London Stock Exchange Group plc (LSEG) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and welcome to the investor and analyst call for ELSEG's first quarter 2025 trading update. At this time, all participants are in listen-only mode. Later, we will conduct a question and answer session through the phone lines and instructions will follow at that time. I would like to remind all participants that this call is being recorded. I will now hand over to Peregrine Riviere, Head of Investor Relations, to open the presentation. Please go ahead. Thanks, Paulie. Good morning, everyone, and welcome to LSEC's First Quarter Update. I'm here with David and Matt. Matt will make some brief opening remarks on our Q1 performance, and then we'll open up to questions on the conference call line. So let me hand over to him right now. Thanks, Peregrine, and good morning, everyone. Glad to be with you today. We have started the year well, with total income growth of 8.7% on a constant currency basis. This includes 90 basis points of M&A benefit, mainly from the ICD acquisition within TradeWeb. That leaves organic growth of 7.8%, and I will actually refer to this metric through the rest of my comments. Our subscription businesses all perform well, with DNA showing continued slight acceleration, while our market businesses capture the upside of higher volumes. So this good all-around performance shows the strengths of our diversified all-weather model. Turning first to data and analytics, organic growth was 5.1%, a slight acceleration from the previous quarter, 4.8%. All three businesses performed well. Workflow's revenue was up 3.4% with commodities, an area of particular strength in the quarter. We continue to enhance the platform with a very strong pipeline of new features in the months ahead. We are closely supporting customers on the final ICON migration, and...