GlobalData reports boost in profits to £32.5m as growth plans pay off
International data and analytics firm GlobalData reported a rise in profits to £32.5m today as it begins to reap the rewards of a major growth plan laid out in 2020.
The firm saw revenues jump eight per cent to £189.3m while profits before tax jumped 14 per cent to hit £32.6m, up from £28.6m in 2020.
Bosses at GlobalData, which provides businesses across industries with insight and intelligence on global trends, said the firm had continued to pump cash into product development throughout the year, alongside two acquisitions.
Mike Danson, CEO of GlobalData Plc, said: “In 2021 we continued to invest across our Growth Optimisation Plan, including increased focus on our customers.
“Key customer focused initiatives, together with investment in our product capabilities, have further strengthened customer relationships. Our underlying revenue performance was strong and importantly, we exit the year with improved forward revenue visibility.”
Danson said the growth in the past year and heightened focus on cost-cutting would now allow the firm to ramp up growth in the year ahead.
GlobalData rolled out its Growth Optimisation Plan in 2020 and the firm said it had made good progress on reaching annual 10 per cent organic growth.
Demand for the firm’s environmental, social and governance (ESG) intelligence rose as firms look to drive a transition to net zero.
Bosses at GlobalData said the firm was now well positioned to make further progress in 2022, underpinned by a strong pipeline of revenues of £107.7m.