Michael Dell is CEO of Lloyd’s List Intelligence, the £50mn-revenue global maritime news and data company last year acquired from Informa by Montagu private equity for a valuation of £385mn. The core (but now a relatively minor part of the data-rich portfolio) is Lloyd’s List. The news brand that was (until 2013) the world’s oldest daily newspaper dated back to the origin of the Lloyd’s of London insurance market in a coffee house in 1734. The company’s brands include: Lloyd’s Law Reports, Insurance Day and Seasearcher vessel tracking. It had been owned since 1998 by Informa which retains a 20% stake in the business which had 2021 revenue of £42mn and operating profit of £16.5mn.
Dell had been responsible at Informa variously for the maritime and agribusness intelligence divisions since 2015. Previously, he had been managing director of the Jane’s defence, security and aerospace company (now also owned by Montagu), and for maritime and trade information at IHS Markit.
Recent announcements indicate the strategic direction of Lloyd’s List Intelligence strategic, including: the launch of Predictive Fleet Analytics (“the first ever ‘air traffic control’ for the world’s commercial shipping fleet”); and collaboration with Dow Jones to enable Seasearcher to investigate export restrictions and help prevent financial crime.
We wonder whether there could be future deals and/or consolidation with the former IHS shipping assets, now part of S&P Global, or Informa’s Seatrade Maritime.
Dell graduated in economics from the London School of Economics and has a master’s in international relations from the University of Cambridge.
What were your earliest career ambitions?
I studied economics, politics and international relations at the London School of Economics and then Cambridge University, so I was looking for a job that allowed me to carry on that interest – without going into government! After a brief stint in public relations, sitting unhappily between clients on the one side and journalists on the other, I found my way into the world of data, information and research.
What was your first job in media?
While not strictly a media job, the first role I truly loved was working as an analyst and editor for a company called Oxford Analytica. Initially, I focused on international economics and North America. Others have also started out there who have ended up in similar roles to me. One example is John Ridding who eventually become CEO of the Financial Times (although we didn’t overlap at Oxford Analytica).
I then had a spell doing similar analytical work for the investment bank UBS, before moving into operational and commercial management first back at Oxford Analytica and then on to Jane’s. They focus on aerospace, defence and national security. I think the thing I learned from this is: do something that you find interesting and genuinely enjoyable. Life’s too short to do anything just for the money, not matter how much the pay.
What were the milestones of your career at Janes / IHS?
My career began in the mid-1990s and I was first involved in launching a simple internet-based product in about 1996. So the role at Jane’s was leading their nascent product management team and helping them in their shift from hardcopy to digital and from an advertising led revenue model to paid for subscription services. That has then become my skillset – how to lead knowledge-based businesses through digital transformation and then on to scalable and profitable growth.
That transformation is also what made Jane’s of interest to IHS who acquired them in 2007. By then, I was Deputy CEO responsible for the whole revenue line. So, helping Jane’s through a key period of change that has enabled them to survive and prosper into their third century of existence is one thing I look back on fondly. Being part of IHS during 2007-14, when growth rates were pushing 20% per annum, was also a good ride and a great learning curve.
What is special about Lloyd’s List Intelligence?
We have incredible maritime domain expertise among our people which is the foundation for our trusted reputation for proprietary digital data, strong technology-driven analytics and great information. That dates all the way back to 1734 when Lloyd’s List was founded, but today we are a pureplay digital business, almost 95% subscription-based, directly supporting customers’ decision-making workflows.
That means we reach about 60,000 users across trade finance, ship and port operations, maritime law and insurance, the commodity and cargo sector and government. Broadly, we are helping them drive commercial advantage, manage their operational and compliance risks and support the efficient and lawful movement of seaborne trade. We are already delivering double digit growth and see plenty of routes to accelerate that.
What’s your initial view of the difference between managing the business for Montagu as opposed to Informa?
Outside of Informa we can focus much more purely on what’s best for our customers and our business. Montagu also did their homework on our market, which means they are a very constructive owner in helping us analyse, plan and accelerate our roadmap. They also have expertise and very direct practical support in carving us out from Informa, by which I mean establishing us as a truly independent and standalone organisation with our own IT, HR, finance, offices and so on.
What’s your own primary role in the business?
I am the CEO, so market and product strategy, operating plans and the P&L are my focus. I have a good track of developing digital businesses and most importantly getting them to sustainable profitable growth, which is what we are already delivering here at Lloyd’s List Intelligence. In terms of enjoyment, the really satisfying bit is that moment when you realise the people, the plans, the platforms and the processes are actually all humming along without any great support or intervention from me. Seeing a business flourish, happy customers and our people growing as professionals and as individuals is all hugely rewarding. That moment is also the moment when you can focus more and more time on the ‘what next?’ questions.
What are the essentials for success in business information?
Good strategy and good operating plans are obviously essential, but actually culture is key too – that mix of good people, well managed, supported and rewarded, behaving in the right way is what makes for a productive and enjoyable community. It’s back to my earlier comment: good performance is not driven just by financial rewards, even though that does, of course, matter as one part of the mix.
Which companies do you most admire?
The ones who consistently deliver for customers, colleagues and shareholders over a sustained period and through periods of great external change. I have been lucky enough to be involved in Jane’s which dates from 1898 and Lloyd’s List Intelligence from 1734. The fact that these businesses are still here, fully adapted to the digital age and delivering strong growth financially is not an accident or mere good fortune. They are both organisations that learn and re-learn all the time. There’s no doubt that new market entrants spur innovation, but longer established businesses can deliver that as well, whilst also often being better at delivering sustained value for all stakeholders – customers, colleagues and shareholders.
What are the best lessons you have learned?
It’s always about appetite as well as aptitude, and perspiration as well as inspiration. I have seen lots of people with exceptional talent undershoot their potential. I have also seen lots of people who have not necessarily been dealt the best hand succeed because they are curious, ambitious and willing to put in the work.
