GlobalData (LSE:DATA), the data, insight and technology company, expects first-half revenue to grow approximately 3%, including underlying revenue growth of around 1%, against a backdrop of elongated sales cycles it described as industry-wide.
Adjusted EBITDA for the six months to 30 June is expected to grow 4% to 5% on the prior year, though the group guided full-year adjusted EBITDA to the low end of its compiled consensus range of £126m to £134m, reflecting planned second-half actions to accelerate margin.
Contracted forward revenue growth came in at approximately 6%, with underlying growth of 1%.
Both divisions contributed equally: the Non-Healthcare unit delivered underlying revenue growth of around 1%, while Healthcare matched that figure, though Healthcare's contracted forward revenue declined 1%, reflecting pressure in the pharmaceuticals market.
Value renewal rates held at approximately 89%, broadly in line with the 88% recorded at December 2025.
The group also announced the acquisition of Cambridge Healthcare, a bolt-on deal within its Healthcare division targeting the pharmaceuticals competitive intelligence market, with a material EBITDA contribution expected from 2027.
GlobalData intends to launch a £30m tender offer on 10 July, taking total capital returns for the year to £45m, plus £8m carried over from 2025 programmes; the group also upsized its non-Healthcare credit facility by £60m to £245m.
"The board believes that the sum-of-the-parts value of the group's portfolio has the potential to be much greater than the group's current market capitalisation," chief executive Mike Danson said.
Full half-year results are scheduled for 14 September, when the board will set out the next stage of its value creation plan.
Shore Capital reiterates Buy on GlobalData at 120p
Shore Capital analyst Alasdair Young says the H1 update was softer than anticipated but that the combination of asset value, recurring revenues and ongoing capital returns continues to support the investment case.
In a note, the analyst repeated a Buy rating, and 120p price target, highlighting a valuation pitched at 5.4x FY26 EV/EBITDA and 9.9x FY26 earnings as attractive ahead of the September strategy update.
Young also flags the £30m tender set at 85p (c.10% premium) and management's assertion that sum-of-the-parts value could materially exceed the current market capitalisation.
