
Additions: Separately acquired | – | 0.4 | – | 0.2 | – | – | 0.6 |
Transfer AUC to software | (0.5) | 0.5 | – | – | – | – | – |
Foreign currency retranslation | – | 0.1 | – | – | – | – | 0.1 |
Disposals | – | (0.1) | – | – | – | – | (0.1) |
As at 31 December 2024 | 4.6 | 21.0 | 91.6 | 35.9 | 86.8 | 368.1 | 608.0 |
Additions: Business combinations | – | 3.7 | 5.7 | 1.6 | 7.2 | 26.2 | 44.4 |
Additions: Internally developed | 3.9 | 0.5 | – | – | – | – | 4.4 |
Additions: Separately acquired | 0.4 | 0.3 | – | 0.2 | – | – | 0.9 |
Transfer AUC to software | (6.1) | 6.1 | – | – | – | – | – |
Fair value adjustment | – | – | – | – | – | 1.2 | 1.2 |
Foreign currency retranslation | – | (0.4) | – | – | – | – | (0.4) |
As at 31 December 2025 | 2.8 | 31.2 | 97.3 | 37.7 | 94.0 | 395.5 | 658.5 |
| Amortisation | |||||||
As at 1 January 2024 | – | (14.5) | (42.5) | (13.4) | (56.0) | (10.9) | (137.3) |
Additions: Business combinations | – | (1.1) | – | – | – | – | (1.1) |
Charge for the year | – | (1.9) | (4.4) | (1.3) | (3.2) | – | (10.8) |
Disposals | – | 0.1 | – | – | – | – | 0.1 |
As at 31 December 2024 | – | (17.4) | (46.9) | (14.7) | (59.2) | (10.9) | (149.1) |
Additions: Business combinations | – | (1.7) | – | – | – | – | (1.7) |
Charge for the year | – | (4.4) | (5.9) | (2.0) | (4.1) | – | (16.4) |
Impairment | – | – | (0.1) | – | – | – | (0.1) |
Foreign currency retranslation | – | 0.3 | – | – | – | – | 0.3 |
As at 31 December 2025 | – | (23.2) | (52.9) | (16.7) | (63.3) | (10.9) | (167.0) |
| Net book value | |||||||
As at 31 December 2025 | 2.8 | 8.0 | 44.4 | 21.0 | 30.7 | 384.6 | 491.5 |
As at 31 December 2024 | 4.6 | 3.6 | 44.7 | 21.2 | 27.6 | 357.2 | 458.9 |
146
FINANCIAL STATEMENTS
Notes to the Consolidated
Financial Statements (continued)
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Customer relationships | Brands | IP rights and database | ||||
Carrying | Remaining | Carrying | Remaining | Carrying | Remaining | |
value | amortisation | value | amortisation | value | amortisation | |
£m | period | £m | period | £m | period | |
AROQ | 0.3 | 3 years | – | – | – | – |
Research Views | 2.1 | 2-6 years | – | – | – | – |
GlobalData | – | – | 2.2 | 5 years | – | – |
Verdict | – | – | 0.5 | 2 years | – | – |
Life Sciences | 2.5 | 6 years | – | – | 6.2 | 7 years |
LMC | 4.5 | 2-8 years | – | – | 9.0 | 6 years |
MBI | 3.5 | 2-7 years | 7.7 | 16 years | 0.1 | 2 years |
TS Lombard | 2.7 | 7-10 years | 0.5 | 17 years | 0.5 | 2 years |
BTMI | 1.3 | 3 years | 1.7 | 9 years | 0.3 | 4 years |
LinkUp | 8.7 | 11 years | 0.7 | 9 years | 2.9 | 14 years |
Celent | 3.9 | 5 years | 1.0 | 9 years | 4.8 | 9 years |
Deallus | 9.6 | 18 years | 5.2 | 14 years | – | – |
Ai Palette | 0.3 | 4 years | 0.3 | 9 years | 1.1 | 4 years |
Stylus | 5.0 | 8 years | 1.2 | 9 years | 5.8 | 14 years |
Total carrying value | 44.4 | 21.0 | 30.7 |
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Increase in revenue | Increase in costs | Pre-tax | Terminal growth | |||||
(for years 1 to 5) | (for years 1 to 5) | discount rate | rate | |||||
2025* | 2024 | 2025** | 2024 | 2025 | 2024 | 2025 | 2024 | |
DA&I: Healthcare | 4.7% | 10.1% | 1.9% | 2.0% | 13.3% | 13.1% | 2.0% | 2.0% |
DA&I: Non-Healthcare | 5.1% | 5.3% | 1.1% | 2.0% | 12.6% | 12.9% | 2.0% | 2.0% |
MBI | 2.7% | 3.8% | 1.6% | 2.0% | 13.0% | 12.8% | 2.0% | 2.0% |
Revenue growth | Discount rate | |
Cash-generating unit | falls by* | rises by* |
DA&I: Healthcare | 13.6% | 30.4% |
DA&I: Non-Healthcare | 4.9% | 8.2% |
MBI | 2.9% | 4.9% |
148
FINANCIAL STATEMENTS
Notes to the Consolidated
Financial Statements (continued)
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14. Property, plant and equipment
| Fixtures, | ||||
fittings & | Leasehold | |||
£m | Buildings | equipment | improvements | Tota l |
| Cost | ||||
As at 1 January 2024 | 43.5 | 8.7 | 2.4 | 54.6 |
Additions: Business combinations | 1.4 | 0.8 | 0.2 | 2.4 |
Additions: Separately acquired | 4.2 | 1.6 | 0.1 | 5.9 |
Foreign currency retranslation | (0.1) | (0.1) | – | (0.2) |
Disposals | (6.4) | (0.2) | – | (6.6) |
As at 31 December 2024 | 42.6 | 10.8 | 2.7 | 56.1 |
Additions: Business combinations | – | 0.3 | – | 0.3 |
Additions: Separately acquired | 3.8 | 2.1 | 0.5 | 6.4 |
Adjustments to right-of-use asset | (0.2) | – | – | (0.2) |
Foreign currency retranslation | (0.9) | (0.5) | – | (1.4) |
Disposals | (1.3) | (1.2) | – | (2.5) |
As at 31 December 2025 | 44.0 | 11.5 | 3.2 | 58.7 |
| Depreciation | ||||
As at 1 January 2024 | (19.7) | (7.4) | (0.9) | (28.0) |
Additions: Business combinations | – | (0.5) | – | (0.5) |
Charge for the year | (4.6) | (0.9) | (0.3) | (5.8) |
Foreign currency retranslation | – | 0.1 | – | 0.1 |
Disposals | 6.0 | 0.2 | – | 6.2 |
As at 31 December 2024 | (18.3) | (8.5) | (1.2) | (28.0) |
Additions: Business combinations | – | (0.2) | – | (0.2) |
Charge for the year | (4.8) | (1.5) | (0.3) | (6.6) |
Impairment | (1.2) | – | – | (1.2) |
Foreign currency retranslation | 0.4 | 0.4 | – | 0.8 |
Disposals | 1.3 | 1.2 | – | 2.5 |
As at 31 December 2025 | (22.6) | (8.6) | (1.5) | (32.7) |
| Net book value | ||||
As at 31 December 2025 | 21.4 | 2.9 | 1.7 | 26.0 |
As at 31 December 2024 | 24.3 | 2.3 | 1.5 | 28.1 |
Adjustments to right-of-use assets during the year relate to the alignment of lease terms and payment schedules to the original
contract, resulting in a reduction in both right-of-use assets and lease liabilities.
During the year, the Group vacated a leased property which triggered an impairment review under IAS 36: Impairment of Assets. An
impairment loss of £1.2m was recognised within the consolidated income statement to reduce the right-of-use assets’ carrying
amount to its recoverable amount, which was determined based on its value in use, reflecting an anticipated void period prior to
sub-leasing of the property. The carrying amount of the right-of-use asset prior to impairment was £6.0m. The lease liability
continues to be measured at amortised cost in accordance with IFRS 16: Leases. No separate onerous lease provision was
recognised as the unavoidable future obligations are already reflected in lease liability.
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Included in the net carrying amount of property, plant and equipment as at 31 December 2025 are right-of-use assets as follows:
£m | Buildings |
| Cost | |
As at 1 January 2024 | 43.5 |
Additions: Business combinations | 1.4 |
Additions: Separately acquired | 4.2 |
Foreign currency retranslation | (0.1) |
Disposals | (6.4) |
As at 31 December 2024 | 42.6 |
Additions: Separately acquired | 3.8 |
Adjustments to right-of-use asset | (0.2) |
Foreign currency retranslation | (0.9) |
Disposals | (1.3) |
As at 31 December 2025 | 44.0 |
| Depreciation | |
As at 1 January 2024 | (19.7) |
Charge for the year | (4.6) |
Disposals | 6.0 |
As at 31 December 2024 | (18.3) |
Charge for the year | (4.8) |
Impairment | (1.2) |
Foreign currency retranslation | 0.4 |
Disposals | 1.3 |
As at 31 December 2025 | (22.6) |
| Net book value | |
As at 31 December 2025 | 21.4 |
As at 31 December 2024 | 24.3 |
£m | 31 December 2025 | 31 December 2024 |
Current lease liabilities | 4.0 | 4.0 |
Non-current lease liabilities | 20.5 | 22.1 |
24.5 | 26.1 |
150
FINANCIAL STATEMENTS
Notes to the Consolidated
Financial Statements (continued)
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No. of | No. of | ||||
right-of-use | Range of | Average | No. of leases | leases with | |
assets | remaining | remaining | with extension | termination | |
leased | term | lease term | options | options | |
Office buildings | 22 | 0-9 years | 4 years | – | 1 |
Within one | One to | After | ||
£m | year | five years | five years | Total |
| As at 31 December 2025 | ||||
Lease payments | 5.0 | 16.1 | 7.0 | 28.1 |
Finance charges | (1.0) | (2.2) | (0.4) | (3.6) |
Net present values | 4.0 | 13.9 | 6.6 | 24.5 |
Within one | One to | After | ||
£m | year | five years | five years | Total |
| As at 31 December 2024 | ||||
Lease payments | 5.1 | 15.5 | 10.0 | 30.6 |
Finance charges | (1.1) | (2.7) | (0.7) | (4.5) |
Net present values | 4.0 | 12.8 | 9.3 | 26.1 |
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31 December 2025 | 31 December 2024 | |||
£m | Assets | Liabilities | Assets | Liabilities |
| Held-for-trading*: | ||||
- Forward foreign currency contracts | 0.1 | (0.2) | – | (1.3) |
Total | 0.1 | (0.2) | – | (1.3) |
Current: | 0.1 | (0.2) | – | (1.3) |
Non-current: | – | – | – | – |
Euro | US Dollar | |
€m | $m | |
| Expiring in the year ending: | ||
31 December 2026 | 5.0 | 28.6 |
| US Dollar | |
| $m | |
| Expiring in the year ending: | |
31 December 2026 | 5.0 |
£m | 31 December 2025 | 31 December 2024 |
Trade receivables | 71.0 | 74.0 |
Prepayments | 12.4 | 11.0 |
Other receivables | 1.5 | 2.7 |
Accrued income | 2.3 | 2.2 |
87.2 | 89.9 |
152
FINANCIAL STATEMENTS
Notes to the Consolidated
Financial Statements (continued)
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The ageing analysis of net trade receivables is as follows:
£m | 31 December 2025 | 31 December 2024 |
Not overdue | 38.8 | 44.7 |
Overdue by up to one month | 16.3 | 13.2 |
More than one month but not more than three months overdue | 9.6 | 10.4 |
More than three months overdue | 6.3 | 5.7 |
71.0 | 74.0 |
The ageing analysis of trade receivables which have been impaired is as follows:
£m | 31 December 2025 | 31 December 2024 |
Not overdue | 0.3 | – |
Overdue by up to one month | 0.1 | – |
More than one month but not more than three months overdue | 0.2 | 0.4 |
More than three months overdue | 3.0 | 3.6 |
3.6 | 4.0 |
An expected credit loss provision of £3.6m (2024: £4.0m) has been recognised in relation to the impaired receivables.
