GlobalData (LSE:DATA), the London-listed data, insight and technology company, reported revenue up 4% to £162.9m for the six months to 30 June (HY26), against £156.5m a year earlier, with underlying growth of just 1%.
Adjusted EBITDA rose 5% to £54.8m, lifting the margin one percentage point to 34%, while adjusted operating profit climbed 6% to £46.7m.
Profit before tax fell 6% to £23.2m as finance charges rose on higher bank debt, though adjusted fully diluted earnings per share increased 8% to 2.7p.
Chief executive Mike Danson said the group has built an end-market-led divisional structure but acknowledged "revenue and growth remained below our ambitions and the benefits of the transformation have not yet been reflected in our financial performance."
Consumer delivered underlying revenue growth of 7% in the half, while renewal rates held firm across both Healthcare and Non-Healthcare divisions.
Contracted Forward Revenue grew 4% to £163.3m, underpinning visibility for the remainder of the year.
The company completed a £30m tender offer at the end of the first half, taking total shareholder returns to over £49m for the year to date, alongside the acquisition of Cambridge Healthcare.
GlobalData said full-year revenue is expected to track consistent with first-half performance, still within analyst consensus of £325.3m to £335.7m but toward the lower end of that range.
Adjusted EBITDA for the full year is now expected to come in below market expectations, which currently span £121m to £126.7m, as margins stay closer to first-half levels amid continued investment in AI-native workflows and proprietary data.
News Intelligence what this means for the company
GlobalData reported first-half revenue of £162.9m (+4% year-on-year) but warned that full-year adjusted EBITDA will fall below current analyst consensus of £121m–£126.7m, as the company prioritizes investment in AI-native workflows and proprietary data over near-term margin expansion. The margin miss is material: management expects adjusted EBITDA to stay near the first-half level of 34%, implying a full-year figure around £110m–£111m at the midpoint of guidance, versus the £123.8m consensus midpoint—a shortfall of roughly 10%.
The earnings downgrade undermines the case for near-term profitability gains despite stable revenue visibility (contracted forward revenue up 4% to £163.3m). Management's acknowledgment that transformation benefits 'have not yet been reflected in financial performance' signals execution risk on the AI and data investments driving the margin compression, leaving investors dependent on a delayed payoff.
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