AI assistant
Relx PLC — Earnings Release 2024
Feb 13, 2025
5248_rns_2025-02-13_6deab627-5ee9-4ebf-b248-8a7856a14542.pdf
Earnings Release
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RELX
13 February 2025
RESULTS FOR THE YEAR TO 31 DECEMBER 2024
RELX, the global provider of information-based analytics and decision tools, reports results for 2024.
2024 highlights
- Revenue £9,434m (£9,161m), underlying growth +7%
- Adjusted operating profit £3,199m (£3,030m), underlying growth +10%
- Adjusted EPS 120.1p (114.0p), constant currency growth +9%
- Reported operating profit £2,861m (£2,682m)
- Reported EPS 103.6p (94.1p)
- Proposed full year dividend 63.0p (58.8p) +7%
- Net debt/EBITDA 1.8x; adjusted cash flow conversion 97%
- Completed five acquisitions for a total consideration of £195m, and seven disposals for £95m
- Completed £1,000m share buyback
2025 outlook
- We continue to see positive momentum across the group, and we expect another year of strong underlying growth in revenue and adjusted operating profit, as well as strong growth in adjusted earnings per share on a constant currency basis.
Chief Executive Officer, Erik Engstrom, commented:
"RELX delivered strong revenue and profit growth in 2024. Our improving long-term growth trajectory continues to be driven by the ongoing shift in business mix towards higher growth analytics and decision tools that deliver enhanced value to our customers across market segments."
"We develop and deploy these tools across the company by leveraging deep customer understanding to combine leading content and data sets with powerful artificial intelligence and other technologies. This has been a key driver of the evolution of our business for well over a decade, and will remain a key driver of customer value and growth in our business for many years to come."
ENQUIRIES:
Colin Tennant (Investors)
+44 (0)20 7166 5751
Paul Abrahams (Media)
+44 (0)20 7166 5724
RELX 2024 | Results 2
Operating and financial review
Revenue £9,434m (£9,161m); underlying growth +7%: Electronic revenue representing 83% of the total, also grew +7%, with the strong growth in face-to-face activity offsetting the print decline.
Adjusted operating profit £3,199m (£3,030m); underlying growth +10%: Our strategy of driving continuous process innovation to manage cost growth below revenue growth led to an improvement in the group adjusted operating margin to 33.9% (33.1%).
Reported operating profit £2,861m (£2,682m): Reported operating profit includes amortisation of acquired intangible assets of £258m (£280m).
Adjusted profit before tax £2,903m (£2,716m): The adjusted net interest expense was £296m (£314m). The average interest rate on gross debt was 4.4% (4.6%).
Reported profit before tax £2,557m (£2,295m). Reported net interest was £298m (£315m).
Tax: The adjusted tax charge was £652m (£553m). The adjusted effective tax rate was 22.5% (20.4%). The reported tax charge was £613m (£507m).
Adjusted EPS 120.1p (114.0p) +5%; constant currency growth +9%.
Reported EPS 103.6p (94.1p).
Dividend: We are proposing a full year dividend of 63.0p (58.8p), an increase of +7%.
Portfolio development: In 2024 we completed five small acquisitions for a total consideration of £195m, and seven small disposals for a total consideration of £95m.
Net debt/EBITDA 1.8x (2.0x): Net debt at 31 December 2024 was £6,563m (£6,446m). EBITDA was £3,724m (£3,544m). Adjusted cash flow conversion was 97% (98%).
Share buybacks: We deployed £1,000m on share buybacks in 2024. In recognition of our strong financial position and cash flow we intend to deploy a total of £1,500m on share buybacks in 2025, of which £150m has already been completed.
Corporate responsibility and sustainability: We performed well on our corporate responsibility priorities in 2024, on our unique contributions to society, and on our key metrics. Our performance was again recognised by external agencies: RELX achieved a AAA MSCI rating for a ninth consecutive year, ranked second in our sector by Sustainalytics, and was included in the S&P Global Sustainability Yearbook.
RELX 2024 | Results 3
Operating and financial review
RELX FINANCIAL SUMMARY
| Year ended 31 December | |||||
|---|---|---|---|---|---|
| Adjusted figures | 2023 GBPm | 2024 GBPm | Change in GBP | Constant currency growth | Underlying growth |
| Revenue | 9,161 | 9,434 | +3% | +6% | +7% |
| EBITDA | 3,544 | 3,724 | |||
| Operating profit | 3,030 | 3,199 | +6% | +9% | +10% |
| Operating margin | 33.1% | 33.9% | |||
| Net interest expense | (314) | (296) | |||
| Profit before tax | 2,716 | 2,903 | |||
| Tax charge | (553) | (652) | |||
| Net profit attributable to shareholders | 2,156 | 2,241 | |||
| Cash flow | 2,962 | 3,101 | |||
| Cash flow conversion | 98% | 97% | |||
| Return on invested capital | 14.0% | 14.8% | |||
| Earnings per share | 114.0p | 120.1p | +5% | +9% | |
| Dividend | 2023 | 2024 | Change in GBP | ||
| --- | --- | --- | --- | ||
| Ordinary dividend per share | 58.8p | 63.0p | +7% | ||
| Reported figures | 2023 GBPm | 2024 GBPm | Change in GBP | ||
| --- | --- | --- | --- | ||
| Revenue | 9,161 | 9,434 | +3% | ||
| Operating profit | 2,682 | 2,861 | +7% | ||
| Profit before tax | 2,295 | 2,557 | |||
| Net profit attributable to shareholders | 1,781 | 1,934 | |||
| Net margin | 19.4% | 20.5% | |||
| Net debt | 6,446 | 6,563 | |||
| Earnings per share | 94.1p | 103.6p | +10% |
RELX uses adjusted figures as additional performance measures. Adjusted figures primarily exclude the amortisation of acquired intangible assets and other items related to acquisitions and disposals, and the associated deferred tax movements. Underlying growth rates are calculated at constant currency, excluding the results of acquisitions until twelve months after purchase, and excluding the results of disposals and assets held for sale. Underlying revenue growth rates also exclude exhibition cycling, and timing effects. Constant currency growth rates are based on 2023 full-year average and hedge exchange rates.
