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, adjusted operating profit, and EPS at constant currency.

Financial highlights

• Underlying revenue grew by 7% year-over-year; adjusted operating profit up 10%; adjusted EPS up 9% at constant currency.

• Adjusted operating margin improved by nearly one percentage point to 33.9%.

• Free cash flow reached £2,126m, with adjusted cash flow conversion at 97%.

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

• Full year dividend grew by 10% (GBP basis); share buybacks totaled £1bn.

Outlook and guidance

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

• Segment outlooks indicate ongoing strength in Risk, Legal, STM, and Exhibitions, with operating profit growth expected to outpace revenue growth in most segments.

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