REG - RELX PLC - RELX 2024 RESULTS

RelxAnnouncement

13/02/2025 07:00

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RNS Number : 9294W  RELX PLC  13 February 2025

13 February 2025

RESULTS FOR THE YEAR TO 31 DECEMBER 2024

RELX, the global provider of information-based analytics and decision tools,
reports results for 2024.

 2024 highlights

 Ø Revenue £9,434m (£9,161m), underlying growth +7%

 Ø Adjusted operating profit £3,199m (£3,030m), underlying growth +10%

 Ø Adjusted EPS 120.1p (114.0p), constant currency growth +9%

 Ø Reported operating profit £2,861m (£2,682m)

 Ø Reported EPS 103.6p (94.1p)

 Ø Proposed full year dividend 63.0p (58.8p) +7%

 Ø Net debt/EBITDA 1.8x; adjusted cash flow conversion 97%

 Ø Completed five acquisitions for a total consideration of £195m, and seven
 disposals for £95m

 Ø Completed £1,000m share buyback

 2025 outlook

 Ø We continue to see positive momentum across the group, and we expect
 another year of strong underlying growth in revenue and adjusted operating
 profit, as well as strong growth in adjusted earnings per share on a constant
 currency basis.

Chief Executive Officer, Erik Engstrom, commented:

"RELX delivered strong revenue and profit growth in 2024. Our 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."

"We develop and deploy these tools across the company by leveraging deep
customer understanding to combine leading content and data sets with powerful
artificial intelligence and other technologies. This has been a key driver of
the evolution of our business for well over a decade, and will remain a key
driver of customer value and growth in our business for many years to come."

Operating and financial review

Revenue £9,434m (£9,161m); underlying growth +7%: Electronic revenue
representing 83% of the  total, also grew +7%, with the strong growth in
face-to-face activity offsetting the print decline.

Adjusted operating profit £3,199m (£3,030m); underlying growth +10%: Our
strategy of driving continuous process innovation to manage cost growth below
revenue growth led to an improvement in the group adjusted operating margin to
33.9% (33.1%).

Reported operating profit £2,861m (£2,682m): Reported operating profit
includes amortisation of acquired intangible assets of £258m (£280m).

Adjusted profit before tax £2,903m (£2,716m): The adjusted net interest
expense was £296m (£314m). The average interest rate on gross debt was 4.4%
(4.6%).

Reported profit before tax £2,557m (£2,295m). Reported net interest was
£298m (£315m).

Tax: The adjusted tax charge was £652m (£553m). The adjusted effective tax
rate was 22.5% (20.4%). The reported tax charge was £613m (£507m).

Adjusted EPS 120.1p (114.0p) +5%; constant currency growth +9%.

Reported EPS 103.6p (94.1p).

Dividend: We are proposing a full year dividend of 63.0p (58.8p), an increase
of +7%. The final dividend proposed by the Board is 44.8p per share (subject
to shareholder approval at the 2025 AGM). If approved, the final dividend will
be paid on 19 June 2025, with an ex-dividend date of 8 May 2025 and a record
date of 9 May 2025. Shareholders appearing on the Register of Members or
holding shares in CREST will automatically receive their dividends in pounds
sterling but have the option to elect to receive their dividends in Euro.
Shareholders who hold shares through Euroclear Nederland (via banks and
brokers) will automatically receive their dividend in Euro but have the option
to elect to receive their dividends in pounds sterling. The closing date for
currency elections is 27 May 2025. Dividend Reinvestment Plans are available
for shares trading on the London Stock Exchange and Euronext Amsterdam
(further information is available at www.relx.com (http://www.relx.com/) ).

Portfolio development: In 2024 we completed five small acquisitions for a
total consideration of £195m, and seven small disposals for a total
consideration of £95m.

Net debt/EBITDA 1.8x (2.0x): Net debt at 31 December 2024 was £6,563m
(£6,446m). EBITDA was £3,724m (£3,544m). Adjusted cash flow conversion was
97% (98%).

