REG-RELX PLC TRADING UPDATE – October 2023

RelxAnnouncement

19/10/2023 07:00

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TRADING UPDATE – October 2023

 

7.00am BST

19 October 2023

TRADING UPDATE – October 2023

RELX, the global provider of information-based analytics and decision tools,
reports underlying revenue growth for the first nine months of 2023,
reaffirming the outlook for the full year.
 Highlights                                                                      
 
                                                                               
 
                                                                               
 *Underlying revenue growth year to date +8%                                     
 
                                                                               
 Full year outlook                                                               
 
                                                                               
 
                                                                               
 *As we enter the final quarter, 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 (35% of H1 2023 revenue)


 * Underlying revenue growth YTD +8%

 * Growth continues to be driven by our deeply embedded analytics and decision
tools across segments. Business Services growth was driven by Financial Crime
Compliance and digital Fraud & Identity solutions. Insurance growth
reflected continued new sales momentum and positive market factors.
Specialised Industry Data Services has continued to deliver strong growth.

 * 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 (33% of H1 2023 revenue)


 * Underlying revenue growth YTD +4%

 * Growth continues to be driven by the evolution of the business mix, with
higher growth segments representing an increasing proportion of divisional
revenue. Databases, Tools & Electronic Reference growth was driven by
content development and further evolution of higher value-add analytics and
decision tools. Primary Research growth was driven by article submissions,
with pay-to-publish open access articles continuing to grow particularly
strongly.

 * 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 (20% of H1 2023 revenue)


 * Underlying revenue growth YTD +6%

 * Improving growth was driven by the continuing shift in business mix towards
higher growth legal analytics. Lexis+, our integrated platform with leading
analytics, leveraging extractive AI functionality, continues to see increasing
customer adoption and usage across markets. The customer testing phase of
Lexis+ AI, our new platform leveraging generative AI functionality, has
progressed well.

 * Full year outlook: We expect continued strong underlying revenue growth, with
underlying adjusted operating profit growth continuing to exceed underlying
revenue growth.

Exhibitions (12% of H1 2023 revenue)


 * Underlying revenue growth YTD +32%

 * Average like-for-like event revenue across the portfolio continues to run
ahead of pre-pandemic levels, with increased exhibitor usage of a growing
range of digital tools.

 * 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 full year adjusted operating margin expected to be above
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. RELX 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 £55bn/€63bn/$66bn.



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