Half Year Results

Summary by AI ^BETAClose X

GlobalData Plc reported a 4% increase in revenue to £162.9 million for the half year ended 30 June 2026, with underlying growth of 1% attributed to a challenging macroeconomic environment and ongoing transformation efforts. Adjusted EBITDA rose 5% to £54.8 million, with the margin improving to 34%, while profit before tax decreased 6% to £23.2 million due to higher finance charges. Contracted Forward Revenue grew 4% to £163.3 million, indicating strong visibility. The company is investing in AI-native workflows and proprietary data to accelerate growth, expecting full-year margins to align with the first half's performance. Capital allocation included £19 million returned to shareholders via share buybacks and the acquisition of Cambridge Healthcare.

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Globaldata (DATA)

UK 100

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=	Underlying Adjusted EBITDA and Adjusted operating profit were flat year-on-year, when adjusting for currency and one-off revenue benefits (see note 3 of Financial Review). On a reported basis:
	· Adjusted EBITDA¹ increased 5% to £54.8m (HY25: £52.1m) (reflecting flat performance on an underlying basis), with Adjusted EBITDA margin¹ improving one percentage point to 34% (HY25: 33%).
	· Adjusted operating profit¹ increased 6% to £46.7m (HY25: £44.0m), with adjusted operating profit margin¹ improving one percentage point to 29% (HY25: 28%).
	· Profit before tax reduced by 6% to £23.2m, as finance charges increased due to increased bank debt.
	· Adjusted fully diluted EPS¹ increased 8% to 2.7p (HY25: 2.5p).

Key performance metrics	HY 2026	HY 2025	Growth	Underlying growth¹
Revenue	£162.9m	£156.5m	4%	1%
Operating profit	£30.9m	£28.5m	8%
Operating profit margin	19%	18%	1pt
Adjusted EBITDA¹	£54.8m	£52.1m	5%	0%
Adjusted EBITDA margin¹	34%	33%	1pt
Profit before tax (PBT)	£23.2m	£24.7m	-6%
Basic earnings per share (EPS)	1.2p	0.8p	50%
Adjusted basic EPS (restated)¹	2.7p	2.5p	8%
Interim dividend per share	0.3p	0.3p	-
Contracted Forward Revenue¹	£163.3m	£157.4m	4%	1%
Net bank debt¹	(£133.0m)	(£16.8m)	692%

=	For FY26, underlying revenue growth is expected to be more muted than expected, still in line with market expectations², albeit towards the lower end of the range.
=	The reduction in revenue outturn, together with targeted investments through the second half will mean margins are more subdued than market expectations, and in line with the first half Adjusted EBITDA margin. Therefore, we expect Adjusted EBITDA for FY26 to be below market expectations.
=	Longer term, the investments that we are making now should lead to a positive impact on revenue quality and client renewal rates giving us a stronger foundation for accelerating growth, as well as delivering operational and margin benefits.
=	GlobalData continues to be focused on delivering long-term sustainable growth, underpinned by its resilient subscription model, differentiated proprietary data and content, increasing application of AI and divisional-value creation model. The Board believes that investment at this time to support revenue growth is in the best interests of long-term value creation and therefore expects a more cautious recovery in margins in the medium term than previously stated.
=	The Group will maintain a flexible and opportunistic approach to capital allocation, balancing investment for growth, selective M&A and returns to shareholders.

GlobalData Plc
Mike Danson, Chief Executive Officer Graham Lilley, Chief Financial Officer	0207 936 6400

J.P. Morgan Cazenove (Joint Broker)	0203 493 8000
Bill Hutchings Mose Adigun

Panmure Liberum (Joint Broker)	0203 100 2000
Rupert Dearden James Sinclair-Ford

Investec Bank Plc (Joint Broker)	0207 597 5970
Henry Reast Virginia Bull

FTI Consulting (Financial PR)	0203 727 1000
Edward Bridges Dwight Burden Emma Hall	globaldata@fticonsulting.com

=	Since launching the Growth Transformation Plan in January 2024, we have completed 7 acquisitions (BTMI, LinkUp, Celent and Deallus in 2024, AI Palette and Stylus in 2025, and Cambridge Healthcare in H1 2026), investing over £132m to strengthen our proprietary data and competitive intelligence capabilities.
=	Our AI Hub has been adopted by more than 90% of customers, with a 3x increase in active users, reflecting the depth of engagement our platform now commands. We have established a commercial partnership with Microsoft, including MCP integration with Microsoft 365 Copilot.
=	Our solutions-led sales model is now embedded across the business, with expanded sales capacity and a new strategic account management framework in place.
=	On 5 March 2026, we were admitted to the Main Market of the London Stock Exchange.

