LONDON (ShareCast) - (Sharecast News) - GlobalData reported 8% growth in its underlying revenue in its first half on Monday, to £91.1m, driven by "strong growth" in subscription revenue at 9%.
The AIM-traded firm said the impact of the strengthening pound relative to the dollar meant that reported revenue growth was 5%.

Adjusted EBITDA grew by 13% to £30.7m for the six months ended 30 June, as its margin expanded by three percentage points to 34% year-on-year.

Its operating profit increased to £18.3m from £11.5m, as that margin rose by seven percentage points to 20%, while its profit before tax rose 72% to £16.0m.

Underlying growth in invoiced forward revenue was 9% as at 30 June, with the impact of currency movements meaning the reported growth was 3%.

Cash flow from operations increased by 1% to £40.8m, which represented cash conversion of 133% on an adjusted EBITDA basis, compared to a restated 148% a year earlier.

The board announced an interim dividend increase of 13% to 6.1p per ordinary share, up from 5.4p at the interim in 2020, in line with the growth in adjusted EBITDA.

"The group has delivered a strong performance in the first half and has continued to deliver and execute against its strategy," said chief executive officer Mike Danson.

"Our 8% underlying revenue growth and significant margin expansion demonstrate clear progress against our two near term financial ambitions of achieving at least 10% annual organic growth and an adjusted EBITDA margin of 35% to 40%."

Danson said the company's 'one platform' operating model gave it "significant scalability" to accelerate both organic and inorganic growth opportunities.

"We are confident about the outlook and growth prospects of the Group for the second half and beyond."

At 1102 BST, shares in GlobalData were up 1.21% at 1,670p.

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