DISCLAIMER REGARDING FORWARD-LOOKING STATEMENTS
This announcement contains forward-looking statements within the meaning of Section 27A of the US Securities Act of 1933, as amended, and Section 21E of the US Securities Exchange Act of 1934, as amended. These statements are subject to risks and uncertainties that could cause actual results or outcomes of RELX PLC (together with its subsidiaries, "RELX", "we" or "our") to differ materially from those expressed in any forward-looking statement. We consider any statements that are not historical facts to be "forward-looking statements". The terms "outlook", "estimate", "forecast", "project", "plan", "intend", "expect", "should", "could", "will", "believe", "trends" and similar expressions may indicate a forward-looking statement. Important factors that could cause actual results or outcomes to differ materially from estimates or forecasts contained in the forward-looking statements include, among others: regulatory and other changes regarding the collection or use of personal data; changes in law and legal interpretation affecting our intellectual property rights and internet communications; current and future geopolitical, economic and market conditions; research integrity issues or changes in the payment model for our scientific, technical and medical research products; competitive factors in the industries in which we operate and demand for our products and services; our inability to realise the future anticipated benefits of acquisitions; compromises of our cybersecurity systems or other unauthorised access to our databases; changes in economic cycles, trading relations, communicable disease epidemics or pandemics, severe weather events, natural disasters and terrorism; failure of third parties to whom we have outsourced business activities; significant failure or interruption of our systems; our inability to retain high-quality employees and management; changes in tax laws and uncertainty in their application; exchange rate fluctuations; adverse market conditions or downgrades to the credit ratings of our debt; changes in the market values of defined benefit pension scheme assets and in the market related assumptions used to value scheme liabilities; breaches of generally accepted ethical business standards or applicable laws; and other risks referenced from time to time in the filings of RELX PLC with the US Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this announcement. Except as may be required by law, we undertake no obligation to publicly update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this announcement or to reflect the occurrence of unanticipated events.
RELX 2024 | Results 4
Operating and financial review
BUSINESS AREA ANALYSIS
| Year ended 31 December | |||||
|---|---|---|---|---|---|
| 2023 GBPm | 2024 GBPm | Change in GBP | Constant currency growth | Underlying growth | |
| REVENUE | |||||
| Risk | 3,133 | 3,245 | +4% | +7% | +8% |
| Scientific, Technical & Medical | 3,062 | 3,051 | 0% | +3% | +4% |
| Legal | 1,851 | 1,899 | +3% | +6% | +7% |
| Exhibitions | 1,115 | 1,239 | +11% | +16% | +11% |
| Total | 9,161 | 9,434 | +3% | +6% | +7% |
| ADJUSTED OPERATING PROFIT | |||||
| Risk | 1,165 | 1,228 | +5% | +9% | +9% |
| Scientific, Technical & Medical | 1,165 | 1,172 | +1% | +4% | +5% |
| Legal | 393 | 412 | +5% | +8% | +9% |
| Exhibitions | 319 | 398 | +25% | +32% | +31% |
| Unallocated central costs and other operating items | (12) | (11) | |||
| Total | 3,030 | 3,199 | +6% | +9% | +10% |
Underlying growth rates are calculated at constant currency, excluding the results of acquisitions until twelve months after purchase, and excluding the results of disposals and assets held for sale. Underlying revenue growth rates also exclude exhibition cycling, and timing effects. Constant currency growth rates are based on 2023 full-year average and hedge exchange rates.
RELX 2024 | Results 5
Operating and financial review
Risk
| Year ended 31 December | |||||
|---|---|---|---|---|---|
| 2023 GBPm | 2024 GBPm | Change in GBP | Constant currency growth | Underlying growth | |
| Revenue | 3,133 | 3,245 | +4% | +7% | +8% |
| Adjusted operating profit | 1,165 | 1,228 | +5% | +9% | +9% |
| Adjusted operating margin | 37.2% | 37.8% |
99% of revenue electronic
Strong fundamentals continuing to drive underlying revenue growth.
Underlying revenue growth of +8%. Strong growth continues to be driven across segments by our deeply embedded, AI-enabled analytics and decision tools.
Underlying adjusted operating profit growth was +9%, leading to an increase in adjusted operating margin.
Business Services growth continued to be driven by Financial Crime Compliance and digital Fraud & Identity solutions, with strong new sales.
Insurance growth was driven by the further extension of solution sets across insurance markets, as well as continued positive market factors and new sales.
Specialised Industry Data Services growth was led by Commodity Intelligence, and Government growth continued to be driven by the development and roll-out of analytics and decision tools.
2025 outlook: We expect continued strong underlying revenue growth with underlying adjusted operating profit growth slightly exceeding underlying revenue growth.
RELX 2024 | Results 6
Operating and financial review
Scientific, Technical & Medical
| Year ended 31 December | |||||
|---|---|---|---|---|---|
| 2023 GBPm | 2024 GBPm | Change in GBP | Constant currency growth | Underlying growth | |
| Revenue | 3,062 | 3,051 | 0% | +3% | +4% |
| Adjusted operating profit | 1,165 | 1,172 | +1% | +4% | +5% |
| Adjusted operating margin | 38.0% | 38.4% |
91% of revenue electronic
Development of analytics continuing to drive underlying revenue growth.
Underlying revenue growth was +4%. Good growth continues to be driven by the evolution of the business mix, with higher growth segments representing an increasing proportion of divisional revenue, and remaining print shrinking at a faster pace than historical averages.
Underlying adjusted operating profit growth was +5%, resulting in an increase in adjusted operating margin.
Databases, Tools & Electronic Reference growth continued to be driven by higher value-add analytics and decision tools.
Primary Research growth continued to be driven by volume growth, with article submissions growing very strongly across the portfolio, particularly in pay-to-publish.