ADJUSTED FIGURES
For the Period Ended 30 June:	2026 (Unaudited) £m	2025 (Unaudited) £m	Reported Growth	Underlying Growth
Revenue	162.9	156.5	4%	1%
EBITDA¹	54.8	52.1	5%	0%
Operating profit¹	46.7	44.0	6%	0%
Operating profit margin¹	29%	28%	1pt
Profit before tax¹ (restated) ²	39.0	40.2	-3%
Tax charge¹ (restated) ²	(12.1)	(12.6)	-4%
Profit after tax¹ (restated) ²	26.9	27.6	-3%
Free cash flow¹	31.3	42.6	-27%
Basic earnings per share¹ (pence) (restated) ²	2.7	2.5	8%

REPORTED FIGURES
For the Period Ended 30 June:	2026 (Unaudited) £m	2025 (Unaudited) £m	Reported Growth	Underlying Growth
Revenue	162.9	156.5	4%	1%
Operating profit	30.9	28.5	8%
Operating profit margin	19%	18%	1pt
Profit before tax	23.2	24.7	-6%
Tax charge	(9.1)	(11.1)	-18%
Profit after tax	14.1	13.6	4%
Cash flow from operations	50.8	66.1	-23%
Net bank debt¹	(133.0)	(16.8)	692%
Basic earnings per share (pence)	1.2	0.8	50%

	£m
Revenue as reported - HY 2026	162.9
Add back currency movements (from underlying business)	3.4
Deduct post-acquisition revenue of acquired businesses	(7.9)
Deduct complimentary period revenue adjustment relating to prior periods¹	(3.3)
Adjust for disrupted event revenues²	0.7
Revenue underlying - HY 2026	155.8

Revenue as reported - HY 2025	156.5
Deduct revenue of disposed entities and discontinued products³	(2.0)
Revenue underlying - HY 2025	154.5

Reported Growth	4%
Underlying Growth	1%

£m	Period ended 30 June 2026	Period ended 30 June 2025	Change %
Revenue	162.9	156.5	4%
Operating costs (excluding adjusting items)	(108.1)	(104.4)	4%
Adjusted EBITDA	54.8	52.1	5%
Depreciation	(3.3)	(3.2)	3%
Amortisation of acquired intangible assets	(6.9)	(5.9)	17%
Amortisation of software	(2.5)	(1.4)	79%
Impairment of acquired intangible assets	(3.0)	-	100%
Share-based payments charge	(0.5)	(6.8)	-93%
Restructuring and corporate projects	(4.6)	(6.2)	-26%
Acquisition and integration costs	(1.3)	(3.4)	-62%
Costs relating to share-based payment schemes	(0.4)	(0.4)	-
Revaluation (loss)/ gain on short- and long-term derivatives	(0.4)	1.3	-131%
Unrealised operating foreign exchange (loss)/ gain	(1.0)	2.4	-142%
Finance costs	(7.7)	(3.8)	103%
Profit before tax	23.2	24.7	-6%

	£m
Adjusted EBITDA as reported - HY 2026	54.8
Add back currency movements	0.4
Deduct post-acquisition Adjusted EBITDA of acquired businesses	-
Deduct complimentary period revenue adjustment relating to prior periods	(3.3)
Adjusted EBITDA underlying - HY 2026	51.9
Adjusted EBITDA as reported - HY 2025	52.1

Reported Growth	5%
Underlying Growth	0%

=	Share-based payment charge totalling £0.5m (HY 2025: £6.8m).
=	Restructuring costs totalling £2.0m were incurred, which have principally arisen as a result of exit costs linked to restructuring projects and rates costs linked to offices which the Group has exited. Corporate projects costs of £2.6m were additionally incurred in relation to the AIM to Main Market movement (HY 2025 restructuring and corporate projects: £6.2m).
=	Revaluation of short- and long-term derivatives and unrealised operating foreign exchange contributed a total loss in the first half of £1.4m (HY 2025: £3.7m gain). This is a result of fluctuations in currency exchange rates.
=	Other significant movements on adjusting items include an increase in amortisation of acquired intangibles of £1.0m to £6.9m (HY 2025 £5.9m) and an impairment of acquired customer relationship intangibles balances totalling £3.0m across the Group.