The contractual amounts of the Group’s trade receivables are denominated in the following currencies:
£m | 31 December 2025 | 31 December 2024 |
Pounds Sterling | 25.1 | 24.8 |
US Dollar | 39.2 | 41.9 |
Euro | 6.5 | 7.7 |
Australian Dollar | 0.5 | 0.6 |
Other | 3.3 | 3.0 |
74.6 | 78.0 |
Movement on the Group’s loss allowances for trade receivables are as follows:
£m | 31 December 2025 | 31 December 2024 |
Opening expected credit loss allowance | 4.0 | 4.3 |
Increase in loss allowance | 1.7 | 1.0 |
Loss allowance on acquired companies | 0.3 | – |
Loss allowance on disposed companies | (0.1) | – |
Receivables written off during the year as uncollectable | (2.3) | (1.3) |
Closing expected credit loss allowance | 3.6 | 4.0 |
The Group recognises lifetime expected credit losses (within the ECL provision) which are estimated using a provision matrix based
on the Group’s historical credit loss experience, adjusted for factors that are specific to the receivables, general economic
conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date. The other
classes within trade and other receivables do not contain impaired assets.
The ECL rate calculated overall was 1.80% (2024: 1.68%). If the ECL rate was increased to 5%, this would have had an impact on the
ECL provision of £3.2m (2024: £1.8m).
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Days | 0-30 | 31-60 | 61-90 | 91-120 | 121-150 | 151-365 | 365+ | Total |
Net exposure (£m) | 18.8 | 2.6 | 2.0 | 1.5 | 0.8 | 4.7 | 1.8 | 32.2 |
ECL rate | 2.3% | 3.1% | 5.8% | 9.7% | 17.1% | 21.4% | 100.0% | |
Provision (£m) | 0.4 | 0.1 | 0.1 | 0.1 | 0.1 | 1.0 | 1.8 | 3.6 |
Days | 0-30 | 31-60 | 61-90 | 91-120 | 121-150 | 151-365 | 365+ | Total |
Net exposure (£m) | 13.6 | 3.3 | 1.4 | 1.7 | 1.3 | 3.1 | 1.0 | 25.4 |
ECL rate | 2.2% | 4.7% | 7.7% | 18.0% | 23.7% | 58.2% | 100.0% | |
Provision (£m) | 0.3 | 0.2 | 0.1 | 0.3 | 0.3 | 1.8 | 1.0 | 4.0 |
£m | 31 December 2025 | 31 December 2024 |
Balance brought forward | 22.0 | 2.5 |
Tax income during the period recognised in profit or loss | (3.1) | 24.6 |
Tax income during the period recognised directly in equity | (2.7) | – |
Deferred taxes acquired in business combinations | (3.2) | (5.1) |
Balance carried forward | 13.0 | 22.0 |
| The provision for deferred taxation consists of the tax effect of temporary differences in respect of: | ||
Accelerated depreciation for tax purposes | (0.3) | (0.4) |
Losses available for offsetting against future taxable income | 8.1 | 4.8 |
Share-based payments | 0.8 | 9.7 |
| Business combinations – revaluations of intangible assets to fair value | ||
(deferred tax asset) | 29.2 | 24.2 |
| Business combinations – revaluations of intangible assets to fair value | ||
(deferred tax liability) | (29.8) | (22.4) |
Restricted interest carried forward | 4.0 | 3.4 |
Other temporary differences | 1.0 | 2.7 |
Balance carried forward | 13.0 | 22.0 |
154
FINANCIAL STATEMENTS
Notes to the Consolidated
Financial Statements (continued)
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£m | 31 December 2025 | 31 December 2024 |
Deferred tax asset | 19.2 | 22.0 |
Deferred tax liability | (6.2) | – |
Net position | 13.0 | 22.0 |
£m | 31 December 2025 | 31 December 2024 |
Trade payables | 11.4 | 15.1 |
Amounts due to related parties (note 28) | 1.1 | 1.0 |
Other taxation and social security | 2.2 | 4.6 |
Accruals | 28.4 | 22.5 |
Current liabilities | 43.1 | 43.2 |
£m | 31 December 2025 | 31 December 2024 |
Accruals | 2.4 | 2.7 |
Non-current liabilities | 2.4 | 2.7 |
£m | 31 December 2025 | 31 December 2024 |
Short-term lease liabilities | 4.0 | 4.0 |
Current liabilities | 4.0 | 4.0 |
Long-term lease liabilities | 20.5 | 22.1 |
Long-term borrowings | 165.3 | 40.4 |
Non-current liabilities | 185.8 | 62.5 |
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Short-term | Long-term | |||
Long-term | lease | lease | ||
£m | borrowings | liabilities 1 | liabilities 1 | Total |
As at 1 January 2024 | 263.7 | 4.3 | 21.4 | 289.4 |
| Cash flows: | ||||
– Repayment | – | (5.6) | – | (5.6) |
– Drawdown of RCF (previously held facility) | 40.0 | – | – | 40.0 |
– Settlement of loan | (305.0) | – | – | (305.0) |
– Drawdown of RCF (new facility) | 42.7 | – | – | 42.7 |
– Loan fees paid | (2.4) | – | – | (2.4) |
| Non-cash: | ||||
– Interest expense | 1.4 | – | – | 1.4 |
– Lease additions | – | 5.5 | – | 5.5 |
– Lease liabilities 2 | – | 0.5 | – | 0.5 |
– Reclassification | – | (0.7) | 0.7 | – |
As at 31 December 2024 | 40.4 | 4.0 | 22.1 | 66.5 |
| Cash flows: | ||||
– Repayment | – | (5.6) | – | (5.6) |
– Drawdown of RCF/ACF (new facility) | 123.5 | – | – | 123.5 |
– Loan fees paid | (0.5) | – | – | (0.5) |
| Non-cash: | ||||
– Interest expense | 1.9 | – | – | 1.9 |
– Lease additions | – | 3.5 | – | 3.5 |
– Lease liabilities 2 | – | 0.8 | (0.3) | 0.5 |
– Reclassification | – | 1.3 | (1.3) | – |
As at 31 December 2025 | 165.3 | 4.0 | 20.5 | 189.8 |
156
FINANCIAL STATEMENTS
Notes to the Consolidated
Financial Statements (continued)
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Healthcare Facility | Non-Healthcare Facility | |||
Date of agreement | 18 December 2024 | |||
Term of agreement | 3 years with 1 year extension option. | |||
Type of facility | Multi-currency RCF and ACF. | |||
Lenders in syndicate | 8 lenders. | |||
Fixed repayments | None, full drawn down balance repayable at date of termination of agreement. | |||
| Available facility | £130.0m RCF and £70.0m ACF. As at | £135.0m RCF and £50.0m ACF. As at | ||
| 31 December 2024, one member of the | 31 December 2024, one member of the | |||
| syndicate was outstanding to commit to | syndicate was outstanding to commit to | |||
| the facility, resulting in the total available | the facility, with the total available from | |||
| from the committed 7 lenders as at | the committed 7 lenders as at | |||
| 31 December 2024 being £114.8m RCF | 31 December 2024 being £119.2m RCF | |||
| and £61.8m ACF, totalling £176.6m. The | and £44.2m ACF, totalling £163.4m. The | |||
| final syndicate member joined the | final syndicate member joined the | |||
| facility on 31 January 2025 therefore the | facility on 31 January 2025 therefore the | |||
| full facility of £130.0m RCF and £70.0m | full facility of £135.0m RCF and £50.0m | |||
| ACF became available to draw down | ACF became available to draw down | |||
| upon on this date. | upon on this date. | |||
| Interest payable on drawn element | Agreed margin based upon covenant test result (currently 2.25% for the Healthcare | |||
| facility and 3.0% for the Non-Healthcare facility as at 31 December 2025) plus Sterling | ||||
| Overnight Index Average rate (SONIA), paid at the end of each calendar quarter. | ||||
| Interest payable on undrawn element | 0.35% of margin on drawn element. | |||
| Total drawdown | £37.0m (31 December 2024: £37.0m). | £131.0m (31 December 2024: £7.5m). | ||
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£m | 31 December 2025 | 31 December 2024 |
| Current assets | ||
Cash | 51.1 | 50.5 |
Trade receivables | 71.0 | 74.0 |
Other receivables | 1.5 | 2.7 |
Accrued income | 2.3 | 2.2 |
125.9 | 129.4 | |
| Current liabilities | ||
Trade payables | (11.4) | (15.1) |
Amounts due to related parties | (1.1) | (1.0) |
Accruals | (28.4) | (22.5) |
(40.9) | (38.6) | |
| Non-current liabilities | ||
Long-term accruals | (2.4) | (2.7) |
Long-term borrowings | (165.3) | (40.4) |
(167.7) | (43.1) |
£m | 31 December 2025 | 31 December 2024 |
| Current assets | ||
Short-term derivative assets | 0.1 | – |
0.1 | – | |
| Current liabilities | ||
Short-term derivative liabilities | (0.2) | (1.3) |
(0.2) | (1.3) |
158
FINANCIAL STATEMENTS
Notes to the Consolidated
Financial Statements (continued)
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31 December 2025 | Less than | One to | Three months | One to | |
£m | one month | three months | to one year | five years | Total |
| Current assets | |||||
Cash | 51.1 | – | – | – | 51.1 |
Short-term derivative assets | – | – | 0.1 | – | 0.1 |
Trade receivables | 12.9 | 36.4 | 21.7 | – | 71.0 |
Other receivables | – | 1.5 | – | – | 1.5 |
Accrued income | 2.3 | – | – | – | 2.3 |
| Current liabilities | |||||
Short-term derivative liabilities | – | (0.2) | – | – | (0.2) |
Trade payables | (10.7) | (0.7) | – | – | (11.4) |
Amounts due to related parties | – | (1.1) | – | – | (1.1) |
Accruals | – | (28.4) | – | – | (28.4) |
| Non-current liabilities | |||||
Long-term accruals | – | – | – | (2.4) | (2.4) |
Long-term borrowings | – | – | – | (187.1) | (187.1) |
55.6 | 7.5 | 21.8 | (189.5) | (104.6) |
31 December 2024 | Less than | One to | Three months | One to | |