2025 outlook: We expect continued good underlying revenue growth with underlying adjusted operating profit growth slightly exceeding underlying revenue growth.
RELX 2024 | Results 7
Operating and financial review
Legal
| Year ended 31 December | |||||
|---|---|---|---|---|---|
| 2023 GBPm | 2024 GBPm | Change in GBP | Constant currency growth | Underlying growth | |
| Revenue | 1,851 | 1,899 | +3% | +6% | +7% |
| Adjusted operating profit | 393 | 412 | +5% | +8% | +9% |
| Adjusted operating margin | 21.2% | 21.7% |
91% of revenue electronic
Further improvement in underlying revenue growth driven by legal analytics.
Underlying revenue growth improved to +7%. Strong growth continues to be driven by the shift in business mix towards higher growth, higher value legal analytics and tools.
Underlying adjusted operating profit growth was +9%, as we continue to manage underlying cost growth below underlying revenue growth, leading to a further improvement in adjusted operating margin.
Lexis+, our integrated platform leveraging extractive AI, continued to perform well. Lexis+ AI, additionally leveraging generative AI, continued its successful roll-out in the US and launched in international markets. Protégé, our recently launched next generation generative AI legal assistant, has been positively received by customers.
Government & Academic and News & Business growth continued to be driven by the further extension of analytics and decision tools.
Renewals and new sales remain strong across all key segments.
2025 outlook: We expect continued strong underlying revenue growth with underlying adjusted operating profit growth exceeding underlying revenue growth.
RELX 2024 | Results 8
Operating and financial review
Exhibitions
| Year ended 31 December | |||||
|---|---|---|---|---|---|
| 2023 GBPm | 2024 GBPm | Change in GBP | Constant currency growth | Underlying growth | |
| Revenue | 1,115 | 1,239 | +11% | +16% | +11% |
| Adjusted operating profit | 319 | 398 | +25% | +32% | +31% |
| Adjusted operating margin | 28.6% | 32.1% |
7% of revenue electronic
Strong underlying revenue growth and profitability improvement.
Underlying revenue growth was +11%, reflecting the improved growth profile of our event portfolio and a favourable first half comparison to the prior year.
We continue to make good progress on value-enhancing digital initiatives, with increased usage of a growing range of digital tools for the customers of our face-to-face events.
The improvement in profitability reflects the structurally lower cost base of the streamlined event portfolio.
2025 outlook: We expect strong underlying revenue growth with an improvement in adjusted operating margin over the prior full year.
RELX 2024 | Results 9
Operating and financial review
Revenue
Group underlying revenue growth was 7% with all four market segments contributing to underlying growth. The underlying growth rate reflects growth in electronic revenue of 7% with strong growth in face-to-face revenues offsetting the print decline. Risk continued to deliver strong growth, STM maintained its improved growth, Legal growth continued to improve and Exhibitions saw strong growth.
At group level, the impact on revenue of disposals more than offset that of acquisitions and the benefit of exhibition cycling effects, giving total revenue growth at constant currency of 6%. The impact of currency movements was to decrease revenue by 3%. Total revenue, including the effects of acquisitions, disposals, exhibition cycling and currency movements, was £9,434m (2023: £9,161m), up 3%.
Profit
Group underlying growth in adjusted operating profit was 10%, with growth in each of Risk, STM and Legal ahead of revenue growth, and the improvement in profitability in Exhibitions, well ahead of revenue growth, reflecting the lower cost structure.
Acquisitions and disposals combined decreased adjusted operating profit growth, giving growth at constant currency of 9%. Currency effects decreased adjusted operating profit by 3%.
Total adjusted operating profit, including the impact of acquisitions and disposals and currency effects, was £3,199m (2023: £3,030m), up 6%.
Operating costs on an underlying basis grew 6%, reflecting investment in global technology platforms, the launch of new products and services and the increased activity levels within Exhibitions, partly offset by the benefits of continued process innovation. Actions continue to be taken across the group to improve cost-efficiency. Total adjusted operating costs, including the impact of acquisitions, disposals and currency effects, were up 2%.
The overall adjusted operating margin was 33.9% (2023: 33.1%). On an underlying basis, including cycling effects, the margin improved by 0.8 percentage points, while portfolio changes improved margins by 0.1 percentage points and currency movements decreased margins by 0.1 percentage points. EBITDA margin also improved, by 0.8 percentage points, to 39.5%.
Reported operating profit was £2,861m (2023: £2,682m) up 7%, primarily reflecting the increase in adjusted operating profit and a lower amortisation charge in respect of acquired intangible assets.
Adjusted net interest expense was £296m (2023: £314m). In 2023, the adjusted interest expense included a charge of £26m in respect of the early redemption of bonds.
Adjusted profit before tax was £2,903m (2023: £2,716m), up 7%. Reported profit before tax was £2,557m (2023: £2,295m) up 11%, reflecting the improvement in reported operating profit, the lower interest expense, and the prior year including an impairment charge for some assets held for sale.
The amortisation charge in respect of acquired intangible assets, including the share of amortisation in joint ventures and associates, was £258m (2023: £280m).
Acquisition and disposal related costs were £69m (2023: £56m), slightly higher than the prior year due to restructuring costs incurred following the disposal of some of our assets.
RELX 2024 | Results 10
Operating and financial review
The adjusted tax charge was £652m (2023: £553m). The adjusted effective tax rate was $22.5\%$ (2023: $20.4\%$ ), with the prior year benefitting from non-recurring tax credits arising from the resolution of certain historical tax matters. The adjusted tax charge excludes movements in deferred taxation assets and liabilities related to goodwill and acquired intangible assets, but includes the benefit of tax amortisation where available on those items.
Adjusted operating profit from joint ventures and associates is grossed up for our equity share of interest and taxation.
The application of tax law and practice is subject to some uncertainty and amounts are provided in respect of this. Discussions with tax authorities relating to cross-border transactions and other matters are ongoing. Although the outcome of open items cannot be predicted, no significant impact on profitability is expected.
