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IHS Markit returns to profit in Q4
17 January 2017
Merged business in "very solid financial position" says finance chief
IHS Markit returned to profit in its fourth quarter,
bouncing back from a previous quarterly loss from
The data and analytics firm, formed by last
year’s tie-up between US-based IHS and
London-based Markit, posted a quarterly profit of $89m.
That beat a net loss of $32m in its third quarter, primarily
due to costs from the combination of both businesses.
Markit, founded in 2003 by ex-TD Securities credit trader
Lance Uggla, provides pricing and reference data, index and
Customers include banks, insurance firms, asset managers,
hedge funds and regulators.
IHS is best known for its energy, commodity and
transportation sector analysis.
"Thanks to the tireless work by our colleagues we hit the
ground running in December, the start of our first fiscal year
as a new company," said Jerre Stead, IHS Markit chairman and
chief executive officer.
Todd Hyatt, IHS Markit chief financial officer, added: "We
are in a very solid financial position entering our first
fiscal year as a merged company, with a business model that has
favorable financial characteristics. The financial levers
afforded to us from the merger allow us to invest in our future
while delivering strong returns for our shareholders."
Q4 revenue totalled $874m for the enlarged company. The
consolidated markets & solutions unit contributed $133m.
Revenue from the financial services segment was $292m.
For the year to November 2017, the firm expects revenue in
the range of $3.49bn to $3.56bn, up from last