£m | one month | three months | to one year | five years | Total |
| Current assets | |||||
Cash | 50.5 | – | – | – | 50.5 |
Trade receivables | 18.3 | 36.7 | 19.0 | – | 74.0 |
Other receivables | – | 2.7 | – | – | 2.7 |
Accrued income | 2.2 | – | – | – | 2.2 |
| Current liabilities | |||||
Short-term derivative liabilities | – | (0.6) | (0.7) | – | (1.3) |
Trade payables | (12.9) | (2.2) | – | – | (15.1) |
Amounts due to related parties | – | – | (1.0) | – | (1.0) |
Accruals | – | (22.5) | – | – | (22.5) |
| Non-current liabilities | |||||
Long-term accruals | – | – | – | (2.7) | (2.7) |
Long-term borrowings | – | – | – | (45.8) | (45.8) |
58.1 | 14.1 | 17.3 | (48.5) | 41.0 |
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• | Level 3: techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable | ||
| market data. | |||
| As at 31 December 2025, the only financial instruments measured at fair value were derivative financial assets/liabilities (forward | |||
| foreign currency contracts) and these are classified as Level 2. | |||
| Type of financial | |||
instrument at Level 2 | Measurement technique | Main assumptions | Main inputs used |
£m | US Dollar | Euro | Other | Total |
| Exposures | ||||
Cash | 26.1 | 2.0 | 14.2 | 42.3 |
Short- and long-term derivative assets/(liabilities) | (0.1) | – | – | (0.1) |
Trade receivables | 39.2 | 6.5 | 3.8 | 49.5 |
Trade accounts payable | (1.5) | – | (0.4) | (1.9) |
Net exposure | 63.7 | 8.5 | 17.6 | 89.8 |
160
FINANCIAL STATEMENTS
Notes to the Consolidated
Financial Statements (continued)
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£m | US Dollar | Euro | Other | Total |
| Exposures | ||||
Cash | 27.3 | 1.1 | 16.5 | 44.9 |
Short- and long-term derivative assets/(liabilities) | (0.8) | – | – | (0.8) |
Trade receivables | 41.9 | 7.7 | 3.6 | 53.2 |
Trade accounts payable | (1.3) | – | (0.6) | (1.9) |
Net exposure | 67.1 | 8.8 | 19.5 | 95.4 |
10% decrease | 10% increase | |||
£m | 2025 | 2024 | 2025 | 2024 |
| Impact on profit before income tax: | ||||
US Dollar | 7.1 | 7.5 | (5.8) | (6.1) |
Euro | 0.9 | 0.9 | (0.8) | (0.8) |
8.0 | 8.4 | (6.6) | (6.9) |
100 basis point decrease | 100 basis point increase | |||
£m | 2025 | 2024 | 2025 | 2024 |
| Impact on: | ||||
Net earnings before income tax | (1.7) | (0.4) | 1.7 | 0.4 |
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2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
Revenue (£m) | 322.1 | 285.5 | 273.1 | 243.2 | 189.3 | 178.4 | 178.2 |
Provision added for bad debt (£m) | 1.7 | 1.0 | 2.3 | 1.1 | 1.4 | 1.7 | 2.9 |
% of revenue | 0.5% | 0.4% | 0.8% | 0.5% | 0.7% | 1.0% | 1.6% |
162
FINANCIAL STATEMENTS
Notes to the Consolidated
Financial Statements (continued)
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22. Cash flow from movement in working capital
The following table reconciles the movement in consolidated statement of financial position balances (including current and non-
current balances) to the movement presented in the consolidated statement of cash flows for receivables and payables.
| Trade and other | ||
Trade and other | payables (note 19), | |
2025 | receivables | including deferred |
£m | (note 17) | revenue |
At 31 December 2025 | 87.2 | (162.8) |
At 31 December 2024 | 89.9 | (160.5) |
Consolidated Statement of Financial Position movement | 2.7 | 2.3 |
Share-based payment (cash settled) | – | (2.6) |
Purchase of own shares for cancellation accrual | – | (0.2) |
Contingent consideration paid | – | 2.5 |
Tax related adjustments | – | (1.5) |
Lease accounting related adjustments | (0.3) | – |
Disposal of subsidiary | (1.9) | 1.3 |
Impact of foreign currency | (1.6) | 3.6 |
Movement as a result of business combinations | 1.2 | (8.3) |
Movement as shown in Consolidated Statement of Cash Flows | 0.1 | (2.9) |
| Trade and other | ||
Trade and other | payables (note 19), | |
2024 | receivables | including deferred |
£m | (note 17) | revenue |
At 31 December 2024 | 89.9 | (160.5) |
At 31 December 2023 | 69.2 | (137.0) |
Consolidated Statement of Financial Position movement | (20.7) | 23.5 |
Transaction costs relating to sale of 40% of Healthcare business to non-controlling interest | (2.8) | 2.8 |
Contingent consideration paid | – | 0.5 |
Tax related adjustments | – | (0.9) |
Movement as a result of business combinations | 9.5 | (21.2) |
Movement as shown in Consolidated Statement of Cash Flows | (14.0) | 4.7 |
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Dilapidations | Dilapidations | ||
Right-of-use | Other | Total | |
£m | assets | ||
At 1 January 2024 | 0.6 | 0.9 | 1.5 |
Increase in provision | 0.1 | 0.1 | 0.2 |
At 31 December 2024 | 0.7 | 1.0 | 1.7 |
Increase in provision | 0.2 | 0.1 | 0.3 |
Release of unutilised provision | (0.1) | – | (0.1) |
At 31 December 2025 | 0.8 | 1.1 | 1.9 |
Current: | – | – | – |
Non-current: | 0.8 | 1.1 | 1.9 |
24. Equity
31 December 2025 | 31 December 2024 | |||||
Percentage | Percentage | |||||
of Total | of Total | |||||
No’000s | Shares | £000s | No’000s | Shares | £000s | |
Ordinary shares at 1 January (£0.0001) | 830,895 | 83 | 845,028 | 84 | ||
Cancellation of shares: share buyback programme | (66,154) | (7) | (14,133) | (1) | ||
Ordinary shares at 31 December (£0.0001) | 764,741 | 99.99 | 76 | 830,895 | 99.99 | 83 |
Deferred shares of £1.00 each | 100 | 0.01 | 100 | 100 | 0.01 | 100 |
Total authorised, allotted, called up and fully paid | 764,841 | 100 | 176 | 830,995 | 100 | 183 |
Share Purchases
During the year the Group’s Employee Benefit Trust purchased an aggregate amount of 7,349,865 shares (representing 1.0% of the
total share capital), each with a nominal value of 1/100th pence, at a total market value of £11.0m. The purchased shares will be held
for the purpose of satisfying the exercise of share options under the Company’s Employee Share Option Plan.
During the year, a total of 9,453,109 shares (representing 1.2% of the total share capital), each with a nominal value of 1/100th pence,
which were held by the Group’s Employee Benefit Trust were utilised as a result of the vesting of share options (at a total market
value of £14.1m), as disclosed in note 25.
The maximum number of shares (each with a nominal value of 1/100th pence) held by the Employee Benefit Trust (at any time
during the year ended 31 December 2025) was 53,055,983 (representing 6.9% of the total share capital). The purchase of shares
by the trust is to limit the eventual dilution to existing shareholders. As at 31 December 2025, no dilution is currently forecast.
164
FINANCIAL STATEMENTS
Notes to the Consolidated
Financial Statements (continued)
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£m | 31 December 2025 | 31 December 2024 |
| Statement of Financial Position Summary: | ||
Non-current assets | 78.3 | 76.1 |
Current assets | 73.8 | 62.7 |
Current liabilities | (53.7) | (59.9) |
Non-current liabilities | (42.4) | (36.1) |
Equity attributable to owners of the Company | 56.0 | 42.8 |
Non-controlling interest | 22.4 | 17.1 |
Year ended | Year ended | |
£m | 31 December 2025 | 31 December 2024 |
| Income Statement Summary: | ||
Revenue | 123.3 | 63.3 |
Profit after tax | 42.6 | 17.3 |
Other comprehensive (loss)/income | (4.1) | 2.0 |
Total comprehensive income | 38.5 | 19.3 |
Total comprehensive income – non-controlling interest | 15.4 | 7.7 |
166
FINANCIAL STATEMENTS
Notes to the Consolidated
Financial Statements (continued)
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Year ended | Year ended | |
£m | 31 December 2025 | 31 December 2024 |
| Statement of Cash Flows Summary: | ||
Cash flows from/(used in) operating activities | 48.8 | (10.5) |
Cash flows used in investing activities | (22.4) | (18.7) |
Cash flows (used in)/from financing activities | (1.9) | 27.3 |
Total cash flows | 24.5 | (1.9) |
25. Share-based payments
The Group operates a number of share option schemes, which are summarised below:
• Scheme 1 – this scheme was created in 2010, and is fully vested and closed to new participants. There are a number of
outstanding options in issue where option holders have chosen to continue to defer exercise. All options must be exercised by
option holders by August 2033.
• Scheme 2 – this scheme was created in 2019. The scheme covers a 4-year period, with vesting of options being linked to
EBITDA targets within the financial years 2023 – 2026.
• Scheme 4 – this scheme was created in 2021. The scheme covers a 3-year period, with vesting of options being linked to
EBITDA targets within the financial years 2024 – 2026. During financial year ended 31 December 2025, certain option holders
were granted additional options within this scheme which have later year EBITDA vesting targets.