£m	Revenue	Net operating costs¹	Adjusted EBITDA	Adjusted EBITDA Margin	Contracted Forward Revenue
Reported	162.9	(108.1)	54.8	34%	163.3
Add back currency movements
US Dollar	3.5	(1.6)	1.9		(0.9)
Euro	(0.3)	-	(0.3)		(0.2)
Other	0.2	(1.4)	(1.2)		0.1
Constant currency	166.3	(111.1)	55.2	33%	162.3
30 June 2025 Reported	156.5	(104.4)	52.1	33%	157.4
Constant currency growth²	6%	6%	6%	-	3%

£m	Period ended 30 June 2026	Period ended 30 June 2025 Restated
Statutory income tax charge	9.1	11.1
Amortisation of acquired intangible assets	2.0	1.5
Impairment of acquired intangible assets	0.8	-
Acquisition and integration costs	0.2	-
Restructuring and corporate projects	0.7	-
Movement in unrecognised deferred tax	(0.7)	-
Adjusted income tax charge	12.1	12.6

£m	Period ended 30 June 2026	Period ended 30 June 2025	Change %
Earnings attributable to equity holders:
Basic earnings per share (pence)	1.2	0.8	50%
Diluted earnings per share (pence)	1.2	0.8	50%
Adjusted basic earnings per share (pence) (restated)	2.7	2.5	8%
Adjusted diluted earnings per share (pence) (restated)	2.7	2.5	8%

	Period ended 30 June 2026 No' m	Period ended 30 June 2025 No' m
Basic weighted average number of shares, net of shares held in treasury reserve	705.7	765.9
Dilutive share options in issue - scheme 1	0.7	0.7
Dilutive share options in issue - scheme 2	-	0.5
Dilutive share options in issue - scheme 4	-	-
Diluted weighted average number of shares	706.4	767.1

	Period ended 30 June 2026 No' m	Period ended 30 June 2025 No' m
Basic number of shares	746.9	806.5
Shares held in treasury reserve	(50.5)	(51.3)
Dilutive share options in issue - scheme 1	0.7	0.7
Dilutive share options in issue - scheme 2	-	0.5
Dilutive share options in issue - scheme 4	-	-
Diluted number of shares	697.1	756.4

£m	Period ended 30 June 2026	Period ended 30 June 2025	Growth
Cash flow generated from operations	50.8	66.1	-23%
Interest paid	(6.5)	(3.2)	103%
Income taxes paid	(3.6)	(13.3)	-73%
Contingent consideration¹	(2.3)	(0.3)	667%
Principal elements of lease payments	(3.2)	(2.8)	14%
Purchase of intangible and tangible assets	(3.9)	(3.9)	-
Free cash flow	31.3	42.6	-27%
Dividends paid	(8.5)	(7.7)	10%
Net M&A²	(21.7)	(8.2)	165%
Settlement of hire purchase liability	(0.1)	-	100%
Settlement of related party liability	(0.9)	-	100%
Acquisition of own shares for cancellation	(18.6)	(39.7)	-53%
Acquisition of own shares	-	(11.0)	-100%
Net cash flow	(18.5)	(24.0)	-23%
Opening net (bank debt)/ cash	(114.2)	10.1	-1231%
Non-cash movement in borrowings	(0.7)	0.1	-800%
Currency translation	0.4	(3.0)	-113%
Closing net bank debt	(133.0)	(16.8)	692%
Last 12 months Adjusted EBITDA³	112.9	111.1	2%
Net bank debt leverage	-1.2X	-0.2x	-1.0x

£m	30 June 2026	30 June 2025
Deferred revenue	125.7	126.8
Amounts not due/subscription not started at 30 June	0.9	0.7
Invoiced Forward Revenue	126.6	127.5
Contracted not yet invoiced	36.7	29.9
Contracted Forward Revenue	163.3	157.4

Attributable to:
Equity holders of the parent	9.2	4.8
Non-controlling interest	6.4	5.5

