RELX (REL) Status Update summary

Business performance and growth trajectory

• Legal division generated £1.9 billion ($2.4 billion) in revenue to 30 June 2024, representing 20% of RELX revenue and 18% of EBITDA, with 91% from electronic formats and 80% subscription-based.

• Revenue growth improved from 2% in 2021 to 7% in the first nine months of 2024, with operating profit growth consistently exceeding revenue growth.

• EBITDA margin rose from 25.6% in 2015 to 34.6% in 2023.

• Growth is driven by analytics and decision tools, with a focus on expanding use cases and global reach.

• Objective is to sustain and accelerate this growth trajectory, leveraging new AI-powered products and cost innovation.

Product innovation and AI integration

• Lexis+, Lexis+ AI, and Protégé are integrated platforms offering advanced analytics, generative AI, and personalized legal workflow solutions.

• Lexis+ AI, launched in 2023, and Protégé, in preview for 2024, drive significant customer spend uplift and expand use cases.

• Protégé leverages customer content and firm documents for personalized AI assistance, enabled by the Henchman acquisition.

• AI tools streamline legal research, drafting, and workflow, improving efficiency and work quality for legal professionals.

• The technology platform is modular, multi-cloud, and supports rapid deployment and integration of new AI features.

Competitive positioning and market leadership

• The platform is described as market-leading, with unique integration of proprietary and customer content, and technology-agnostic AI model deployment.

• Double-digit spend uplifts are typical when customers upgrade to Lexis+ and higher when moving to Lexis+ AI.

• Deep content sets, Practical Guidance, and agentic RAG capabilities differentiate the offering from competitors.

• Market-leading answer quality and speed are validated by internal and third-party studies, with ongoing improvements.

• The company sees sustainable long-term growth potential, with thousands of use cases in development.