The EBITDA target relating to the financial year ending 31 December 2025 was not achieved, therefore these options will not vest. In
addition, it is Managements’ current expectation that the EBITDA target relating to the financial year ending 31 December 2026 is
unlikely to be met. Exceptional STIP awards, to be cash settled via sale of shares held by the Group’s Employee Benefit Trust, have
been awarded to certain employees in lieu of the options which will not vest in relation to the year ending 31 December 2025. The
total charge recognised in the consolidated income statement in relation to this bonus is £2.6m (2024: nil).
The total amounts recognised in adjusting items within the consolidated income statement are as follows:
Year ended | Year ended | |
£m | 31 December 2025 | 31 December 2024 |
(Credit)/charge for scheme 2 | (6.7) | 12.6 |
(Credit)/charge for scheme 4 | (11.3) | 11.5 |
Charge for exceptional STIP awards | 2.6 | – |
Total (credit)/charge | (15.4) | 24.1 |
An accrual for the exceptional STIP awards has been recognised within the consolidated statement of financial position as at
31 December 2025.
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Scheme 1 – fully vested and closed to new participants
The Group created a share option scheme during the year ended 31 December 2010 and granted the first options under the
scheme on 1 January 2011 to certain senior employees. Each option granted converts to one ordinary share on exercise. A
participant may exercise their options subject to employment conditions and Adjusted EBITDA targets being met. For these options
to be exercised the Group’s earnings before interest, taxation, depreciation and amortisation, as adjusted by the Remuneration
Committee for significant or one-off occurrences, must exceed certain targets. The fair values of options granted were determined
using the Black-Scholes model. The inputs used in the model were:
• share price at date of grant;
• exercise price;
• time to maturity;
• annual risk-free interest rate; and
• annualised volatility.
Each of the awards were subject to vesting criteria set by the Remuneration Committee. As disclosed in the 2021 Annual Report and
Accounts, the final vesting target of £52m Adjusted EBITDA (excluding the impact of IFRS16) was met in the financial year ending
31 December 2021 and therefore the final tranche of Scheme 1 options vested during 2022. Scheme 1 is now therefore closed.
The total charge recognised for the scheme during the 12 months to 31 December 2025 was £nil (2024: £nil).
The Remuneration Committee approved the vesting of the final tranche of Scheme 1 on 11 August 2022. The awards of the scheme
were settled with ordinary shares of the Company. During the years ended 31 December 2022 to 31 December 2024, the majority of
participants chose to exercise their options, with 1.2m options being deferred as at 31 December 2024, as allowable under the
scheme rules. During the year ended 31 December 2025, 0.6m of these options were exercised, resulting in 0.7m deferred options
as at 31 December 2025.
Reconciliation of movement in the number of options is provided below. No new grants were awarded during 2025.
Option | Weighted | ||
exercise | average | ||
price | remaining life | Number of | |
(pence) (years) | options | ||
31 December 2024 | 1/100th | 0.0 | 1,207,250 |
Exercised | 1/100th | N/A | (550,713) |
31 December 2025 | 1/100th | 0.0 | 656,537 |
The options carried forward as at 31 December 2025 are both outstanding and exercisable. The maximum term of the remaining
options outstanding is 8 years, ending in August 2033.
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Notes to the Consolidated
Financial Statements (continued)
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Scheme 2 – 2019 scheme
The following assumptions were used in the valuation:
Award tranche | Award 1 | Award 2 | Award 3 | Award 5 | Award 7 | Award 8 | Award 9 | |
Grant date | 31/10/19 | 07/05/20 | 25/05/20 | 22/09/20 | 23/03/21 | 31/01/23 | 22/01/24 | |
Expected dividend yield | 3.06% | 3.06% | 3.06% | 3.06% | 3.06% | 3.57% | Note 1 | |
Volatility | 26.87% | 26.87% | 26.87% | 26.87% | 26.87% | 28.62% | Note 1 | |
Initial share price (pre capital reorganisation) | £12.25 | £12.25 | £12.25 | £12.25 | £12.25 | £12.55 | Note 1 | |
Initial share price (post capital reorganisation) | £1.72 | £1.72 | £1.72 | £1.72 | £1.72 | £1.76 | Note 1 | |
Group achieves £100m EBITDA by 1 March 2024 | 25% vest | 25% vest | 25% vest | 25% vest | 25% vest | 25% vest 100% vest | ||
Fair value (pre capital reorganisation) | £11.79 | £11.79 | £11.79 | £11.79 | £11.79 | £12.07 | £14.00 | |
Fair value (post capital reorganisation) | £1.65 | £1.65 | £1.65 | £1.65 | £1.65 | £1.69 | £1.96 | |
Risk-free interest rate | 3.17% | 3.17% | 3.17% | 3.17% | 3.17% | 3.24% | Note 1 | |
Estimated forfeiture rate | 0% | 0% | 0% | 0% | 0% | 0% | 0% | |
Remaining contractual life | N/A | N/A | N/A | N/A | N/A | N/A | N/A | |
Group achieves £110m EBITDA by 1 March 2025 | 25% vest | 25% vest | 25% vest | 25% vest | 25% vest | 25% vest | N/A | |
Fair value (pre capital reorganisation) | £11.43 | £11.43 | £11.43 | £11.43 | £11.43 | £11.65 | N/A | |
Fair value (post capital reorganisation) | £1.60 | £1.60 | £1.60 | £1.60 | £1.60 | £1.63 | N/A | |
Risk-free interest rate | 3.24% | 3.24% | 3.24% | 3.24% | 3.24% | 3.32% | N/A | |
Estimated forfeiture rate | 0% | 0% | 0% | 0% | 0% | 0% | N/A | |
Remaining contractual life | N/A | N/A | N/A | N/A | N/A | N/A | N/A | |
Group achieves £131m EBITDA by 1 March 2026 | 25% vest | 25% vest | 25% vest | 25% vest | 25% vest | 25% vest | N/A | |
Fair value (pre capital reorganisation) | £11.09 | £11.09 | £11.09 | £11.09 | £11.09 | £11.24 | N/A | |
Fair value (post capital reorganisation) | £1.55 | £1.55 | £1.55 | £1.55 | £1.55 | £1.57 | N/A | |
Risk-free interest rate | 3.20% | 3.20% | 3.20% | 3.20% | 3.20% | 3.12% | N/A | |
Estimated forfeiture rate | 5% | 5% | 5% | 5% | 5% | 4% | N/A | |
Remaining contractual life | 0.17 | 0.17 | 0.17 | 0.17 | 0.17 | 0.17 | N/A | |
Group achieves £153m EBITDA by 1 March 2027 | 25% vest | 25% vest | 25% vest | 25% vest | 25% vest | 25% vest | N/A | |
Fair value (pre capital reorganisation) | £10.76 | £10.76 | £10.76 | £10.76 | £10.76 | £10.85 | N/A | |
Fair value (post capital reorganisation) | £1.51 | £1.51 | £1.51 | £1.51 | £1.51 | £1.52 | N/A | |
Risk-free interest rate | 3.24% | 3.24% | 3.24% | 3.24% | 3.24% | 3.21% | N/A | |
Estimated forfeiture rate | 9% | 9% | 9% | 9% | 9% | 4% | N/A | |
Remaining contractual life | 1.17 | 1.17 | 1.17 | 1.17 | 1.17 | 1.17 | N/A | |
Note 1: Award 9 was granted and exercised almost immediately therefore the fair value at grant date was calculated as being equal to the share price
at the date of award.
Awards 4 and 6 have been fully forfeited. Award 9 was granted with 100% of the options vesting in 2024. For all options noted within
the table above, the exercise price per option is £0.0001 (equivalent to 1/100th pence) and the expected dividend yield has been
assumed to be paid throughout the performance period. The volatility used within the calculations was determined by calculating
the Group’s observed historical volatility over a period equal to the time until the end of the assumed maturity date.
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The estimated forfeiture rate assumption is based upon Management’s expectation of the number of options that will lapse over
the vesting period and are reviewed annually. Management believes the current assumptions to be reasonable.
The total amount recognised in the consolidated income statement for the scheme during the 12 months to 31 December 2025 was
a credit of £6.7m (2024: charge of £12.6m). The awards of the scheme will be settled with ordinary shares of the Company.
Reconciliation of movement in the number of options in Scheme 2 is provided below.
Option | Weighted | ||
exercise | average | ||
price | remaining life | Number of | |
(pence) (years) | options | ||
31 December 2024 | 1/100th | 1.2 | 19,000,711 |
Exercised | 1/100th | N/A | (6,500,702) |
Forfeited | 1/100th | N/A | (1,999,996) |
31 December 2025 | 1/100th | 0.7 | 10,500,013 |
The options carried forward as at 31 December 2025 are both outstanding and exercisable.