The reported tax charge was £613m (2023: £507m), including tax associated with the amortisation of acquired intangible assets, disposals and other non-operating items.
The adjusted net profit attributable to shareholders was £2,241m (2023: £2,156m), up 4%. Adjusted earnings per share was up 9% at constant currency, and after changes in exchange rates was up 5% at 120.1p (2023: 114.0p).
The reported net profit attributable to shareholders was £1,934m (2023: £1,781m) up 9%. Reported earnings per share was 103.6p (2023: 94.1p) up 10%.
Cash flows
| Year ended 31 December | ||
|---|---|---|
| 2023 GBPm | 2024 GBPm | |
| Conversion of adjusted operating profit into cash | ||
| Adjusted operating profit | 3,030 | 3,199 |
| Depreciation and amortisation | 514 | 525 |
| EBITDA | 3,544 | 3,724 |
| Capital expenditure | (477) | (484) |
| Repayment of lease principal (net)* | (70) | (61) |
| Working capital and other items | (35) | (78) |
| Adjusted cash flow | 2,962 | 3,101 |
| Adjusted cash flow conversion | 98% | 97% |
*Net of sublease receipts.
Adjusted cash flow was £3,101m (2023: £2,962m), up 5% compared with the prior period. The rate of conversion of adjusted operating profit to adjusted cash flow was 97% (2023: 98%).
Capital expenditure was £484m (2023: £477m), including £464m (2023: £447m) in respect of capitalised development costs, reflecting sustained investment in new products. Capital expenditure was $5.1\%$ of revenue (2023: $5.2\%$ ) and excludes pre-publication costs of £92m (2023: £93m) that were capitalised as current assets and principal lease repayments of £61m (2023: £70m). Depreciation and other amortisation charged within adjusted operating profit was £525m (2023: £514m) and represented $5.6\%$ of revenue (2023: $5.6\%$ ). This includes amortisation of internally developed intangible assets of £364m (2023: £330m) and depreciation of property, plant and equipment of £34m (2023: £43m) which combined represent $4.2\%$ (2023: $4.1\%$ ) of revenue.
RELX 2024 | Results 11
Operating and financial review
| Year ended 31 December | ||
|---|---|---|
| 2023 GBPm | 2024 GBPm | |
| Free cash flow | ||
| Adjusted cash flow | 2,962 | 3,101 |
| Interest paid (net) | (294) | (251) |
| Cash tax paid* | (619) | (662) |
| Exceptional costs in Exhibitions | (5) | - |
| Acquisition and disposal related items | (56) | (62) |
| Free cash flow before dividends | 1,988 | 2,126 |
| Ordinary dividends | (1,059) | (1,121) |
| Free cash flow post dividends | 929 | 1,005 |
- Net of cash tax relief on acquisition and disposal related items and including cash tax impact of disposals.
Interest paid (net) was £251m (2023: £294m), decreasing mainly as a result of the lower interest expense and timing of payments. Tax paid of £662m (2023: £619m) was higher than the income statement charge, with the difference reflecting timing of tax payments.
Payments made in respect of acquisition and disposal related items amounted to £62m (2023: £56m).
Free cash flow before dividends was £2,126m (2023: £1,988m). Ordinary dividends paid to shareholders in the year, being the 2023 final dividend and 2024 interim dividend, amounted to £1,121m (2023: £1,059m). Free cash flow after dividends was £1,005m (2023: £929m).
| Year ended 31 December | ||
|---|---|---|
| 2023 GBPm | 2024 GBPm | |
| Reconciliation of net debt | ||
| Net debt at 1 January | (6,604) | (6,446) |
| Free cash flow post dividends | 929 | 1,005 |
| Acquisitions: total consideration | (130) | (195) |
| Disposals: total consideration | - | 95 |
| Share repurchases | (800) | (1,000) |
| Purchase of shares by the Employee Benefit Trust | (50) | (75) |
| Other* | 25 | 7 |
| Currency translation | 184 | 46 |
| Movement in net debt | 158 | (117) |
| Net debt at 31 December | (6,446) | (6,563) |
- Includes pension deficit recovery payments, share option exercise proceeds, leases, disposal and acquisition timing effects.
Total consideration on acquisitions completed in the year was £195m (2023: £130m). Cash spent on acquisitions was £175m (2023: £132m), including deferred consideration of £5m (2023: £16m) on past acquisitions and investments in joint ventures and associates and venture capital investments of £4m (2023: £8m). Total consideration from disposals completed in the year was £95m (2023: nil). Net cash inflow from disposals after separation and transaction costs was £46m (2023: £12m).
Share repurchases in 2024 were £1,000m (2023: £800m) with a further £150m repurchased in 2025 as at 12 February. In addition, the Employee Benefit Trust purchased shares of RELX PLC to meet future obligations in respect of share based remuneration totalling £75m (2023: £50m). Proceeds from the exercise of share options were £47m (2023: £41m).
RELX 2024 | Results 12
Operating and financial review
Debt
Net debt at 31 December 2024 was £6,563m, an increase of £117m since 31 December 2023. Excluding currency translation effects, net debt increased by £163m. Expressed in US dollars, net debt at 31 December 2024 was $8,204m, a decrease of $47m since 31 December 2023.
Gross debt of £6,544m (2023: £6,497m) is comprised of bank and bond borrowings of £6,441m (2023: £6,356m) and lease liabilities of £103m (2023: £141m). The fair value of related derivative liabilities was £140m (2023: £108m), finance lease receivables totalled £2m (2023: £4m) and cash and cash equivalents totalled £119m (2023: £155m). In aggregate, these give the net debt figure of £6,563m (2023: £6,446m).
The effective interest rate on gross bank and bond borrowings was $4.4\%$ in 2024 (2023: $4.6\%$ ). As at 31 December 2024, gross bank and bond borrowings had a weighted average life remaining of 4.1 years and a total of $56\%$ of them were at fixed rates, after taking into account interest rate derivatives. The ratio of net debt (including pensions) to EBITDA (adjusted earnings before interest, tax, depreciation and amortisation) was $1.8x$ (2023: $2.0x$ ), calculated in US dollars.
