RELX PLC: AGM TRADING UPDATE - April 2023
20 April 2023 - 4:00PM
UK Regulatory
TIDMREL
RELX, the global provider of information-based analytics and
decision tools, has issued the following update on trading ahead of
the Annual General Meeting, reaffirming the outlook for the full
year.
Highlights RELX has started the year well across all four business areas. The
improving long-term growth trajectory continues to be driven by the ongoing
shift in business mix towards higher growth analytics and decision tools that
deliver enhanced value to our customers across market segments. Full year
outlook The full year outlook is unchanged: Momentum remains strong across the
group, and we expect underlying growth rates in revenue and adjusted operating
profit to remain above historical trends, driving another year of strong
growth in adjusted earnings per share on a constant currency basis.
Risk (34% of 2022 revenue)
-- Underlying revenue growth remains strong. Growth in Business Services
continues to be driven by Financial Crime & Compliance, digital fraud
prevention, and alternative credit. In Insurance, last year's improving
momentum in business metrics has continued, and Specialised Industry Data
Services are growing strongly.
-- Full year outlook: We expect another year of strong underlying revenue
growth, in line with historical trends, with underlying adjusted
operating profit growth broadly matching underlying revenue growth.
Scientific, Technical & Medical (34% of 2022 revenue)
-- Underlying revenue growth continues to be driven by the evolution of
the business mix towards higher growth analytics and decision tools.
Strong growth has continued in Databases, Tools & Electronic Reference
across research, clinical, and commercial markets. Growth in Primary
Research is being driven by continued growth in the number of articles
submitted and published.
-- Full year outlook: We expect underlying revenue growth to remain above
historical trends, with underlying adjusted operating profit growth
slightly exceeding underlying revenue growth.
Legal (21% of 2022 revenue)
-- Improving underlying revenue growth continues to be driven by a shift
in business mix towards higher growth integrated legal analytics, with
increasing adoption and usage across law firm and corporate legal
markets. Renewals and new sales continue to show positive momentum.
-- Full year outlook: We expect underlying revenue growth to remain above
historical trends, with underlying adjusted operating profit growth
continuing to exceed underlying revenue growth.
Exhibitions (11% of 2022 revenue)
-- Strong revenue growth continues to be driven by a significant increase
in face-to-face activity as exhibition venues have now reopened in all
geographies.
-- Full year outlook: We expect a year of strong underlying revenue
growth. The operating result will continue to benefit from the
structurally lower cost base, with margins expected to be close to
pre-pandemic levels.
Underlying growth rates are calculated at constant currencies,
excluding the results of acquisitions until twelve months after
purchase, and excluding the results of disposals and assets held
for sale. Underlying revenue growth rates also exclude exhibition
cycling, and timing effects.
-ENDS-
ENQUIRIES: Colin Tennant (Investors) Paul Abrahams (Media)
+44 (0)20 7166 5751 +44 (0)20 7166 5724
DISCLAIMER REGARDING FORWARD-LOOKING STATEMENTS
This announcement contains forward--looking statements within
the meaning of Section 27A of the US Securities Act of 1933, as
amended, and Section 21E of the US Securities Exchange Act of 1934,
as amended. These statements are subject to risks and uncertainties
that could cause actual results or outcomes of RELX PLC (together
with its subsidiaries, "RELX", "we" or "our") to differ materially
from those expressed in any forward--looking statement. We consider
any statements that are not historical facts to be
"forward--looking statements". The terms "outlook", "estimate",
"forecast", "project", "plan", "intend", "expect", "should",
"could", "will", "believe", "trends" and similar expressions may
indicate a forward--looking statement. Important factors that could
cause actual results or outcomes to differ materially from
estimates or forecasts contained in the forward--looking statements
include, among others: compromises of RELX cyber security systems
or other unauthorised access to our databases; regulatory and other
changes regarding the collection, transfer or use of third--party
content and data; changes in law and legal interpretations
affecting RELX intellectual property rights and internet
communications; current and future geopolitical, economic and
market conditions; changes in economic cycles, communicable disease
epidemics or pandemics, severe weather events, natural disasters
and terrorism; changes in tax laws and uncertainty in their
application; changes in the payment model for RELX products;
competitive factors in the industries in which RELX operates and
demand for RELX products and services; failure of third parties to
whom RELX has outsourced business activities; breaches of generally
accepted ethical business standards or applicable laws; significant
failure or interruption of RELX systems; inability to realise the
future anticipated benefits of acquisitions; inability to retain
high-quality employees and management; exchange rate fluctuations
and other risks referenced from time to time in the filings of RELX
PLC with the US Securities and Exchange Commission. You should not
place undue reliance on these forward--looking statements, which
speak only as of the date of this announcement. Except as may be
required by law, we undertake no obligation to publicly update or
release any revisions to these forward--looking statements to
reflect events or circumstances after the date of this announcement
or to reflect the occurrence of unanticipated events.
Notes for Editors
About RELX
RELX is a global provider of information-based analytics and
decision tools for professional and business customers. The Group
serves customers in more than 180 countries and has offices in
about 40 countries. It employs more than 35,000 people over 40% of
whom are in North America. The shares of RELX PLC, the parent
company, are traded on the London, Amsterdam and New York stock
exchanges using the following ticker symbols: London: REL;
Amsterdam: REN; New York: RELX. The market capitalisation is
approximately GBP50bn/EUR57bn/$62bn.
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CONTACT:
RELX PLC
SOURCE: RELX PLC
Copyright Business Wire 2023
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