Scheme 4 – 2021 scheme
The following assumptions were used in the valuation:
Award tranche | Award 1 | Award 2 | Award 3 | Award 4 | Award 5 |
Grant date | 07/03/22 | 31/01/23 | 23/05/23 | 22/01/24 | 21/05/24 |
Expected dividend yield | 3.06% | 3.57% | 3.34% | 1.60% | 1.04% |
Volatility | 26.87% | 28.62% | 29.40% | 28.25% | 29.14% |
Initial share price (pre capital reorganisation) | £12.25 | £12.55 | £13.10 | £13.93 | £16.14 |
Initial share price (post capital reorganisation) | £1.72 | £1.76 | £1.83 | £1.95 | £2.26 |
Group achieves £110m EBITDA by 1 March 2025 | 10% vest | 10% vest | 10% vest | 10% vest | 10% vest |
Fair value (pre capital reorganisation) | £11.43 | £11.65 | £12.35 | £13.68 | £16.01 |
Fair value (post capital reorganisation) | £1.60 | £1.63 | £1.73 | £1.92 | £2.24 |
Risk-free interest rate | 3.24% | 3.32% | 4.10% | 4.72% | 4.74% |
Estimated forfeiture rate | 0% | 0% | 0% | 0% | 0% |
Remaining contractual life | N/A | N/A | N/A | N/A | N/A |
Group achieves £131m EBITDA by 1 March 2026 | 20% vest | 20% vest | 20% vest | 20% vest | 20% vest |
Fair value (pre capital reorganisation) | £11.09 | £11.24 | £11.94 | £11.94 | £11.94 |
Fair value (post capital reorganisation) | £1.55 | £1.57 | £1.67 | £1.67 | £1.67 |
Risk-free interest rate | 3.20% | 3.12% | 4.02% | 4.17% | 4.27% |
Estimated forfeiture rate | 9% | 8% | 8% | 8% | 8% |
Remaining contractual life | 0.17 | 0.17 | 0.17 | 0.17 | 0.17 |
Group achieves £153m EBITDA by 1 March 2027 | 70% vest | 70% vest | 70% vest | 70% vest | 70% vest |
Fair value (pre capital reorganisation) | £10.76 | £10.85 | £11.55 | £11.55 | £11.55 |
Fair value (post capital reorganisation) | £1.51 | £1.52 | £1.62 | £1.62 | £1.62 |
Risk-free interest rate | 3.24% | 3.21% | 3.97% | 3.87% | 4.07% |
Estimated forfeiture rate | 16% | 8% | 8% | 8% | 8% |
Remaining contractual life | 1.17 | 1.17 | 1.17 | 1.17 | 1.17 |
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Notes to the Consolidated
Financial Statements (continued)
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Award tranche | Award 6 | Award 7 | Award 8 | Award 9 |
Grant date | 23/01/25 | 11/02/25 | 20/05/25 | 20/05/25 |
Expected dividend yield | 0.81% | 0.74% | 0.59% | 0.20% |
Volatility | 30.19% | 30.07% | 36.07% | 45.98% |
Initial share price | £1.82 | £2.01 | £1.92 | £1.92 |
Group achieves a currently undetermined EBITDA target by 1 March 2026 | N/A | N/A | N/A | 100% |
Fair value | N/A | N/A | N/A | £1.92 |
Risk-free interest rate | N/A | N/A | N/A | 3.92% |
Estimated forfeiture rate | N/A | N/A | N/A | 0% |
Remaining contractual life | N/A | N/A | N/A | 0.17 |
Group achieves a currently undetermined EBITDA target by 1 March 2028 | 10% | 10% | 100% | N/A |
Fair value | £1.77 | £1.97 | £1.89 | N/A |
Risk-free interest rate | 4.07% | 3.89% | 3.96% | N/A |
Estimated forfeiture rate | 0% | 0% | 0% | N/A |
Remaining contractual life | 2.17 | 2.17 | 2.17 | N/A |
Group achieves a currently undetermined EBITDA target by 1 March 2029 | 20% | 20% | N/A | N/A |
Fair value | £1.76 | £1.95 | N/A | N/A |
Risk-free interest rate | 4.12% | 3.96% | N/A | N/A |
Estimated forfeiture rate | 0% | 0% | N/A | N/A |
Remaining contractual life | 3.17 | 3.17 | N/A | N/A |
Group achieves a currently undetermined EBITDA target by 1 March 2030 | 70% | 70% | N/A | N/A |
Fair value | £1.74 | £1.94 | N/A | N/A |
Risk-free interest rate | 4.24% | 4.12% | N/A | N/A |
Estimated forfeiture rate | 0% | 0% | N/A | N/A |
Remaining contractual life | 4.17 | 4.17 | N/A | N/A |
For all options noted within the Scheme 4 tables above, the exercise price per option is £0.0001 (equivalent to 1/100th pence) and
the expected dividend yield has been assumed to be paid throughout the performance period. The volatility used within the
calculations was determined by calculating the Group’s observed historical volatility over a period equal to the time until the end of
the assumed maturity date.
The estimated forfeiture rate assumption is based upon management’s expectation of the number of options that will lapse over
the vesting period and are reviewed annually. Management believes the current assumptions to be reasonable.
The total amount recognised in the consolidated income statement for the scheme during the 12 months to 31 December 2025 was
a credit of £11.3m (2024: charge of £11.5m). The awards of the scheme will be settled with ordinary shares of the Company.
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Reconciliation of movement in the number of options in Scheme 4 is provided below.
Option | Weighted | ||
exercise | average | ||
price | remaining life | Number of | |
(pence) (years) | options | ||
31 December 2024 | 1/100th | 1.8 | 25,204,362 |
Granted | 1/100th | N/A | 2,685,000 |
Exercised | 1/100th | N/A | (2,401,694) |
Forfeited | 1/100th | N/A | (4,275,666) |
31 December 2025 | 1/100th | 1.1 | 21,212,002 |
The options carried forward as at 31 December 2025 are both outstanding and exercisable.
Vesting of options
As a result of options from Schemes 1, 2 and 4 vesting during the year, £17.9m was transferred from the Group’s treasury reserve to
retained earnings of which £14.8m is distributable. The weighted average price of the exercised options across all schemes at the
date of exercise was £1.49 per share.
27. Acquisitions
Ai Palette
On 7 March 2025, the Group acquired 99.5% of the share capital of Ai Palette Pte. Ltd and its subsidiary for cash consideration of
£9.6m, of which £1.8m was yet to be cash settled as at 31 December 2025. Ai Palette is an AI Powered consumer insights platform
offering an Innovation Intelligence solution to the Consumer-packaged goods sector, which is an excellent strategic fit for the
Group.
The amounts recognised for each class of assets and liabilities at the acquisition date were as follows:
Carrying | Fair value | ||
£m | value | adjustments | Fair value |
| Intangible assets consisting of: | |||
Customer relationships | – | 0.4 | 0.4 |
Database | – | 1.3 | 1.3 |
Trade names | – | 0.4 | 0.4 |
| Net assets acquired consisting of: | |||
Intangible assets | 1.8 | (0.2) | 1.6 |
Cash and cash equivalents | 1.0 | – | 1.0 |
Trade and other receivables | 0.5 | – | 0.5 |
Trade and other payables | (1.2) | 0.1 | (1.1) |
Deferred tax | – | (0.4) | (0.4) |
Fair value of net assets acquired | 2.1 | 1.6 | 3.7 |
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Notes to the Consolidated
Financial Statements (continued)
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The goodwill recognised in relation to the acquisition is as follows:
£m | Fair value |
Consideration paid in cash | 7.8 |
ESCROW payments yet to be cash settled as at 31 December 2025 | 1.8 |
Less net assets acquired | (3.7) |
Goodwill | 5.9 |
In line with the provision of IFRS 3, fair value adjustments may be made within the 12-month period from the date of acquisition
which would result in an adjustment to the goodwill balance reported above. The goodwill that arose on the combination can be
attributed to the assembled workforce, know-how and research methodology. The fair values of the identified intangible assets
were calculated in line with the policies detailed on page 128. The amount of goodwill which is expected to be deductible for tax
purposes is £nil.
The Group incurred legal and professional expenses of £0.2m in relation to the acquisition, which were recognised in adjusting
items in the consolidated income statement. In the period from the date of acquisition to 31 December 2025, the trade of Ai Palette
generated revenues of £1.5m and Adjusted EBITDA loss of £0.2m.
Stylus
The Group completed the acquisition of the entire share capital of Stylus Media Group Limited ‘Stylus’, and its subsidiaries, on 8 July
2025 for consideration of £19.4m, of which £0.5m will be settled 12 months post-completion. In addition, the Group cash settled pre-
existing debts of the acquiree totalling £6.7m on the date of acquisition. Post-acquisition, the Group have cash settled £0.4m of
transaction bonuses on behalf of the acquiree.
Stylus is a consumer trends intelligence business. The addition of Stylus represents a strengthening of our consumer innovation
intelligence solution, which will combine the strength of the Group’s proprietary data and AI platform with Stylus’ leading insights on
consumer trends and the technology capability of our recent Ai Palette acquisition.
The amounts recognised for each class of assets and liabilities at the acquisition date were as follows:
Carrying | Fair value | ||
£m | value | adjustments | Fair value |
| Intangible assets consisting of: | |||
Customer relationships | – | 5.4 | 5.4 |
Database | – | 5.9 | 5.9 |
Trade names | – | 1.2 | 1.2 |
| Net assets acquired consisting of: | |||
Intangible assets | 0.4 | – | 0.4 |
Cash and cash equivalents | 0.2 | – | 0.2 |
Trade and other receivables | 2.2 | (0.8) | 1.4 |
Trade and other payables | (13.4) | 1.5 | (11.9) |
Deferred tax | – | (3.5) | (3.5) |
Fair value of net (liabilities)/assets acquired | (10.6) | 9.7 | (0.9) |
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The goodwill recognised in relation to the acquisition is as follows:
£m | Fair value |
Consideration paid in cash | 18.9 |
Consideration to be paid 1-year post-completion | 0.5 |
Plus net liabilities acquired | 0.9 |
Goodwill | 20.3 |
At the time of acquisition, the Group settled £6.7m of the acquiree’s pre-existing borrowings and £0.4m of accrued transaction
costs, both of which have become inter-company payables due back to the Group within the statement of financial position of the
acquiree. These payments have not been treated as part of the acquisition consideration.
In line with the provision of IFRS 3, fair value adjustments may be made within the 12-month period from the date of acquisition
which would result in an adjustment to the goodwill balance reported above. The goodwill that arose on the combination can be
attributed to the assembled workforce, know-how and research methodology. The fair values of the identified intangible assets
were calculated in line with the policies detailed on page 128. The amount of goodwill which is expected to be deductible for tax
purposes is £nil.
The Group incurred legal and professional expenses of £0.6m in relation to the acquisition, which were recognised in adjusting
items in the consolidated income statement. In the period from the date of acquisition to 31 December 2025, the trade of Stylus
generated revenues of £4.5m and Adjusted EBITDA of £0.6m.
Impact of Acquisitions
If both of the Group’s acquisitions made during the year ended 31 December 2025 had occurred on 1 January 2025, Group revenue
would have been £327.1m and Group Adjusted EBITDA would have been at £110.4m.
