Profit before tax at GlobalData has increased by almost a third (32%) in 2024 to £54.9m, following a "transformative year in AI" for the firm.

In the year to 31 December 2024, the data, insight and technology company saw its revenue increase by 5% to £285.5m, while its adjusted EBITDA jumped by the same percentage to £116.8m.

However, its operating profit fell by 12% to £65.1m, which it said was a result of "current year acquisition and integration expenses", as well as "restructuring costs" and an "increase in the share-based payment charge".

Despite this, GlobalData said the results were in line with market expectations, with its adjusted earnings per share increasing by 10% in the year to 7.5 pence.

Looking ahead, the firm said that its robust outlook is "underpinned by high levels of revenue visibility, good execution of the growth transformation plan and a strong financial position".

GlobalData said that its platform is "in place to accelerate organic and inorganic growth opportunities" and is targeting annualised revenue of £500m by the end of 2026.

Chief executive officer at GlobalData, Mike Danson, concluded: "We have launched and made significant progress in our 2024-26 growth transformation plan, particularly through our AI-first approach. Our AI Hub combines our proprietary data with advanced AI capabilities to deliver enhanced value to our customers and has rapidly gained traction, now serving over 42,000 users.

"Strategic M&A remains a core element of our growth strategy, with four earning accretive acquisitions completed during the year, strengthening our One Platform offering. With much of the foundational work to reorganise the business and set us up for accelerated growth now completed, we enter 2025 with clear priorities and a strengthened team to deliver. With strong revenue visibility, a clear transformation roadmap, and the financial capacity to execute, we're confidently progressing toward our target of £500m annualised revenue by 2026."

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