REG - RELX PLC - RELX 2025 INTERIM RESULTS

RelxAnnouncement

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RNS Number : 3218S  RELX PLC  24 July 2025

24 July 2025

RESULTS FOR THE SIX MONTHS TO 30 JUNE 2025

RELX, the global provider of information-based analytics and decision tools,
reports results for the first half of 2025 and reaffirms the full year
outlook.

 First half highlights

 Ø Revenue £4,741m (£4,641m), underlying growth +7%

 Ø Adjusted operating profit £1,652m (£1,583m), underlying growth +9%

 Ø Adjusted EPS 63.5p (59.5p), constant currency growth +10%

 Ø Reported operating profit £1,490m (£1,431m)

 Ø Reported EPS 52.9p (52.6p)

 Ø Interim dividend 19.5p (18.2p) +7%

 Ø Net debt/EBITDA 2.2x; adjusted cash flow conversion 100%

 Ø Completed three acquisitions for a total consideration of £262m

 Ø Completed £1,000m of the previously announced £1,500m share buyback

 Full year 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 the first half of 2025, in
line with full year 2024 but with a higher quality growth profile: Risk with
continued strong growth, Scientific, Technical & Medical with continued
good growth and developing momentum, Legal with a further step up in growth,
and Exhibitions now established at strong ongoing growth."

"Our improving long-term growth trajectory continues to be driven across the
group by the ongoing shift in business mix towards higher growth analytics and
decision tools that deliver enhanced value to our customers."

"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."

 ENQUIRIES:  Colin Tennant (Investors)  Paul Abrahams (Media)

             +44 (0)20 7166 5751        +44 (0)20 7166 5724

 

 

Operating and financial review

Revenue £4,741m (£4,641m); underlying growth +7%: Electronic revenue also
grew +7%.

Adjusted operating profit £1,652m (£1,583m); underlying growth +9%: 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
34.8% (34.1%).

Reported operating profit £1,490m (£1,431m): Reported operating profit
includes amortisation of acquired intangible assets of £123m (£131m).

Adjusted profit before tax £1,515m (£1,450m): The adjusted net interest
expense was £137m (£133m). The average interest rate on gross debt was 4.1%
(4.1%).

Reported profit before tax £1,283m (£1,295m). Reported net interest was
£210m (£134m).

Tax: The adjusted tax charge was £341m (£334m). The adjusted effective tax
rate was 22.5% (23.0%). The reported tax charge was £304m (£309m).

Adjusted EPS 63.5p (59.5p); constant currency growth +10%.

Reported EPS 52.9p (52.6p).

Dividend: We are declaring an interim dividend of 19.5p (18.2p), an increase
of +7%. The interim dividend will be paid on 11 September 2025, with an
ex-dividend date of 7 August 2025 and a record date of 8 August 2025.
Shareholders on the Register of Members or holding shares in CREST will
automatically receive their dividends in Pounds Sterling (but may elect to
receive their dividends in Euro). Shareholders who hold shares through
Euroclear Nederland will automatically receive their dividend in Euro (but may
elect to receive their dividend in Pounds Sterling). The closing date for
currency elections is 22 August 2025. Dividend Reinvestment Plans are
available for shares trading on the London Stock Exchange and Euronext
Amsterdam. The closing date for elections in relation to participation in the
Company's Dividend Reinvestment Plans is also 22 August 2025.

Portfolio development: In the first half of 2025 we completed three
acquisitions for a total consideration of £262m, and two small disposals.

Net debt/EBITDA 2.2x (2.0x): Net debt at 30 June 2025 was £7,443m (£6,973m).
Adjusted cash flow conversion was 100% (95%).

Share buybacks: Of the previously announced £1,500m share buyback, £1,000m
was completed in the first half. A further £75m has been completed since 1
July, and the remaining £425m will be deployed before the end of the year.

Corporate responsibility: RELX currently has a AAA MSCI ESG rating which it
has held for ten consecutive years, is ranked first in our sector by
Sustainalytics, and has been included in the S&P Global Sustainability
Yearbook.

 

RELX FINANCIAL SUMMARY

                                                    Six months ended 30 June
 Adjusted figures                                   2024     2025     Change   Change at constant currency  Underlying growth

GBPm
GBPm
in GBP
 Revenue                                             4,641    4,741   +2%      +4%                          +7%
 EBITDA                                              1,841    1,908
 Operating profit                                    1,583    1,652   +4%      +7%                          +9%
 Operating margin                                   34.1%    34.8%
 Net interest expense                                (133)    (137)
 Profit before tax                                   1,450    1,515
 Tax charge                                          (334)    (341)
 Net profit attributable to shareholders             1,115    1,171
 Cash flow                                           1,498    1,652
 Cash flow conversion                               95%      100%
 Earnings per share                                 59.5p    63.5p    +7%      +10%

 Dividend                                           2024     2025     Change

in GBP
 Ordinary dividend per share                        18.2p    19.5p    +7%

 Reported figures                                   2024     2025     Change

GBPm
GBPm
in GBP
 Revenue                                             4,641    4,741   +2%
 Operating profit                                    1,431    1,490   +4%
 Net interest expense                                (134)    (210)
 Profit before tax                                   1,295    1,283
 Tax charge                                          (309)    (304)
 Net profit attributable to shareholders             985      976
 Net margin                                         21.2%    20.6%
 Net debt                                            6,973    7,443
 Earnings per share                                 52.6p    52.9p    +1%

 

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 revenue growth rates are calculated at constant
currency, and exclude revenue from acquisitions until twelve months after
purchase, revenue of disposals and assets held for sale, print and
print-related revenue, exhibition cycling, and timing effects. Underlying
adjusted operating profit growth rates are calculated on the same basis except
that they do not exclude exhibition cycling, and timing effects. Constant
currency growth rates are based on 2024 full-year average and hedge exchange
rates. Some figures and sub-totals may add up to slightly different amounts
than the totals due to rounding. Reconciliations of alternative performance
measures are provided on pages 32 and 33.

 

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 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 our actual results 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; changes in the payment model for our scientific,
technical and medical research products or research integrity issues;
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 around 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 £71bn/€83bn/$97bn.

RELX PLC

1‑3 Strand

London WC2N 5JR

United Kingdom

 

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