RELX (REL) H2 2024 earnings summary

Executive summary

• Delivered strong financial results in 2024, with underlying revenue growth of 7% and adjusted operating profit growth of 10%.

• Adjusted earnings per share increased by 9% at constant currency; proposed a 7% increase in full-year dividend.

• All four business areas—Risk, STM, Legal, and Exhibitions—performed well, driven by AI-enabled analytics and decision tools.

• Strategic focus remains on shifting business mix toward higher value-add analytics and decision tools.

• Positive momentum expected to continue in 2025, with strong underlying growth in revenue and adjusted operating profit.

Financial highlights

• Adjusted operating margin improved to 33.9%; net profit rose to over GBP 2.2 billion.

• Cash conversion remained strong at 97%, with leverage reduced to 1.8x.

• Free cash flow surpassed GBP 2.1 billion; return on invested capital reached 14.8%.

• EBITDA exceeded GBP 3.7 billion; CapEx was GBP 484 million (5% of revenue).

• Adjusted EPS reached 120.1 pence; effective tax rate rose to 22.5%.

Outlook and guidance

• Expect continued strong underlying revenue and adjusted operating profit growth in 2025.

• Adjusted earnings per share anticipated to grow strongly on a constant currency basis.

• Risk segment aims to sustain strong long-term growth; STM and Legal to continue improving growth trajectory; Exhibitions to maintain improved growth profile.

• Adjusted operating profit growth is expected to slightly exceed underlying revenue growth across segments.