At 31 December 2024, there was a net positive pension accounting balance (pension assets less pension obligations) of £21m, compared to a net negative position of £63m as at 31 December 2023 as liabilities have reduced due to an increase in discount rates.
Liquidity
In March 2024, €850m of euro denominated term debt was issued with a coupon of $3.375\%$ and a maturity of nine years. The Group has ample liquidity and access to debt capital markets, providing the ability to repay or refinance debt as it matures and to fund ongoing requirements. This includes access to a $3bn committed bank facility which provides security of funding for short-term debt, and which remains undrawn. In March 2024 the maturity date of the facility was extended to April 2027. The facility has pricing linked to three Corporate Responsibility performance targets, all of which were achieved in 2024.
Invested capital and returns
The post-tax return on average invested capital in the year was $14.8\%$ (2023: $14.0\%$ ). The increase was driven by growth in adjusted operating profit, and lower average invested capital when retranslated at the average exchange rates for the year.
| Year ended 31 December | ||
|---|---|---|
| 2023 GBPm | 2024 GBPm | |
| Adjusted operating profit | 3,030 | 3,199 |
| Tax at adjusted effective rate | (618) | (720) |
| Adjusted effective tax rate | 20.4% | 22.5% |
| Adjusted operating profit after tax | 2,412 | 2,479 |
| Average invested capital* | 17,184 | 16,743 |
| Return on invested capital | 14.0% | 14.8% |
*Average of invested capital at the beginning and the end of the year, retranslated at average exchange rates for the year. Invested capital is calculated as net capital employed, adjusted to add back accumulated amortisation and impairment of acquired intangible assets and goodwill and to exclude the gross up to goodwill in respect of deferred tax.
RELX 2024 | Results 13
Operating and financial review
Dividends and share repurchases
The final dividend proposed by the Board is 44.8p per share. This gives total dividends for the year of 63.0p (2023: 58.8p), 7% higher than the prior year.
The dividend policy of RELX PLC is, over the longer term, to grow dividends broadly in line with adjusted earnings per share, paying out approximately half of adjusted earnings in dividend each year.
During 2024, a total of 28.9m RELX PLC shares were repurchased at an average price of 3,461p. Total consideration for these repurchases was £1,000m. A further 2.2m (2023: 2.0m) shares were purchased by the Employee Benefit Trust. As at 31 December 2024, total shares in issue, net of shares held in treasury and shares held by the Employee Benefit Trust, amounted to 1,855.9m. A further 3.8m shares have been repurchased in 2025 as at 12 February.
Alternative performance measures
RELX uses a range of alternative performance measures (APMs) in the reporting of financial information, which are not defined by generally accepted accounting principles (GAAP) such as IFRS. These APMs are used by the Board and management as they believe they provide relevant information in assessing the Group's performance, position and cash flows, enable investors to track more clearly the core operational performance of the Group, and provide a clear basis for assessing RELX's ability to raise debt and invest in new business opportunities.
Management also uses these financial measures, along with IFRS financial measures, in evaluating the operating performance of the Group as a whole and of the individual business areas. These measures should not be considered in isolation from, or as a substitute for, financial information presented in compliance with IFRS. The measures may not be directly comparable to similarly reported measures by other companies.
Definitions of alternative performance measures can be found on page 30.
Corporate responsibility
We progressed our unique contributions to society in a number of ways, including by increasing the amount of content on the free RELX SDG Resource Centre by 20% in the year. This encompassed 14 special issues – curated articles, book chapters and other content on key topics; among them was an artificial intelligence collection to coincide with the 2024 RELX SDG Inspiration Day, In the Age of AI, a virtual programme featuring 8th UN Secretary General Ban Ki-Moon and founder of The Futurewise Institute, Dr. Mark van Rijmenam among other speakers.
The CFO chairs our Environmental Checkpoint group which met regularly in 2024 to advance key metrics including Scope 1 and 2 carbon emissions. We maintained 100% of electricity from renewable sources, green tariffs, and certified renewable energy certificates. As we progress net zero plans, our total Scope 1 and Scope 2 (location-based) emissions were 32,692 tCO2e (40,933 tCO2e in 2023), continuing a downward trend. We increased the number of suppliers who are signatories to our Supplier Code of Conduct by 13.8% and our employees volunteered 16,149 days in company time.
Refer to page 33 for further information on 2024 key corporate responsibility data.
RELX 2024 | Results 15
Principal risks
PRINCIPAL RISKS
The Audit Committee and Board have considered the principal risks and uncertainties which could affect the Group for the financial year as summarised below.
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Data Privacy – In the course of our business, we process personal data from customers, end users, employees and other sources. Certain business areas rely extensively upon content that includes personal data from public records, governmental authorities, publicly available information and media, and other information companies, including competitors. Changes in data privacy legislation, regulation, and/or enforcement could impact our ability to collect and use personal data, potentially affecting the availability and effectiveness of our products. Failure or perceived failure, by us, our customers or suppliers, to comply with requirements for proper collection, use, sharing, storage, transfer and other processing of personal data may damage our reputation, divert time and effort of management and other resources, increase cost of operations and expose us to risk of loss, fines and penalties, litigation and increased regulation.
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Intellectual property rights – Our products and services include and utilise intellectual property. We rely on trademark, copyright, patent, trade secret and other intellectual property laws to establish and protect our proprietary rights in this intellectual property. There is a risk that our proprietary rights could be challenged, limited, invalidated, infringed or circumvented, including by AI technologies, which may impact demand for and pricing of our products and services. Copyright laws are subject to national legislative initiatives, as well as cross-border initiatives such as those from the European Commission and increased judicial scrutiny in several jurisdictions in which we operate. This creates additional challenges for us in protecting our proprietary rights in content delivered through the internet and electronic platforms.