	Notes	30 June 2026 Unaudited	31 December 2025 Audited
		£m	£m
Non-current assets
Property, plant and equipment		24.8	26.0
Goodwill	10	397.2	384.6
Other intangible assets	10	110.9	106.9
Investment in associate		4.0	4.3
Deferred tax assets		13.6	19.2
		550.5	541.0
Current assets
Trade and other receivables		86.5	87.2
Current tax receivable		8.7	9.7
Short-term derivative assets		0.1	0.1
Cash and cash equivalents		48.0	51.1
		143.3	148.1
Total assets		693.8	689.1
Current liabilities
Trade and other payables		(39.6)	(43.1)
Deferred revenue	5	(122.7)	(115.9)
Short-term lease liabilities	11	(4.6)	(4.0)
Current tax payable		-	(2.2)
Short-term derivative liabilities		(0.4)	(0.2)
Short-term provisions		(1.5)	-
		(168.8)	(165.4)
Net current liabilities		(25.5)	(17.3)
Non-current liabilities
Long-term trade and other payables		-	(2.4)
Deferred revenue	5	(3.0)	(1.4)
Long-term provisions		(5.5)	(1.9)
Deferred tax liabilities		(10.3)	(6.2)
Long-term lease liabilities	11	(19.0)	(20.5)
Long-term borrowings	11	(181.0)	(165.3)
		(218.8)	(197.7)
Total liabilities		(387.6)	(363.1)
Net assets		306.2	326.0
Equity
Share capital	12	0.2	0.2
Treasury reserve	12	(93.1)	(93.7)
Other reserve	12	(44.3)	(44.3)
Foreign currency translation reserve	12	(0.5)	(1.4)

£m	30 June 2026		30 June 2025
Short- and long-term borrowings	(181.0)		(76.8)
Cash	48.0		60.0
Net bank debt		(133.0)	(16.8)

£m	GlobalData Non-Healthcare	GlobalData Healthcare	Total Group
Contracted Forward Revenue as reported - 30 June 2026	101.5	61.8	163.3
Add back currency movements (from underlying business)	(0.8)	(0.4)	(1.2)
Add back complimentary period revenue adjustment	0.9	2.2	3.1
Deduct Contracted Forward Revenue of acquisitions	(4.8)	(1.6)	(6.4)
Contracted Forward Revenue underlying - 30 June 2026	96.8	62.0	158.8
30 June 2025	94.7	62.7	157.4
Reported growth	7%	-1%	4%
Underlying growth	2%	-1%	1%

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 14). 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 9).	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 8.
Adjusted operating profit	Operating profit adjusted to exclude costs associated with acquisitions, restructuring of the Group and amortisation and impairment of acquired intangible assets. This is reconciled to the statutory operating profit on page 8.
Adjusted operating profit margin	Adjusted operating profit as a percentage of revenue. This is calculated on page 8.
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 16.
Adjusted EBITDA margin	Adjusted EBITDA as a percentage of revenue. This is calculated on page 8.
Adjusted EPS	Adjusted profit after tax per share (reconciliation between statutory profit and adjusted profit shown on page 14).
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 13.
Adjusted profit before tax	Profit before tax adjusted to exclude amortisation and impairment of acquired intangible assets, costs associated with acquisitions, restructuring of the Group and revaluation of the interest rate swap. This is reconciled to the profit before tax on page 14.
Adjusted profit after tax	The sum of adjusted profit before tax and adjusted income tax expense. This is calculated on page 14.
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 12 for revenue, net 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 15.	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 15.
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 17.	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 17.
Revenue Visibility	Defined as Contracted Forward Revenue plus expected revenue from in year renewals, based upon a consistent renewal rate.
Net bank debt	Short and long-term borrowings (excluding lease liabilities) less cash and cash equivalents. This is reconciled on page 16.	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 16.
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 16.	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 15.	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/discontinued/disposed businesses and products. For the current reporting period, underlying growth also includes adjustments relating to complimentary periods and events rephased as a result of disruption in the Middle East. Underlying revenue is reconciled to reported revenue on page 9. Underlying Adjusted EBITDA is reconciled to reported Adjusted EBITDA on page 10. Underlying Contracted Forward Revenue is reconciled to reported Contracted Forward Revenue on page 17.