Share buybacks: We deployed £1,000m on share buybacks in 2024. In recognition
of our strong financial position and cash flow we intend to deploy a total of
£1,500m on share buybacks in 2025, of which £150m has already been
completed.

Corporate responsibility and sustainability: We performed well on our
corporate responsibility priorities in 2024, on our unique contributions to
society, and on our key metrics. Our performance was again recognised by
external agencies: RELX achieved a AAA MSCI rating for a ninth consecutive
year, ranked second in our sector by Sustainalytics, and was included in the
S&P Global Sustainability Yearbook.

 

RELX FINANCIAL SUMMARY

                                                    Year ended 31 December
 Adjusted figures                                   2023     2024     Change   Constant currency  Underlying

GBPm
GBPm
in GBP
growth
growth
 Revenue                                             9,161    9,434   +3%      +6%                +7%
 EBITDA                                              3,544    3,724
 Operating profit                                    3,030    3,199   +6%      +9%                +10%
 Operating margin                                   33.1%    33.9%
 Net interest expense                                (314)    (296)
 Profit before tax                                   2,716    2,903
 Tax charge                                          (553)    (652)
 Net profit attributable to shareholders             2,156    2,241
 Cash flow                                           2,962    3,101
 Cash flow conversion                               98%      97%
 Return on invested capital                         14.0%    14.8%
 Earnings per share                                 114.0p   120.1p   +5%      +9%

 Dividend                                           2023     2024     Change

in GBP
 Ordinary dividend per share                        58.8p    63.0p    +7%

 Reported figures                                   2023     2024     Change

GBPm
GBPm
in GBP
 Revenue                                             9,161    9,434   +3%
 Operating profit                                    2,682    2,861   +7%
 Profit before tax                                   2,295    2,557
 Net profit attributable to shareholders             1,781    1,934
 Net margin                                         19.4%    20.5%
 Net debt                                            6,446    6,563
 Earnings per share                                 94.1p    103.6p   +10%

 

RELX uses adjusted figures as additional performance measures. Adjusted
figures primarily exclude the amortisation of acquired intangible assets and
other items related to acquisitions and disposals, and the associated deferred
tax movements. Underlying growth rates are calculated at constant currency,
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.
Constant currency growth rates are based on 2023 full-year average and hedge
exchange rates.

 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:
regulatory and other changes regarding the collection or use of personal data;
changes in law and legal interpretation affecting our intellectual property
rights and internet communications; current and future geopolitical, economic
and market conditions; research integrity issues or changes in the payment
model for our scientific, technical and medical research products; competitive
factors in the industries in which we operate and demand for our products and
services; our inability to realise the future anticipated benefits of
acquisitions; compromises of our cybersecurity systems or other unauthorised
access to our databases; changes in economic cycles, trading relations,
communicable disease epidemics or pandemics, severe weather events, natural
disasters and terrorism; failure of third parties to whom we have outsourced
business activities; significant failure or interruption of our systems; our
inability to retain high-quality employees and management; changes in tax laws
and uncertainty in their application; exchange rate fluctuations; adverse
market conditions or downgrades to the credit ratings of our debt; changes in
the market values of defined benefit pension scheme assets and in the market
related assumptions used to value scheme liabilities; breaches of generally
accepted ethical business standards or applicable laws; 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 territories and has offices in about 40 countries. It
employs more than 36,000 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 £77bn/€92bn/$95bn.

The RELX 2024 Annual Report is expected to be available on the RELX website at
www.relx.com (http://www.relx.com) from 20 February 2025. Copies of the RELX
2024 Annual Report are expected to be posted to shareholders of RELX PLC on or
around 7 March 2025. Copies of the 2024 Results Announcement are available to
the public on the RELX website and from:

RELX PLC

1-3 Strand

London WC2N 5JR

United Kingdom

 

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