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Geopolitical, economic and market conditions – Demand for our products and services, and our ability to operate internationally, may be adversely impacted by geopolitical, economic and market conditions beyond our control. These include acts of war and civil unrest; political conflicts and tensions; international sanctions; economic cycles; the impact of the effect of changes in inflation and interest rates in major economies; trading relations between the United States, Europe, China and other major economies; as well as levels of government and private funding for our markets.
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Evolution of primary research publishing – Our Scientific, Technical & Medical (STM) primary research content publishing business operates under two payment models: 'pay-to-read', where readers or their institutions, as users of the content pay, and authors publish for free, or 'pay-to-publish', where authors or their institutions or funding bodies prefer to pay to publish their research, so it is freely available to read. The latter model is commonly referred to as Open Access and now represents a significant and growing portion of the volume of primary research that we publish. Rapid changes in customer choice, regulation or technologies in this area could impact the revenue mix and growth in our primary research publishing business. Maintaining research integrity requires us to manage risks around fraud in research papers in the context of evolving technologies.
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Customer acceptance of our products – Our businesses are dependent on the continued demand by our customers for our products and services and the value placed on them. We operate in highly competitive and dynamic markets, and the means of delivery, customer demand for, and the products and services themselves, continue to change in response to technological innovations, such as the use of artificial intelligence, legislative and regulatory changes, the entrance of new competitors, and other factors. Failure to anticipate and quickly adapt to these changes, or to deliver enhanced value to our customers, could impact demand for our products and services and consequently adversely affect our revenue or the long-term returns from our investment in higher value add information-based analytics and decision tools.
RELX 2024 | Results 16
Principal risks
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Acquisitions – We supplement our organic development with selected acquisitions. If we are unable to generate the anticipated benefits such as revenue growth and/or cost savings associated with these acquisitions, it could adversely affect return on invested capital and financial condition or lead to an impairment of goodwill or intangibles.
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Cybersecurity – Our businesses maintain and use online databases and platforms delivering our products and services, which we rely on, and provide data to third parties, including customers and service providers. These databases and information are a target for compromise and face a risk of unauthorised access and use by unauthorised parties including through cyber, ransomware, malware and phishing and other social engineering attacks on us or our third-party service providers.
Our cybersecurity measures, and the measures used by our third-party service providers, may not detect or prevent all attempts to compromise our systems, which may jeopardise the security or integrity of the data we maintain or may disrupt our systems. Failures of our cybersecurity measures could result in unauthorised access to our systems, misappropriation of our or our users' data, deletion or modification of stored information or other interruption to our business operations. As techniques used to obtain unauthorised access to or to sabotage systems change frequently and may not be known until launched against us or our third-party service providers we may be unable to anticipate or implement adequate measures to protect against these attacks and our service providers and customers may likewise be unable to do so.
Compromises of our or our third-party service providers' systems could adversely affect our financial performance, damage our reputation and expose us to risk of loss, fines and penalties, litigation and increased regulation.
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Face-to-face events – Face-to-face events are susceptible to economic cycles, changes in trading relations, communicable diseases, severe weather events and other natural disasters, terrorism and availability of venues. Each or any of these may impact our ability to hold face-to-face events, and exhibitors' and visitors' desire and ability to travel in person to events. These factors each have the potential to reduce revenues, increase the costs of organising events and adversely affect cash flows and reputation.
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Supply chain dependencies – Our organisational and operational structures depend on suppliers including outsourced and offshored functions, as well as cloud service, software, and large language model providers. Poor performance, failure or breach of third parties to whom we have contracted could adversely affect our business performance, reputation and financial condition.
We source content to enable information solutions for our professional customers. The disruption or loss of data sources, either because of regulations, or because data suppliers decide not to supply them, may impose limits on our collection and use of certain kinds of information and our ability to communicate, offer or make such information available or useful to our customers.
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Technology and business resilience – Our businesses are dependent on electronic platforms and networks, including our own and third-party data centres, cloud providers, network systems and the internet, for delivery of our products and services. These could be adversely affected if our electronic delivery platforms, networks or supporting infrastructure experience a significant failure or interruption.
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Talent – The implementation and execution of our strategies and business plans depend on our ability to recruit, motivate, develop and retain a diverse population of skilled employees and management. We compete globally and across business sectors for diverse, talented management and skilled individuals, particularly those with technology and data analytics capabilities. An inability to recruit, motivate or retain such people could adversely affect our business performance.
RELX 2024 | Results 17
Principal risks
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Tax – Our businesses operate globally, and our profits are subject to taxation in many different jurisdictions and at differing tax rates. Tax laws and tax rates that currently apply to our businesses may be amended by the relevant authorities or interpreted differently by them, and these changes could adversely affect our reported results.
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Treasury – The RELX PLC consolidated financial statements are expressed in pounds sterling and are subject to movements in exchange rates on the translation of the financial information of businesses whose operational currencies are other than sterling. The United States is our most important market and, accordingly, significant fluctuations in the US dollar exchange rate could significantly affect our reported results. We also earn revenues and incur costs in a range of other currencies, including the Euro and the Yen, and significant fluctuations in these exchange rates could also significantly impact our reported results.
Macroeconomic, political and market conditions may adversely affect the availability and terms of short and long-term funding, volatility of interest rates, the credit quality of our counterparties, currency exchange rates and inflation. The majority of our outstanding debt instruments are, and any of our future debt instruments may be, publicly rated by independent rating agencies. Our borrowing costs and access to capital may be adversely affected if the credit ratings assigned to our debt are downgraded.
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Pensions – We operate a number of pension schemes around the world, including local versions of the defined benefit type in the United Kingdom and the United States. The US scheme is closed to future accruals. The UK scheme has been closed to new hires since 2010. The members who continue to accrue benefits now represent a small and reducing portion of the overall UK based workforce. The assets and obligations associated with these pension schemes are sensitive to changes in the market values of the scheme's investments and the market-related assumptions used to value scheme liabilities. Adverse changes to asset values, discount rates, longevity assumptions or inflation could increase funding requirements.