	Notes	6 months to 30 June 2026 Unaudited	6 months to 30 June 2025 Unaudited
Continuing operations		£m	£m
Revenue	5	162.9	156.5
Cost of sales	6	(83.4)	(80.2)
Gross profit		79.5	76.3
Administrative costs	6	(47.7)	(47.6)
Losses on trade receivables	6	(0.7)	(0.4)
Share of results of associates	13	(0.3)	0.1
Other income		0.1	0.1
Operating profit		30.9	28.5
Net finance costs	8	(7.7)	(3.8)
Profit before tax		23.2	24.7
Income tax expense	3	(9.1)	(11.1)
Profit for the period		14.1	13.6

Attributable to:
Equity holders of the parent		8.3	5.8
Non-controlling interest		5.8	7.8

Earnings per share attributable to equity holders of the parent:
Basic earnings per share (pence)	9	1.2	0.8
Diluted earnings per share (pence)	9	1.2	0.8

	6 months to 30 June 2026 Unaudited	6 months to 30 June 2025 Unaudited
	£m	£m
Profit for the period	14.1	13.6
Other comprehensive income
Items that will be classified subsequently to profit or loss when specific conditions are met:
Net exchange gains/ (losses) on translation of foreign entities	1.5	(3.3)
Other comprehensive income/ (loss), net of tax	1.5	(3.3)
Total comprehensive income for the period	15.6	10.3

Continuing operations	Notes	6 months to 30 June 2026 Unaudited	6 months to 30 June 2025 Unaudited
Cash flows from operating activities		£m	£m
Profit for the period		14.1	13.6
Adjustments for:
Depreciation		3.3	3.2
Amortisation	10	9.4	7.3
Impairment	10	3.0	-
Net exchange differences		1.2	-
Net finance costs		7.7	3.8
Other losses/ (income)		0.2	(0.2)
Taxation recognised in profit or loss		9.1	11.1
Share-based payments (credit)/ charge	12	(0.3)	6.8
Decrease in trade and other receivables		6.7	12.3
(Decrease)/ increase in trade and other payables		(4.3)	9.3
Revaluation of short- and long-term derivatives		0.4	(1.3)
Movement in provisions		0.3	0.2
Cash generated from continuing operations		50.8	66.1
Interest paid		(6.5)	(3.2)
Income taxes paid		(3.6)	(13.3)
Contingent consideration paid		(0.8)	(0.3)
Total cash flows generated from operating activities		39.9	49.3
Cash flows from investing activities
Acquisitions, net of cash acquired	14	(22.1)	(8.2)
Purchase of property, plant and equipment		(0.5)	(1.6)
Purchase of intangible assets	10	(3.4)	(2.3)
Total cash flows used in investing activities		(26.0)	(12.1)
Cash flows from financing activities
Proceeds from borrowings	11	15.0	37.0
Settlement of borrowings in relation to acquisitions	14	(1.1)	-
Loan refinancing fee		-	(0.5)
Settlement of hire purchase liability		(0.1)	-
Settlement of related party liability	13	(0.9)	-
Acquisition of own shares for cancellation	12	(18.6)	(39.7)
Acquisition of own shares	12	-	(11.0)
Principal elements of lease payments	11	(3.2)	(2.8)
Dividends paid		(8.5)	(7.7)
Total cash flows used in financing activities		(17.4)	(24.7)
Net (decrease)/ increase in cash and cash equivalents		(3.5)	12.5
Cash and cash equivalents at beginning of period		51.1	50.5
Effects of currency translation on cash and cash equivalents		0.4	(3.0)
Cash and cash equivalents at end of period		48.0	60.0

=	Business and strategic risks: Product; Cyber and IT; People; Market (Competition and Clients); Economic and Geo-political; Acquisition and Integration.
=	Operational risks: Data Privacy; Regulatory Compliance and Artificial Intelligence.

