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WALSEG London Stock Exchange Group plc : H1 2021 Interim Results This release contains revenues , costs , earnings and key performance indicators ( KPIs ) for the six months ended 30 June 2021 ( H1 ) . All figures quoted in this release are on an underlying basis . Figures are stated on both a statutory and pro - forma basis for H1 2021 and H1 2020. Pro - forma figures assume that the acquisition of Refinitiv took place on 1 January 2021 and the prior year comparator assumes that the acquisition of Refinitiv occurred on 1 January 2020. All pro - forma and statutory figures exclude the financial contribution from Borsa Italiana which was divested within the period and classed as a discontinued business in both periods . Constant currency variance is calculated on the basis of consistent FX rates applied across the current and prior year period , the conversions have been made from the transactional values , which will eliminate any transactional and translational movements along with any related accounting adjustments . For more information please refer to " Accounting and modelling notes " section below . Organic variances have been removed from our disclosure due to the large variances associated with the acquisition of Refinitiv . Highlights Note : Unless otherwise stated , variances refer to growth rates on a pro - forma constant currency basis , excluding the impact of a deferred revenue accounting adjustment¹ , to provide the best view of underlying performance Good performance across all divisions driving 4.6 % growth in total income¹ • Adjusted operating expense growth of 1.1 % due to lower phasing of costs in H1 ; on track for mid - single digit cost growth for FY 2021 at constant currency ( expected to be c.5 % ) , reducing to low - single digit cost growth in 2022 and 2023 ● • Adjusted EBITDA margin of 49.4 % 2 ; margin will be lower for the full year as a result of cost phasing in H2 , improving thereafter to achieve the 50 % target and increasing beyond 2023 Good financial performance driving 18.6 % increase in AEPS to 146.1p³ Good progress on the integration of Refinitiv with £ 77 million of run - rate cost synergies realised at H1 ; full year guidance for run - rate cost synergy delivery increased from £ 88 million to £ 125 million ; and 27 new products launched as part of revenue synergy programme ● ● Group in a strong financial position ; leverage reduced to 2.2x net debt / EBITDA following successful divestment of Borsa Italiana Favourable outlook supports increase in interim dividend ( up 7 % ) to 25.0 pence per share ¹ Excluding recoveries and the deferred revenue accounting impact . The deferred revenue impact is a one - time , non - cash , negative revenue impact resulting from the accounting treatment of deferred revenue within Refinitiv's accounts which have been re - evaluated upon acquisition by LSEG under purchase price accounting rules . The result of this accounting treatment is a £ 23m adjustment reducing revenue for H1 2021. The vast majority impacts the Data & Analytics business with a smaller impact applied to the FX venues business within Capital Markets . There will be further immaterial impacts in subsequent periods within 2021. Further information is available in the " Accounting and modelling notes " section . Constant currency variance shows underlying financial performance , excluding currency impacts , by comparing the current and prior year period at consistent exchange rates . 2 Adjusted EBITDA margin is Adjusted EBITDA divided by Total Income ( excl . Recoveries ) 3 Adjusted basic earnings per share ( AEPS ) variance is on a reported pro - forma basis , not constant currency 1