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Ethics – As a global provider of professional information solutions we, our employees, major suppliers and partners are expected to adhere to high standards of integrity and ethical conduct, including those related to anti-bribery and anti-corruption, data protection, fraud, sanctions, competition and principled business conduct. A breach of generally accepted ethical business standards or applicable laws could adversely affect our business performance, reputation and financial condition.
RELX 2024 | Results 18
Condensed consolidated financial information
Condensed consolidated income statement
| Note | Year ended 31 December | ||
|---|---|---|---|
| 2023 GBPm | 2024 GBPm | ||
| Revenue | 2 | 9,161 | 9,434 |
| Cost of sales | (3,216) | (3,300) | |
| Gross profit | 5,945 | 6,134 | |
| Selling and distribution costs | (1,459) | (1,470) | |
| Administration and other expenses | (1,850) | (1,846) | |
| Share of results of joint ventures and associates | 46 | 43 | |
| Operating profit | 2,682 | 2,861 | |
| Finance income | 8 | 6 | |
| Finance costs | (323) | (304) | |
| Net finance costs | (315) | (298) | |
| Disposals and other non-operating items | (72) | (6) | |
| Profit before tax | 2,295 | 2,557 | |
| Current tax | (575) | (607) | |
| Deferred tax | 68 | (6) | |
| Tax expense | (507) | (613) | |
| Net profit for the period | 1,788 | 1,944 | |
| Attributable to: | |||
| Shareholders | 1,781 | 1,934 | |
| Non-controlling interests | 7 | 10 | |
| Net profit for the period | 1,788 | 1,944 | |
| Year ended 31 December | |||
| Earnings per share | 2023 | 2024 | |
| Basic earnings per share | 3 | 94.1p | 103.6p |
| Diluted earnings per share | 3 | 93.6p | 103.1p |
Summary financial information is presented in US dollars and euros on pages 31 and 32 respectively.
RELX 2024 | Results 19
Condensed consolidated financial information
Condensed consolidated statement of comprehensive income
| Note | Year ended 31 December | ||
|---|---|---|---|
| 2023 GBPm | 2024 GBPm | ||
| Net profit for the year | 1,788 | 1,944 | |
| Items that will not be reclassified to profit or loss: | |||
| Actuarial (losses)/gains on defined benefit pension schemes | 6 | (75) | 43 |
| Tax on items that will not be reclassified to profit or loss | 19 | (11) | |
| Total items that will not be reclassified to profit or loss | (56) | 32 | |
| Items that may be reclassified subsequently to profit or loss: | |||
| Exchange differences on translation of foreign operations | (285) | 175 | |
| Fair value movements on cash flow hedges | 29 | 11 | |
| Transfer to profit from cash flow hedge reserve | 18 | (20) | |
| Tax on items that may be reclassified to profit or loss | (12) | 3 | |
| Total items that may be reclassified to profit or loss | (250) | 169 | |
| Other comprehensive (loss)/income for the year | (306) | 201 | |
| Total comprehensive income for the year | 1,482 | 2,145 | |
| Attributable to: | |||
| Shareholders | 1,475 | 2,135 | |
| Non-controlling interests | 7 | 10 | |
| Total comprehensive income for the year | 1,482 | 2,145 |
RELX 2024 | Results 20
Condensed consolidated financial information
Condensed consolidated statement of cash flows
| Note | Year ended 31 December | ||
|---|---|---|---|
| 2023 GBPm | 2024 GBPm | ||
| Cash flows from operating activities | |||
| Cash generated from operations | 5 | 3,370 | 3,521 |
| Interest paid (including lease interest) | (303) | (257) | |
| Interest received | 9 | 6 | |
| Tax paid (net) | (619) | (662) | |
| Net cash from operating activities | 2,457 | 2,608 | |
| Cash flows from investing activities | |||
| Acquisitions | (124) | (170) | |
| Purchases of property, plant and equipment | (30) | (20) | |
| Expenditure on internally developed intangible assets | (447) | (464) | |
| Purchase of investments | (8) | (4) | |
| Proceeds from disposals of property, plant and equipment | 7 | - | |
| Gross proceeds from business disposals and sale of investments | 21 | 74 | |
| Payments on business disposals | (9) | (28) | |
| Dividends received from joint ventures and associates | 21 | 37 | |
| Net cash used in investing activities | (569) | (575) | |
| Cash flows from financing activities | |||
| Dividends paid to shareholders | (1,059) | (1,121) | |
| Distributions to non-controlling interests | (7) | (9) | |
| Increase in short-term bank loans, overdrafts and commercial paper | 84 | 461 | |
| Issuance of term debt | 651 | 711 | |
| Repayment of term debt | (847) | (1,017) | |
| Repayment of leases | (72) | (63) | |
| Receipts in respect of subleases | 2 | 2 | |
| Acquisition of non-controlling interest | - | (1) | |
| Repurchase of ordinary shares | (800) | (1,000) | |
| Purchase of shares by Employee Benefit Trust | (50) | (75) | |
| Proceeds on issue of ordinary shares | 41 | 47 | |
| Net cash used in financing activities | (2,057) | (2,065) | |
| Decrease in cash and cash equivalents | 5 | (169) | (32) |
| Movement in cash and cash equivalents | |||
| At start of year | 334 | 155 | |
| Decrease in cash and cash equivalents | (169) | (32) | |
| Exchange translation differences | (10) | (4) | |
| At end of year | 155 | 119 |
RELX 2024 | Results 21
Condensed consolidated financial information
Condensed consolidated statement of financial position
| Note | As at 31 December | ||
|---|---|---|---|
| 2023 GBPm | 2024 GBPm | ||
| Non-current assets | |||
| Goodwill | 8,023 | 8,216 | |
| Intangible assets | 3,238 | 3,164 | |