Share-based payments and associated costs	Share-based payment expenses are excluded from Adjusted EBITDA as they 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 derivatives	Gains and losses are recognised within Adjusted EBITDA when they are realised in cash terms and therefore we exclude non-cash movements arising from fluctuations in exchange rates which better aligns Adjusted EBITDA with the cash performance of the business.
Unrealised operating foreign exchange gain/loss

Income taxes	6 months to 30 June 2026 Unaudited	6 months to 30 June 2025 Unaudited
	£m	£m
Current income tax expense	2.3	9.6
Deferred income tax expense relating to origination and reversal of temporary differences	6.8	1.5
Income tax expense recognised in income statement	9.1	11.1

Period ended 30 June 2026	DA&I: Non-Healthcare Unaudited £m	DA&I: Healthcare Unaudited £m	Corporate Unaudited £m	Total Unaudited £m
Revenue	97.7	65.2	-	162.9
Operating costs	(73.6)	(33.6)	(0.9)	(108.1)
Adjusted EBITDA	24.1	31.6	(0.9)	54.8
Share-based payments charge	(0.4)	(0.1)	-	(0.5)
Amortisation of acquired intangibles	(5.1)	(1.8)	-	(6.9)
Restructuring and corporate projects	(1.1)	(0.9)	(2.6)	(4.6)
Acquisition and integration costs	(0.3)	(1.0)	-	(1.3)
Costs relating to share-based payments scheme	(0.4)	-	-	(0.4)
Revaluation gain/ (loss) on short- and long-term derivatives	0.1	(0.5)	-	(0.4)
Unrealised operating foreign exchange gain/ (loss)	0.1	(1.1)	-	(1.0)
Impairment of acquired intangibles	(0.9)	(2.1)	-	(3.0)
Depreciation	(2.5)	(0.8)	-	(3.3)
Amortisation (excluding amortisation of acquired intangible assets)	(2.4)	(0.1)	-	(2.5)
Finance costs	(5.4)	(2.3)	-	(7.7)
Taxation	(2.8)	(6.3)	-	(9.1)
Profit/ (loss) after tax	3.0	14.6	(3.5)	14.1

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Period ended 30 June 2025	DA&I: Non-Healthcare Unaudited £m	DA&I: Healthcare Unaudited £m	Corporate Unaudited £m	Total Unaudited £m
Revenue	96.6	59.9	-	156.5
Operating costs	(72.4)	(31.1)	(0.9)	(104.4)
Adjusted EBITDA	24.2	28.8	(0.9)	52.1
Share-based payments charge	(5.5)	(1.3)	-	(6.8)
Amortisation of acquired intangibles	(4.7)	(1.2)	-	(5.9)
Restructuring and corporate projects	(1.7)	(1.2)	(3.3)	(6.2)
Acquisition and integration costs	(3.2)	(0.2)	-	(3.4)
Costs relating to share-based payments scheme	(0.4)	-	-	(0.4)
Revaluation gain on short- and long-term derivatives	0.7	0.6	-	1.3
Unrealised operating foreign exchange gain/ (loss)	(2.0)	4.4	-	2.4
Depreciation	(2.3)	(0.9)	-	(3.2)
Amortisation (excluding amortisation of acquired intangible assets)	(1.4)	-	-	(1.4)
Finance costs	(1.5)	(2.3)	-	(3.8)
Taxation	(4.0)	(7.1)		(11.1)
Profit/ (loss) after tax	(1.8)	19.6	(4.2)	13.6

As at 30 June 2026	DA&I: Healthcare £m	Remaining Group £m	Total Reported to CODM £m	Reclassifications* £m	Total £m
Non-current assets	101.2	449.3	550.5	-	550.5
Current assets	68.3	75.0	143.3	-	143.3
Total assets	169.5	524.3	693.8	-	693.8

Current liabilities	(69.7)	(100.9)	(170.6)	1.8	(168.8)
Non-current liabilities	(47.7)	(169.3)	(217.0)	(1.8)	(218.8)
Total liabilities	(117.4)	(270.2)	(387.6)	-	(387.6)

As at 31 December 2025	DA&I: Healthcare £m	Remaining Group £m	Total Reported to CODM £m	Reclassifications* £m	Total £m
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)

	Revenue recognised in the Consolidated Income Statement		Deferred Revenue recognised within the Consolidated Statement of Financial Position
	Period ended 30 June 2026 Unaudited	Period ended 30 June 2025 Unaudited	As at 30 June 2026 Unaudited	As at 31 December 2025 Audited
	£m	£m	£m	£m
Services transferred:
Over a period of time	123.3	116.0	99.8	89.6
At a point in time	39.6	40.5	25.9	27.7
Total	162.9	156.5	125.7	117.3