Cash Cost of Acquisitions
The cash cost of acquisitions in 2025 comprises:
£m | 31 December 2025 |
| Presented within Operating Activities | |
| Acquisition of MBI: | |
Contingent consideration | 0.3 |
| Acquisition of Ai Palette: | |
Contingent consideration | 0.4 |
| Acquisition of Jobdig, Inc: | |
Contingent consideration | 1.8 |
| 2.5 |
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Notes to the Consolidated
Financial Statements (continued)
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£m | 31 December 2025 |
| Presented within Investing Activities | |
| Acquisition of Ai Palette: | |
Cash consideration | 7. 8 |
Cash acquired | (1.0) |
| Acquisition of Stylus: | |
Cash consideration | 18.9 |
Cash acquired | (0.2) |
Settlement of transaction costs (not included within consideration) | 0.4 |
| Acquisition of Jobdig, Inc: | |
Working capital adjustment | 0.1 |
| Acquisition of Celent: | |
Working capital adjustment | (0.3) |
Transaction bonuses settled | 0.1 |
| Acquisition of Deallus: | |
Working capital adjustment | 1.2 |
| 27.0 |
£m | 31 December 2025 |
| Presented within Financing Activities | |
| Acquisition of Stylus: | |
Settlement of borrowings (not included within consideration) | 6.7 |
| 6.7 |
The cash cost of acquisitions in 2024 comprised:
£m | 31 December 2024 |
| Presented within Operating Activities | |
| Acquisition of TS Lombard: | |
Contingent consideration | 0.5 |
| 0.5 |
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£m | 31 December 2024 |
| Presented within Investing Activities | |
| Acquisition of BTMI: | |
Cash consideration | 6.3 |
Working capital adjustment | (0.1) |
| Acquisition of Jobdig, Inc: | |
Cash consideration | 18.4 |
Cash acquired | (1.6) |
Settlement of transaction costs (not included within consideration) | 3.8 |
| Acquisition of Celent: | |
Cash consideration | 19.2 |
| Acquisition of Deallus: | |
Cash consideration | 20.8 |
Cash acquired | (7.3) |
Settlement of transaction costs (not included within consideration) | 5.2 |
| SIA – Strategy in Action Limited | |
Cash consideration | 4.0 |
| 68.7 |
£m | 31 December 2024 |
| Presented within Financing Activities | |
Acquisition of BTMI: Settlement of borrowings (not included within consideration) | 3.7 |
Acquisition of Deallus: Settlement of borrowings (not included within consideration) | 7.0 |
| 10.7 |
176
FINANCIAL STATEMENTS
Notes to the Consolidated
Financial Statements (continued)
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Year ended | Year ended | |
£m | 31 December 2025 | 31 December 2024 |
Recharges to Washington Topco Limited and its subsidiaries | 7.3 | 6.1 |
Recharges from Washington Topco Limited and its subsidiaries | 3.0 | 7.2 |
As at | As at | |
£m | 31 December 2025 | 31 December 2024 |
Balance owed from/(to) Washington Topco Limited and its subsidiaries | 0.4 | (9.1) |
178
FINANCIAL STATEMENTS
Notes to the Consolidated
Financial Statements (continued)
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Subsidiary undertaking | Principal activity | Country of registration | Registered address | |||
| GlobalData Australia Pty Limited | Data and analytics | c/o Brown Hamilton Partners, Unit 1, | ||||
| GD Healthcare Australia Pty Limited** | Data and analytics | Australia | 31-39 Norcal Road, Nunawading, | |||
| Victoria 3131, Australia | ||||||
Stylus Australia Pty Ltd* | Data and analytics | Australia | 40-42 Scott Street, Dandenong, | |||
| Victoria 3175, Australia | ||||||
| GlobalData Brasil, serviços e | Data and analytics | Brazil | Rua Tuiuti, 436 Conj 31 – Tatuapé, | |||
| informações empresariais Ltda.* | São Paulo – SP, 03081-003, Brazil | |||||
| Adfinitum Networks Inc* | Data and analytics | Canada | 77 King Street West, Suite 400, | |||
| GD Healthcare Canada Inc** | Data and analytics | Toronto, Ontario, M5K 0A1, Canada | ||||
Room | 1201 | , Block 1, No. 258 Zhijiang | ||||
Deallus Consulting China Limited** | Data and analytics | China | Road, Fengxian District, Shanghai, | |||
| China | ||||||
| GlobalData Trading (Shanghai) Co | Room 368, Area 302, No.211, North | |||||
| Limited** | Data and analytics | China | Fute Road, Pilot Free Trade Zone, | |||
| Shanghai, China | ||||||
| GlobalData Information Services | Data and analytics | China | No. 1728-1746 West Nanjing Road, | Suite 1016J, 10th Floor, Building 1, | ||
| (Shanghai) Co. Ltd* | Jing’an District, Shanghai, China | |||||
| Unit 35, 13/f Gem Tower, 1306A, | ||||||
| Langbo Economic Research and | Data and analytics | China | Xizhilang Building, No.2022, | |||
| Consulting (Shenzhen) Co Ltd* | Community Center Road, Yuehai St, | |||||
| Nanshan District, Shenzhen, China | ||||||
| Lombard Street Research (Asia) Limited* | Data and analytics | Flat/RM 2005, 20/ | F, Infinitus Plaza, | |||
| TS Lombard (Asia) Limited* | Non-trading | China | 199 | Des Voeux Road, Sheung Wan, | ||
| Hong Kong | ||||||
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Subsidiary undertaking | Principal activity | Country of registration | Registered address | |
ALF Insight Limited* (1) (08297172) | Data and analytics | |||
| Business Trade Media International | Data and analytics | |||
Limited* (1) (06212740) | ||||
Canadean Limited (1) (01078157) | Data and analytics | |||
Deallus Consulting Limited** (1) (05253532) | Data and analytics | |||
Deallus Holdings Limited** (1) (08010207) | Data and analytics | |||
Galahad Bidco Limited** (1) (09794065) | Holding company | |||
Galahad Midco Limited** (1) (09792375) | Holding company | |||
Galahad Topco Limited** (1) (09792184) | Holding company | |||
GD UK Healthcare Limited** (1) (15308175) | Data and analytics | |||
| GD Healthcare Holding | Holding company | |||
Limited** (1) (15308168) | ||||
GlobalData Holding Limited (1) (09901453) | Holding company | |||
| GlobalData Investments | Non-trading | |||
Limited* (1) (13415599) | ||||
| GlobalData UK Limited* | Data and analytics | |||
| GlobalData EBT Trustees | Non-trading | |||
Limited* (1) (12970237) | ||||
LMC Automotive Limited* (1) (07661200) | Data and analytics | John Carpenter House, | ||
LMC International Limited* (1) (05883865) | Data and analytics | England & Wales | John Carpenter Street, London, | |
| Lombard Street Research | Data and analytics | EC4Y 0AN, United Kingdom | ||
Limited* (1) (02357712) | ||||
| Lombard Street Research Financial | Data and analytics | |||
| Services Limited* | ||||
| Media Business Insight | Data and analytics | |||
Limited* (1) (08248880) | ||||
| Media Business Insight Holdings Limited* | Holding company | |||
(1) | (08810971) | |||
Progressive Content Limited* (1) (06212739) | Data and analytics | |||
| Data and analytics | ||||
| Progressive Digital Media | ||||
Limited (1) (01813905) | Data and analytics | |||
Stylus Media Group Limited* (1) (07053320) | Non-trading | |||
| Stylus Media Group EBT | ||||
Limited* (1) (07205043) | Non-trading | |||
Trusted Sources Limited* (1) (05732805) | Data and analytics | |||
Trusted Sources UK Limited* (1) (05761153) | Holding company | |||
TSL Research Group Limited* (1) (10232483) | Holding company | |||
| Washington Topco Limited | Holding company | |||
Washington Midco Limited** (1) (15357821) | Holding company | |||
Washington Bidco Limited** (1) (15357917) |
180
FINANCIAL STATEMENTS
Notes to the Consolidated
Financial Statements (continued)
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Subsidiary undertaking | Principal activity | Country of registration | Registered address | |
GlobalData France SAS* | Data and analytics | France | 133 bis Rue de l’Universite, 75007, | |
| Paris, France | ||||
| 6/A, 7th Main, 1st Block, Koramangala | ||||
AIPalette India Private Limited* | Data and analytics | India | Industrial Layout, Koramangala, | |
| Bangalore, Bangalore South, | ||||
| Karnataka, 560034, India | ||||
| Unit No. 705-708, 7th Floor, JMD | ||||
Deallus Consulting India Private Limited** Data and analytics | India | Regent Square. MG Road, Gurugram, | ||
| DLF QE, Gurgaon, Haryana, 122002, | ||||
| India | ||||
| GD Research Centre Private Limited* | Data and analytics | 3rd Floor, Jyothi Pinnacle Building, | ||
| Vatrix Healthcare Data India Private | Data and analytics | India | SY No.11, Kondapur Village, | |
| Limited** | Serilingampally Mandal, | |||
| Ranga Reddy Dist, Hyderabad, | ||||
| Telangana- 500081, India | ||||
| Deallus Consulting Japan K.K** | Data and analytics | Tokyo Club Building 11F, 3-2-6 | ||
| GD Healthcare Japan KK** | Data and analytics | Japan | Kasumigaseki, Chiyoda-ku, Tokyo, | |
| GlobalData Japan KK* | Data and analytics | Japan | ||
Stylus Japan K.K.* | Data and analytics | Japan | 3F, 2-20-7, Azabu Juban, | |
| Minato-ku, Tokyo | ||||
| Canadean Mexico Y Centro America, | Avenida Ejército Nacional 769 Piso 2. | |||
| F. De R.L. De C.V* | Data and analytics | Mexico | Colonia Granada. Alcaldía Miguel | |
| Hidalgo. CP 11520. Ciudad de México | ||||
Ai Palette Pte Ltd* | Data and analytics | Singapore | 1 Scotts Road, #24-10, Shaw Centre, | |
| Singapore 228208 | ||||
GD Healthcare Singapore PTE. Limited** | Data and analytics | Singapore | 3791 | Jalan Bukit Merah, 03-03 |
| E-Centre, Redhill, Singapore 159471 | ||||
| The Executive Centre Singapore, | ||||
GlobalData Pte Limited* | Data and analytics | Singapore | Capital Square, Level 7 Capital Square, | |
| 23 Church Street, Singapore 049481 | ||||
| Samsung-dong, ASEM tower, | ||||
Progressive Media Korea Limited* | Data and analytics | South Korea | 37th Floor, 517 Yeongdong-daero, | |
| Gangnam Gu, Seoul, Republic of Korea | ||||
| Dogok-dong, Tower Palace, | ||||
GD Healthcare Korea Limited** | Data and analytics | South Korea | Rm. 2005, | 20th Floor, Je Di-dong, |
| 56 Eonju-ro 30-gil, Gangnam-gu, | ||||
| Seoul, Republic of Korea | ||||
Deallus AB** | Data and analytics | Sweden | Massingsgatan 5 42671, Vastra, | |
| Frolun, Sweden | ||||
GlobalData Switzerland GmbH* | Data and analytics | Switzerland | Route de Divonne 44, 1260 Nyon, | |
| Switzerland | ||||
| LMC Automotive (Thailand) Company | Nuam Building, Unit 1106, 11th floor, | |||
| Limited* | Data and analytics | Thailand | 66 Sukhumvit 21 Road, Klongtoeynua, | |
| Watthana, Bangkok 10110, Thailand | ||||
181
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Subsidiary undertaking | Principal activity | Country of registration | Registered address | |
MEED Media FZ LLC* | Data and analytics | United Arab Emirates | GBS Building, 6th Floor, Dubai Media | |
| City, Dubai, United Arab Emirates | ||||
| Deallus Consulting Inc** | Data and analytics | 441 | Lexington Avenue, 2nd Floor, | |
| GlobalData US, Inc | Data and analytics | United States of America | New York, NY, 10017, United States | |
| Global Data Publications, Inc** | Data and analytics | of America | ||
JobDig, Inc* | Data and analytics | United States of America | Suite 500, The Link, Minneapolis, | |
55414, | United States of America | |||
2285 | South Michigan Road, | |||
LMC Automotive US, Inc* | Data and analytics | United States of America | Eaton Rapids, Michigan 48827, | |
| United States of America | ||||
Lombard Street Research (US), Inc* | Data and analytics | United States of America | 15 E. North St. Dover, Delaware 19901, | |
