GlobalData sells subscription data, forecasts and research to more than 5,000 large companies, banks and governments, and now adds AI tools on top. In 2024 it sold 40% of its Healthcare arm at a £1.115bn valuation and set out to reach £500m of annualised revenue by the end of 2026. Two years on, underlying growth is about 1%, the profit margin has fallen from 41% to 34%, and the shares trade near 59p against about 218p in June 2024.
Subscription data sold to corporate decision-makers
GlobalData builds proprietary data, forecasts and expert analysis, and sells it mainly on annual subscriptions. Clients include over 5,000 large corporations, financial institutions and government bodies. Subscriptions made up 78% of revenue in the first half of 2024. About half of group revenue is earned in US dollars, so currency moves hit reported results.
Everything runs on one shared platform, which the company calls 'One Platform'. Its AI Hub layers AI search and 'digital workers' over the data, and 90% of customers are contracted to a product that includes it. The group has two main divisions, Healthcare and Non-Healthcare. Non-Healthcare includes Consumer, Industrials and Technology-related businesses. Management describes the group as a 'buy and build' company that acquires data businesses and plugs them into the platform. 2 Mar 2026 31 Jul 2024 14 Sep 2026
Selling 40% of Healthcare to fund a bigger plan
In December 2023 GlobalData launched its Growth Transformation Plan for 2024 to 2026. It reorganised into customer-focused divisions and promised more sales staff, AI investment and acquisitions. On 4 March 2024 it set targets: £500m of revenue by the end of 2026, through organic growth and M&A, and a steady climb to a 45% adjusted EBITDA margin over the plan. On 31 July 2024 it added a goal of volume renewal rates above 90% over the medium term, and more than 150 extra salespeople.
The financing came from Inflexion, a private equity firm, which bought 40% of Healthcare for about £451m gross in June 2024. That cleared the group's debt, which had stood at £244m at the end of 2023, and left £188m of net cash. The group cut its dividend to focus capital on deals. The shares rose from about 150p in late 2023 to about 218p by June 2024. 4 Mar 2024 21 Dec 2023 31 Jul 2024 10 Mar 2025
Acquisitions and buybacks, then net debt
The cash was spent quickly. The group bought four businesses in 2024 for £88m: Business Trade Media International (digital media and industry news), LinkUp (job-market data), Celent (financial-technology research) and Deallus (life-sciences competitive intelligence). It added Ai Palette and Stylus in 2025 and Cambridge Healthcare in 2026. Acquisitions since January 2024 total over £132m, and over £189m went back to shareholders through buybacks and tender offers. A £340m debt facility was signed in December 2024.
The result was a swing from net cash of £10m at the end of 2024 to net bank debt of £114m a year later, and £133m by June 2026. Finance costs rose, and in the first half of 2026 profit before tax fell 6%. 10 Mar 2025 19 Dec 2024 5 Aug 2025 2 Mar 2026 14 Sep 2026
Growth stalls, margins fall, bidders walk away
Underlying revenue growth fell from 4% in 2024 to 1% in 2025. Adjusted EBITDA margin fell from 41% to 34%. Management pointed to a sales reorganisation, the cost of integrating six acquisitions, currency and a weak economy. It first said the margin would return to normal in the second half of 2025. In October 2025 it cut that to about 37%.
In spring 2025 the shares sat near 178p while KKR and ICG weighed bids. KKR said on 28 May it would not make an offer. On 11 June GlobalData said it had ended talks with ICG, and ICG then confirmed it would not bid. The shares ended 2025 at 110.5p and fell below 85p in February 2026. 2 Mar 2026 20 Oct 2025 28 May 2025 11 Jun 2025 11 Jun 2025
Spending ahead of growth that has not arrived
The Healthcare sale raised cash at a valuation of over 20 times EBITDA, and customers have stayed. Value renewal rates reached 91% by June 2026. Consumer grew 7% underlying in the half, and Healthcare is held up as the model for the other divisions. But sales cost more, deals added costs before they added profit, and underlying growth stayed near 1% for six reported quarters.
Volume renewal, the share of clients who renew, is 83% against the 90% target set in July 2024. Management also tendered shares at £1.50 in September 2025 and 85p in August 2026, and the shares now trade near 59p. 14 Sep 2026 31 Jul 2024 8 Sep 2025 11 Aug 2026
“While H1 saw substantial organisational progress, revenue and growth remained below our ambitions and the benefits of the transformation have not yet been reflected in our financial performance.” 14 Sep 2026
Same CEO, new finance chief
Mike Danson is chief executive. Directors together hold about 61% of the shares, according to the 2026 tender circular. Danson sold 20m shares at £1.50 in September 2025 and 20.1m more on 13 August 2026. Chairman Murray Legg's term was extended by up to three years in February 2025.
Finance chief Graham Lilley, in the role since 2018, left on 30 September 2026. Robert Kingston, from Keywords Studios, replaced him. The board also changed in 2026: Rachel Higham and Toby Walter joined, and Annette Barnes and Andrew Day left. Management's record on its own guidance is mixed. 2024 results met expectations, but the 2025 margin recovery slipped and 2026 guidance has now been trimmed. 12 Sep 2025 17 Aug 2026 30 Sep 2026 24 Jun 2026 19 Jan 2026 10 Feb 2026 6 Feb 2025
Moved up to the Main Market, but still stuck at 1%
GlobalData moved from AIM to the London Stock Exchange Main Market on 5 March 2026 and joined the FTSE 250 on 22 June. Half-year results on 14 September 2026 showed revenue up 4% to £162.9m, but only 1% underlying. Adjusted EBITDA rose 5% to £54.8m, a 34% margin. Contracted forward revenue was £163.3m. In the half it returned over £49m through buybacks and a £30m tender at 85p, and a further £5m buyback finished in October at about 59p.
The CEO said the benefits of the transformation 'have not yet been reflected' in the financial results. The group is rebuilding around divisions run by their own management teams. 14 Sep 2026 5 Mar 2026 11 Aug 2026 2 Oct 2026
Lower margin this year, a slower recovery later
For 2026 the company expects revenue to track the first half, towards the lower end of analyst consensus of £325m to £336m. It expects adjusted EBITDA below consensus of £121m to £127m, with margins close to the first half's 34%. New spending on AI-based content production, proprietary data and sales is the reason. Savings from that AI programme are due from late 2026 into 2027.
On margins, the 45% target of March 2024 became a return 'towards 40%' by January 2026. Management then said it expected that return in 2026. In September 2026 it called for a 'more measured recovery' towards 40% in the medium term. The company has not repeated the £500m revenue target in its 2026 statements and has not said whether it still stands. Acquisitions in Non-Healthcare are on hold, while Healthcare will keep buying. 14 Sep 2026 14 Jan 2026 4 Mar 2024 2 Mar 2026
Written by AI from Globaldata's own announcements since Oct 2023 · every paragraph links to its sources