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  "documentTitle": "LSE | Results Presentation Deck | 55 slides",
  "authorId": "lse",
  "authorName": "LSEG",
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  "presentationDate": "2022-03-01 00:00:00",
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  "notes": "Includes LSEG branding and page number 50.",
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      "kind": "list",
      "text": "£291m of costs to achieve (CTA) in 2021\n- £205m of CTA recognised as non-operating costs\n- £86m of CTA recognised as capex(1)",
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      "text": "Expect to incur the majority of remaining CTA over the course of 2022 and 2023, with ~70% of CTA to be treated as non-underlying operating expenses, and ~30% as capex",
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      "kind": "paragraph",
      "text": "The one-time costs relating to the realisation of the additional £50m cost synergies include the cost of exiting multi-year leases in order to optimise our property footprint. These costs are partly offset by gains on an associated property disposal.",
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      "text": "Note:\nCTA guidance stated on a constant currency basis\n(1) Capex associated with the synergy programme only; does not include Capex related to the separation of the Borsa Italiana Group or other non-BAU Capex",
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      "text": "Synergy type | Total synergies | Cost to achieve | Ratio\nCost synergies | | |\nOriginal £350m target | 350 | 550 | 1.6x\nUpdated £400m target (gross) | 400 | 775 | 1.9x\nAssociated property disposal | - | 133 | -\nUpdated £400m target (net) | 400 | 642 | 1.6x\nRevenue synergies | | |\nTotal £225m target | 225 | 180 | 0.8x",
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      "text": "One-time costs of realising our synergy targets",
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