| United States of America | ||||
6671 | , Sunset Blvd, Suite 1525, | |||
Media Business Insight, Inc* | Data and analytics | United States of America | Los Angeles, CA 90028, | |
| United States of America | ||||
182
FINANCIAL STATEMENTS
Notes to the Consolidated
Financial Statements (continued)
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| In addition to the above, the Group owns the below minority shareholdings: | ||||
Legal Entity | Principal activity | Country of registration | Ownership Percentage | Registered address |
Subsidiary undertaking | Country of Registration | Year end date |
Adfinitum Networks Inc | Canada | 31 March |
AIPalette India Private Limited | India | 31 March |
Deallus Consulting India Private Limited | India | 31 March |
GD Research Centre Private Limited | India | 31 March |
Lombard Street Research (Asia) Limited | China | 31 March |
Lombard Street Research (US), Inc | United States of America | 31 March |
Stylus Media Group EBT Limited | England & Wales | 31 March |
TS Lombard (Asia) Limited | China | 31 March |
Vatrix Healthcare Data India Private Limited | India | 31 March |
Stylus Australia Pty Limited | Australia | 30 June |
17%England & WalesData and analyticsSIA – Strategy in Action
183
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31 December 31 December
£m Notes 2025 2024
Non-current assets
Property, plant and equipment 5 14.6 18.0
Intangible assets 4 2.0 3.8
Investments 7 736.8 983.2
Deferred tax assets 12 4.2 3.4
Trade and other receivables 8 171.9 187.2
929.5 1,195.6
Current assets
Trade and other receivables 8 2.3 1.2
Corporation tax receivable 4.9 11.4
Cash and cash equivalents – 2.8
7.2 15.4
Total assets 936.7 1,211.0
Current liabilities
Bank overdraft (11.9) –
Trade and other payables 9 (83.5) (23.6)
Short-term lease liabilities 6 (1.9) (2.0)
(97.3) (25.6)
Non-current liabilities
Long-term provisions 10 (1.2) (1.1)
Long-term lease liabilities 6 (15.1) (17.2)
(16.3) (18.3)
Total liabilities (113.6) (43.9)
Net assets 823.1 1,167.1
Equity
Share capital 0.2 0.2
Treasury reserve (93.7) (100.6)
Retained earnings 916.6 1,267.5
Equity attributable to equity holders 823.1 1,167.1
These financial statements were approved by the Board of Directors on 1 March 2026 and signed on its behalf by:
Murray Legg Mike Danson
Chair Chief Executive
The accompanying notes form an integral part of these financial statements.
Company loss for the year: £203.4m (2024: profit of £1,132.8m).
Company name: GlobalData Plc
Company number: 03925319
184
FINANCIAL STATEMENTS
Company Statement of
Financial Position
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Treasury Retained
£m Share capital reserve earnings Total equity
Balance at 1 January 2024 0.2 (65.4) 194.7 129.5
Total comprehensive income – – 1,132.8 1,132.8
Transactions with owners:
Dividends – – (37.5) (37.5)
Share buyback – (52.5) – (52.5)
Vesting of share options – 17.3 (17.3) –
Share buyback and cancellation scheme – – (29.3) (29.3)
Share-based payments charge – – 24.1 24.1
Balance at 31 December 2024 0.2 (100.6) 1,267.5 1,167.1
Total comprehensive loss – – (203.4) (203.4)
Transactions with owners:
Dividends – – (9.9) (9.9)
Share buyback – (11.0) – (11.0)
Vesting of share options – 17.9 (17.9) –
Share buyback and cancellation scheme – – (101.7) (101.7)
Share-based payments credit – – (18.0) (18.0)
Balance at 31 December 2025 0.2 (93.7) 916.6 823.1
The accompanying notes form an integral part of these financial statements.
For the comparative period, total net comprehensive income for the year ended 31 December 2024 of £1,132.8m was recognised, of
which income of £1,136.2m relates to intra-group activity in connection with the sale of 40% of the Group’s Healthcare business to
Inflexion. During the year ended 31 December 2025, a further gain in relation to this sale was recognised of £19.6m. In total across
the two financial years, the total gain on sale was £1,155.8m, of which £628.5m is currently classified as a distributable gain.
The Company distributable retained earnings as at 31 December 2025 was £215.4m (2024: £330.8m), comprising £916.6m retained
earnings and £93.7m treasury reserves which net to £822.9m, of which non-distributable elements are £530.1m of non-
distributable profits and £77.4m share-based payment reserve. The non-distributable profits comprise of:
• £527.3m of gains relating to intra-group activity in connection with the sale of 40% of the Group’s Healthcare business to
Inflexion, in which the consideration received is not currently classified as qualifying; and
• £2.8m of non-distributable profits relating to share vesting activity.
Note 24 within the Group Accounts provides an explanation of the transactions with owners movements in equity and reserves
above for both the Group and the Company.
185
FINANCIAL STATEMENTS
Company Statement of
Changes in Equity
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1. General information
Nature of operations
The principal activity of GlobalData Plc is as a holding company of a group of subsidiary entities which provide an intelligence and
productivity platform that empowers leaders to act decisively in a world of complexity and change. By uniting proprietary data,
human expertise, and purpose-built AI into a single, connected platform, we help organisations to see what’s coming, move faster,
and lead with confidence.
GlobalData Plc (‘the Company’) is a company incorporated in the United Kingdom (England & Wales) and listed on the Alternative
Investment Market; therefore is publicly owned and limited by shares. The registered office of the Company is John Carpenter
House, John Carpenter Street, London, EC4Y 0AN. The registered number of the Company is 03925319.
Going concern
The Company meets its day-to-day working capital requirements through free cash flow of the Group. Based on cash flow
projections the Company considers the existing financing facilities (held by indirect subsidiaries of the Company) to be adequate
to meet short-term commitments. As at 31 December 2025, the Company is in a net current liability position totalling £90.1m (2024:
£10.2m), however included within non-current assets are inter-company receivables totalling £171.9m (2024: £187.2m) which are
repayable upon demand; therefore these balances could be called in as due by the Company as required to meet working capital
requirements.
The existing finance facilities were issued with debt covenants, which are measured on a quarterly basis. Management has
reviewed forecast cash flows of the Group and there is no indication that there will be any breach in the next 12 months.
The Directors have a reasonable expectation that there are no material uncertainties that cast significant doubt about the
Company’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 Company has prepared the annual report
and financial statements on a going concern basis.
Critical accounting estimates and judgements
The Company makes estimates and assumptions regarding the future. Estimates and judgements are continually evaluated based
on historical experience and other factors, including expectations of future events that are believed to be reasonable under the
circumstances. In the future, actual experience may deviate from these estimates and assumptions. Management have assessed
that there are no critical accounting judgements in relation to this Company. The estimates and assumptions that have a significant
risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, in accordance
with IAS 1: Presentation of Financial Statements, relate to the carrying value of investments (see note 7).
2. Accounting policies
a) Basis of preparation
The parent Company meets the definition of a qualifying entity under FRS 100 ‘Application of Financial Reporting Requirements’
issued by the Financial Reporting Council; accordingly, the Company financial statements have been prepared under FRS 101
‘Reduced Disclosure Framework’.
As permitted by FRS 101, the Company has taken advantage of the disclosure exemptions available under that standard in relation
to share-based payment, financial instruments, capital management, presentation of comparative information in respect of certain
assets, presentation of a cash flow statement, standards not yet effective, impairment of assets, certain related party
transactions, and certain disclosure requirements in respect of leases.
As permitted by s408 of the Companies Act 2006, no separate statement of comprehensive income is presented in respect of the
parent Company. The profit attributable to the Company is disclosed in the footnote to the Company’s balance sheet.
b) Basis of accounting policies
This report has been prepared based on the accounting policies detailed in the Group’s financial statements for the year ended
31December 2025 and the additional policies described below.
c) Investments
Investments in subsidiaries are stated at cost less any provision for impairment.
186
FINANCIAL STATEMENTS
Notes to the Company
Financial Statements
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187
d) Share-based payments
The Company does not directly employ those participating in the share-based payments scheme as they are employed by other
Group companies. The issue of share incentives by the Company to employees of its subsidiaries represents additional capital
contributions. An addition to the Company’s investment in Group undertakings is reported with a corresponding increase in
shareholders’ funds.
3. Dividends
The final dividend for 2024 was 1.0 pence per share and was paid in May 2025. The total dividend for the current year is 1.5 pence per
share, with an interim dividend of 0.3 pence per share paid on 3 October 2025 to shareholders on the register at the close of
business on 5 September 2025, and a final dividend of 1.2 pence per share which will be paid on 1 May 2026 to shareholders on the
register at the close of business on 27 March 2026. The ex-dividend date will be 26 March 2026.
4. Intangible assets
Assets under Computer
£m construction software Brand Total
Cost
As at 1 January 2025 1.8 10.2 0.1 12.1
Additions – 0.1 – 0.1
Transfer AUC to software (1.8) 1.8 – –
As at 31 December 2025 – 12.1 0.1 12.2
Amortisation
As at 1 January 2025 – (8.2) (0.1) (8.3)
Charge for the year – (1.9) – (1.9)
As at 31 December 2025 – (10.1) (0.1) (10.2)
Net book value
As at 31 December 2025 – 2.0 – 2.0
As at 31 December 2024 1.8 2.0 – 3.8
Assets under construction are transferred to software post development.
5. Property, plant and equipment
Leasehold Computer
£m Buildings improvements equipment Total
Cost
As at 1 January 2025 29.9 1.3 3.2 34.4
Adjustments to right-of-use asset (0.2) – – (0.2)
Disposals (0.9) – – (0.9)
As at 31 December 2025 28.8 1.3 3.2 33.3
Depreciation
As at 1 January 2025 (12.4) (0.8) (3.2) (16.4)
Charge for the year (1.9) (0.1) – (2.0)
Impairment (1.2) – – (1.2)
Disposals 0.9 – – 0.9
As at 31 December 2025 (14.6) (0.9) (3.2) (18.7)
Net book value
As at 31 December 2025 14.2 0.4 – 14.6
As at 31 December 2024 17.5 0.5 – 18.0
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The buildings category all relates to right-of-use assets.