6 months to 30 June 2026 Unaudited	UK	Europe	Americas	Asia Pacific	MENA¹	Rest of World	Total
	£m	£m	£m	£m	£m	£m		£m
Revenue from external customers	25.6	40.2	65.3	14.4	11.7	5.7		162.9

=	The share-based payments charge is in relation to the share-based compensation plans (detailed in note 12) 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. The £0.5m charge for the period is a net of (i) a credit of £0.3m in relation to revaluation to fair value of options which currently have no set vesting target and (ii) a charge of £0.8m incurred on payout of the exceptional STIP awards disclosed in the Annual Report and Accounts for the year ended 31 December 2025. No charge has been accrued within the current period in relation to the future targets of Schemes 2 and 4 as it is Management's judgement that the targets are unlikely to be met.
=	The amortisation charge for those intangible assets recognised on business combinations.
=	Restructuring costs totalling £2.0m have been recognised within the Group (HY 2025: £2.9m), which have principally arisen as a result of exit costs linked to restructuring projects and rates costs linked to offices which the Group has exited.
=	Corporate projects costs of £2.6m (HY 2025: £3.3m) have been recognised which relate to costs associated with the AIM to Main Market movement.
=	Acquisition and integration costs includes legal and professional fees and integration related expenses incurred in relation to acquisitions made by the Group during the period (see note 14). Included within this category are contingent consideration amounts of £0.04m (HY 2025: £0.9) relating to payments due to the previous owners of Ai Palette. 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.
=	Costs relating to share-based payments scheme consist of professional fees incurred in advice obtained relating to the scheme and costs 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.
=	Unrealised operating foreign exchange gains and losses relate to non-cash exchange losses and gains made on operating items.
=	Impairment charges relate to impairment of customer relationship balances totalling £3.0m across the Group.

	6 months to 30 June 2026 Unaudited	6 months to 30 June 2025 Unaudited
	£m	£m
Loan interest cost	7.2	3.2
Lease interest cost	0.6	0.6
Other interest cost	0.1	-
Other interest income	(0.2)	-
	7.7	3.8

	6 months to 30 June 2026 Unaudited No' m	6 months to 30 June 2025 Unaudited No' m
Basic weighted average number of shares, net of shares held in Treasury reserve	705.7	765.9
Dilutive share options in issue - scheme 1	0.7	0.7
Dilutive share options in issue - scheme 2	-	0.5
Dilutive share options in issue - scheme 4	-	-
Diluted weighted average number of shares	706.4	767.1

Potentially dilutive shares	2026	2027	2028	2029	Total
Schedule	No.	No.	No.	No.	No.
Scheme 2	-	-	2,517,859	2,517,859	5,035,718
Scheme 4	-	-	7,084,557	7,079,558	14,164,115
Total	-	-	9,602,416	9,597,417	19,199,833

	AUC*	Software	Customer relationships	Brands	IP rights and database	Goodwill	Total
	£m	£m	£m	£m	£m	£m	£m
Cost
As at 1 January 2026	2.8	31.2	97.3	37.7	94.0	395.5	658.5
Additions: Business combinations	-	0.3	11.6	1.2	-	12.5	25.6
Additions: Internally developed	3.1	0.3	-	-	-	-	3.4
Transfer AUC to software	(1.2)	1.2	-	-	-	-	-
Fair value adjustments	-	-	-	-	-	0.1	0.1
As at 30 June 2026	4.7	33.0	108.9	38.9	94.0	408.1	687.6

Amortisation and Impairment
As at 1 January 2026	-	(23.2)	(52.9)	(16.7)	(63.3)	(10.9)	(167.0)
Additions: Business combinations	-	(0.1)	-	-	-	-	(0.1)
Charge for the period	-	(2.5)	(3.6)	(1.2)	(2.1)	-	(9.4)
Impairment	-	-	(3.0)	-	-	-	(3.0)
As at 30 June 2026	-	(25.8)	(59.5)	(17.9)	(65.4)	(10.9)	(179.5)

Net book value
As at 30 June 2026	4.7	7.2	49.4	21.0	28.6	397.2	508.1
As at 31 December 2025	2.8	8.0	44.4	21.0	30.7	384.6	491.5