RELX (REL) H2 2024 earnings summary

Executive summary

• Achieved strong financial results in 2024, with underlying revenue growth of 7% to £9,434m and adjusted operating profit growth of 10% to £3,199m, with margin improving to 33.9%.

• Adjusted earnings per share rose 9% at constant currency; proposed a 7% increase in full-year dividend to 63.0p.

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

• Five acquisitions completed for £195m and seven disposals for £95m; £1,000m share buyback executed.

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

Financial highlights

• Adjusted operating margin improved to 33.9% (up 80 bps year-over-year).

• Free cash flow increased to £2,126m; adjusted cash flow conversion at 97%.

• Net profit increased 8% at constant currency, reaching over £2.2 billion.

• EBITDA exceeded £3,724m; CapEx was £484m (5% of revenue).

• Return on invested capital reached 14.8%.

Outlook and guidance

• Expect continued strong underlying revenue and adjusted operating profit growth in 2025, with positive momentum across all divisions.

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

• Guidance for further improvement in adjusted operating margin, especially in Exhibitions.