Adjustments to right-of-use assets during the year relate to the alignment of lease terms and payment schedules to the original
contract, resulting in a reduction in both right-of-use assets and lease liabilities.
The impairment recognised during the year has been discussed in detail within note 14 to the Group accounts.
6. Leases
The Company has leases for office buildings and motor vehicles. With the exception of short-term leases and leases of low-value
underlying assets, each lease is reflected on the statement of financial position as a right-of-use asset and a lease liability. The
Company classifies its right-of-use assets in a consistent manner to its property, plant and equipment (see note 5).
Lease liabilities are presented in the statement of financial position as follows:
£m 31 December 2025 31 December 2024
Current lease liabilities 1.9 2.0
Non-current lease liabilities 15.1 17.2
17.0 19.2
The table below describes the nature of the Company’s leasing activities by type of right-of-use asset recognised on the
statement of financial position:
Average No. of No. of leases
No. of right-of-use Range of remaining leases with with termination
assets leased remaining term lease term extension options options
Office buildings 3 3-10 years 7 years – –
The lease liabilities are secured by the related underlying assets. Future minimum lease payments at 31 December 2025 were as
follows:
As at 31 December 2025
£m Within one year One to five years After five years Total
Lease payments 2.5 10.3 6.8 19.6
Finance charges (0.6) (1.6) (0.4) (2.6)
Net present values 1.9 8.7 6.4 17.0
As at 31 December 2024
£m Within one year One to five years After five years Total
Lease payments 2.7 10.2 9.7 22.6
Finance charges (0.7) (2.0) (0.7) (3.4)
Net present values 2.0 8.2 9.0 19.2
At 31 December 2025 the Company had not committed to any leases which had not yet commenced, excluding those recognised as
a lease liability.
188
FINANCIAL STATEMENTS
Notes to the Company
Financial Statements (continued)
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7. Investments
Group undertakings
£m
Cost
As at 1 January 2024 237.5
Share-based payments to employees of subsidiaries – Scheme 2 12.6
Share-based payments to employees of subsidiaries – Scheme 4 11.5
Investment in Washington Topco Limited 688.2
Investment in GlobalData US, Inc 67.2
Transfer of investment in GlobalData Publications, Inc to fellow group company (21.4)
As at 31 December 2024 995.6
Share-based payments to employees of subsidiaries – Scheme 2 (6.7)
Share-based payments to employees of subsidiaries – Scheme 4 (11.3)
As at 31 December 2025 977.6
Impairment
As at 1 January 2024 and 31 December 2024 (12.4)
Impairment (228.4)
As at 31 December 2025 (240.8)
Net book value
As at 31 December 2025 736.8
As at 31 December 2024 983.2
Share-based payments to employees of subsidiaries
The issue of share incentives by the Company to employees of its subsidiaries represents additional capital contributions. An
addition to the Company’s investment in Group undertakings is reported with a corresponding increase in shareholders’ funds.
Impairment review
In accordance with IAS 36 ‘Impairment of Assets’, Management performed an annual assessment of impairment indicators as at
31December 2025 to support the carrying value of investments held in GlobalData Plc parent company. As part of this assessment,
Management identified impairment indicators in Washington Topco Plc, primarily driven by the trading performance in the period.
As per the requirements of IAS 36 Management performed a formal impairment test to determine the recoverable amount of the
investment, being the higher of the investment’s fair value less costs to sell and its value in use.
Management engaged an independent valuation specialist to assist in determining both the fair value and the value in use.
Management have determined that an impairment charge should be recognised based on the value in use calculation. Key inputs to
this calculation included:
• CAGR revenue growth in years 1-5 of 4.7%;
• Long-term growth rate of 2%; and
• Pre-tax discount rate of 12.7%.
The recoverable amount based on the value in use is £459.5m, giving rise to an impairment charge of £228.4m. The carrying value
of the investment prior to the impairment review was £687.9m.
189
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190
FINANCIAL STATEMENTS
Notes to the Company
Financial Statements (continued)
In assessing the sensitivity of the valuation, Management have identified reasonably possible changes in key assumptions that
could have the following upside or downside impact on the recoverable amount:
Negative Impact on Favourable Impact on
movement recoverable amount movement recoverable amount
Sensitivity £m £m
Revenue Growth –1 ppt (20.7) +1 ppt 21.4
Long Term Growth Rate –1 ppt (40.5) +1 ppt 52.3
Discount Rate +0.5 ppt (27.6) –0.5 ppt 31.4
Disposal of Subsidiary
On 31 October 2025, the Company completed the sale of 100% of the share capital of Internet Business Group Limited for cash
consideration of £1.3m. The book value of the investment held was £nil.
8. Trade and other receivables
£m 31 December 2025 31 December 2024
Non-current
Amounts owed by group undertakings 171.9 187.2
171.9 187.2
Current
Prepayments 0.6 0.2
Amounts owed by group undertakings – 0.6
Other taxation and social security 1.7 0.4
2.3 1.2
The carrying values are considered to be a reasonable approximation of fair value. The effect of discounting other receivables has
been assessed and is deemed to be immaterial to the results. The total ECL provision recognised in relation to these receivables is
£nil (2024: £nil).
The Company has impaired balances totalling £nil during the year in relation to balances owed by group undertakings (2024: £nil).
Amounts owed by group undertakings are repayable upon demand and outstanding balances contain transactions including the
following:
• Loans to group undertakings;
• Inter-company interest receivable;
• Recharge of costs; and
• Cash pooling.
None of the transactions with group undertakings incorporate special terms and conditions and no guarantees were given or
received. Outstanding balances are usually settled in cash.
9. Trade and other payables
£m 31 December 2025 31 December 2024
Trade payables 0.3 1.0
Accruals 6.5 4.2
Amounts owed to group undertakings 76.7 18.4
83.5 23.6
The Directors consider that the carrying amount of trade payables approximates to their fair value. The effect of discounting trade
and other payables has been assessed and is deemed to be immaterial to the Company’s results. Amounts owed to related parties
are repayable on demand and non-interest bearing.
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10. Provisions
Dilapidations Dilapidations
£m Right-of-use assets Other Total
As at 1 January 2025 0.1 1.0 1.1
Increase in provision – 0.1 0.1
As at 31 December 2025 0.1 1.1 1.2
Current: – – –
Non-current: 0.1 1.1 1.2
11. Borrowings
£m 31 December 2025 31 December 2024
Short-term lease liabilities 1.9 2.0
Current liabilities 1.9 2.0
Long-term lease liabilities 15.1 17.2
Non-current liabilities 15.1 17.2
12. Deferred income tax
£m 31 December 2025 31 December 2024
Balance brought forward 3.4 4.1
Tax income during the period recognised in profit or loss 0.8 (0.7)
Balance carried forward 4.2 3.4
The provision for deferred taxation consists of the tax effect of
temporary differences in respect of:
Accelerated depreciation for tax purposes 0.2 (0.1)
Restricted interest carried forward 4.0 3.5
Balance carried forward 4.2 3.4
£m 31 December 2025 31 December 2024
Deferred tax asset 4.2 3.4
4.2 3.4
The Company’s deferred tax assets and liabilities have been recognised at the tax rates that are expected to apply to the period
when the asset is realised or the liability is settled.
191
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13. Related party transactions
Directors
The remuneration of the Directors of the Group and Company is set out on page 91 in the consolidated accounts of the Group
within the Directors Remuneration Report.
Related Party Transactions: Non-wholly owned subsidiaries
Washington Topco Limited and its subsidiaries are 60% owned, as such, the exemption to disclose transactions between group
companies in accordance with IAS 24 does not apply. Transactions entered into by the Company with a member of the group of
companies owned by Washington Topco Limited, and outstanding balances between the parties as at the year end are presented
below.
Year ended Year ended
£m 31 December 2025 31 December 2024
Recharges to Washington Topco Limited and its subsidiaries – 0.3
Recharges from Washington Topco Limited and its subsidiaries 1.6 0.7
£m 31 December 2025 31 December 2024
Balance owed from Washington Topco Limited and its subsidiaries – 0.2
There are no other related party transactions to disclose for the Company for both the year ended 31 December 2025 and
31December 2024.
14. Contingent liabilities
There were no contingent liabilities as at 31 December 2025 or 31 December 2024.
There were no capital commitments as at 31 December 2025 or 31 December 2024.
192
FINANCIAL STATEMENTS
Notes to the Company
Financial Statements (continued)
177865 Globaldata - Annual Report Back End.qxp_177865 Globaldata - Annual Report Back End 16/03/2026 12:46 Page 192
Annual Report and Accounts 2025
Strategic Report / Directors’ Report / Auditor’s Report / Financial Statements
Company Secretary
Bob Hooper
Head Office and Registered Office
John Carpenter House
John Carpenter Street
London
EC4Y 0AN
Tel: + 44 (0) 20 7936 6400
Nominated Adviser and Joint Broker
J.P. Morgan Cazenove
25 Bank Street
Canary Wharf
London
E14 5JP
Joint Broker
Panmure Gordon
One New Change
London
EC4M 9AF
Joint Broker
Numis Securities
45 Gresham Street
London
EC2V 7BF
Financial PR LLP
FTI Consulting
200 Aldersgate
Aldersgate Street
London
EC1A 4HD
Lawyers
Reed Smith
20 Primrose Street
London
EC2A 2RS
Auditor
Deloitte LLP
1 City Square
Leeds
LS1 2AL
Registrars
MUFG Corporate Markets
Central Square
29 Wellington Street
Leeds
LS1 4DL
193
Advisers
Bankers
NatWest Group
280 Bishopsgate
London
EC2M 4RB
Bankers
HSBC UK Bank Plc
1 Centenary Square
Birmingham
B1 1HQ
Registered number
Company No. 03925319
177865 Globaldata - Annual Report Back End.qxp_177865 Globaldata - Annual Report Back End 16/03/2026 12:46 Page 193
177865 Globaldata - Annual Report Back End.qxp_177865 Globaldata - Annual Report Back End 16/03/2026 12:46 Page 194
Head Office and Registered Office
John Carpenter House
John Carpenter Street
London
EC4Y 0AN
Tel: + 44 (0) 20 7936 6400
www.globaldata.com
Company No. 03925319
GlobalData Plc | Annual Report & Accounts 2025