RELX (REL) H1 2024 earnings summary

Executive summary

• Delivered strong financial results in H1 2024, with 7% underlying revenue growth and 10% underlying adjusted operating profit growth at constant currency, supported by operational and strategic progress across all business segments.

• Adjusted earnings per share grew 10% at constant currency to 59.5p; reported EPS up 14% to 52.6p.

• Interim dividend increased by 7% to 18.2p per share.

• All four business areas—Risk, STM, Legal, and Exhibitions—performed well, with continued strategic progress and operational improvements.

• £700m of £1,000m share buyback completed; two acquisitions for £61m.

Financial highlights

• Underlying revenue growth of 7% year-over-year; adjusted operating profit up 10%; adjusted EPS up 10% at constant currency.

• Adjusted operating margin improved by 1.1 percentage points to 34.1%.

• Free cash flow rose to just over £1 billion for H1; adjusted cash flow conversion remained strong at 95%.

• Net profit up 8% at constant currency to just over £1.1 billion.

• Net debt/EBITDA at 2.0x; net debt at 30 June 2024 was just under £7 billion.

Outlook and guidance

• Expectation of continued strong underlying revenue, adjusted operating profit, and adjusted EPS growth for the full year.

• Each business segment anticipates continued or improved underlying revenue and profit growth for the full year.

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

• Exhibitions expected to maintain improved growth and margin profile, though H2 will lack the favorable prior-year comparison.

• Tax rate for the full year expected to be around 23%.