- Revenue and other income reached $9.8 billion and increased by 13 per cent ($1,126 million) compared with 2013.
- The overall growth in revenue and other income reflects increased trading volumes and related revenue as well as growth in all other categories of revenue and income. The launch of LME Clear in September 2014 also contributed to the revenue growth. The increase over 2013 was reduced by the impact of gains on the Group’s investment in LCH.Clearnet Group Limited, which were $85 million higher in 2013.
- Operating expenses increased by 7 per cent against 2013 mainly due to higher staff costs attributable to increased headcount as well as higher legal fees for defending litigation in the UK and the US. This was partly offset by recoveries and receivables of $77 million from the liquidators of LBSA in 2014.
- EBITDA increased by 16 per cent compared to 2013. The overall EBITDA margin increased by 2 per cent from 68 per cent in 2013 to 70 per cent in 2014 as the growth in revenue and other income outpaced the 7 per cent increase in operating expenses.
- Profit attributable to shareholders increased by 13 per cent ($613 million) to $5,165 million. Higher EBITDA was partly offset by an increase in depreciation and amortisation, due primarily to new systems launched during the year (including LME Clear) and the Hong Kong data centre at Tseung Kwan O, the final phase of which was completed in late 2013, together with the effect of a one-off deferred tax credit of $108 million in 2013 arising from a reduction of the Corporation Tax rate in the UK.
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