| Investments in joint ventures and associates | 178 | 169 | |
| Other investments | 97 | 92 | |
| Property, plant and equipment | 99 | 82 | |
| Right-of-use assets | 113 | 89 | |
| Other receivables | 1 | 16 | |
| Deferred tax assets | 128 | 84 | |
| Net pension assets | 6 | 119 | 186 |
| Derivative financial instruments | 47 | 39 | |
| 12,043 | 12,137 | ||
| Current assets | |||
| Inventories and pre-publication costs | 318 | 331 | |
| Trade and other receivables | 2,323 | 2,511 | |
| Derivative financial instruments | 34 | 35 | |
| Cash and cash equivalents | 155 | 119 | |
| 2,830 | 2,996 | ||
| Assets held for sale | 44 | - | |
| 2,874 | 2,996 | ||
| Total assets | 14,917 | 15,133 | |
| Current liabilities | |||
| Trade and other payables | 3,971 | 4,122 | |
| Derivative financial instruments | 16 | 59 | |
| Debt | 5 | 1,313 | 1,412 |
| Taxation | 163 | 119 | |
| Provisions | 13 | 6 | |
| 5,476 | 5,718 | ||
| Liabilities associated with assets held for sale | 14 | - | |
| 5,490 | 5,718 | ||
| Non-current liabilities | |||
| Derivative financial instruments | 131 | 126 | |
| Debt | 5 | 5,184 | 5,132 |
| Deferred tax liabilities | 473 | 473 | |
| Net pension obligations | 6 | 182 | 165 |
| Other payables | 11 | 13 | |
| Provisions | 7 | 2 | |
| 5,988 | 5,911 | ||
| Total liabilities | 11,478 | 11,629 | |
| Net assets | 3,439 | 3,504 | |
| Capital and reserves | |||
| Share capital | 7 | 275 | 272 |
| Share premium | 1,558 | 1,605 | |
| Shares held in treasury | 7 | (553) | (722) |
| Translation reserve | 392 | 567 | |
| Other reserves | 1,788 | 1,759 | |
| Shareholders' equity | 3,460 | 3,481 | |
| Non-controlling interests | (21) | 23 | |
| Total equity | 3,439 | 3,504 |
Approved by the Board of RELX PLC, on 12 February 2025.
RELX 2024 | Results 22
Condensed consolidated financial information
Condensed consolidated statement of changes in equity
| Note | Share capital GBPm | Share premium GBPm | Share held in treasury GBPm | Translation reserve GBPm | Other reserves GBPm | Shareholders' equity GBPm | Non-controlling interests GBPm | Total equity GBPm | |
|---|---|---|---|---|---|---|---|---|---|
| Balance at 1 January 2023 | 279 | 1,517 | (414) | 677 | 1,717 | 3,776 | (22) | 3,754 | |
| Total comprehensive income for the year | - | - | - | (285) | 1,760 | 1,475 | 7 | 1,482 | |
| Dividends paid | 4 | - | - | - | - | (1,059) | (1,059) | (7) | (1,066) |
| Issue of ordinary shares, net of expenses | - | 41 | - | - | - | 41 | - | 41 | |
| Repurchase of ordinary shares | - | - | (800) | - | - | (800) | - | (800) | |
| Purchase of shares by the employee benefit trust | - | - | (50) | - | - | (50) | - | (50) | |
| Cancellation of shares | (4) | - | 677 | - | (673) | - | - | - | |
| Increase in share based remuneration reserve (including tax) | - | - | - | - | 77 | 77 | - | 77 | |
| Settlement of share awards | - | - | 34 | - | (34) | - | - | - | |
| Exchange differences on translation of capital and reserves | - | - | - | - | - | - | 1 | 1 | |
| Balance at 1 January 2024 | 275 | 1,558 | (553) | 392 | 1,788 | 3,460 | (21) | 3,439 | |
| Total comprehensive income for the year | - | - | - | 175 | 1,960 | 2,135 | 10 | 2,145 | |
| Dividends paid | 4 | - | - | - | - | (1,121) | (1,121) | (9) | (1,130) |
| Issue of ordinary shares, net of expenses | - | 47 | - | - | - | 47 | - | 47 | |
| Repurchase of ordinary shares | - | - | (1,000) | - | - | (1,000) | - | (1,000) | |
| Purchase of shares by the employee benefit trust | - | - | (75) | - | - | (75) | - | (75) | |
| Cancellation of shares | (3) | - | 853 | - | (850) | - | - | - | |
| Increase in share based remuneration reserve (including tax) | - | - | - | - | 79 | 79 | - | 79 | |
| Settlement of share awards | - | - | 53 | - | (53) | - | - | - | |
| Acquisition of non-controlling interest | - | - | - | - | (44) | (44) | 43 | (1) | |
| Balance at 31 December 2024 | 272 | 1,605 | (722) | 567 | 1,759 | 3,481 | 23 | 3,504 |
RELX 2024 | Results 23
Notes to the condensed consolidated financial information
1 Basis of preparation
The shares of RELX PLC are traded on the London, Amsterdam and New York stock exchanges. RELX PLC and its subsidiaries, joint ventures and associates are together known as 'RELX'.
The consolidated financial information, presented in condensed form, has been abridged from the audited RELX 2024 Annual Report for which an unqualified audit report was given. This summary financial information does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006.
The condensed consolidated financial information has been prepared in accordance with UK adopted International Accounting Standards in conformity with the requirements of the Companies Act 2006 and IFRS accounting standards as issued by the International Accounting Standards Board. The accounting policies, including valuation techniques applied to fair value measurement, are the same as those set out within the relevant notes on pages 140 to 186 of the RELX 2023 Annual Report. Financial information is presented in sterling, unless otherwise stated.
The directors of RELX PLC, having made appropriate enquiries, consider that adequate resources exist for the Group to continue in operational existence for the foreseeable future and that, therefore, it is appropriate to adopt the going concern basis in preparing the condensed consolidated financial information for the year ended 31 December 2024. As part of the going concern assessment the directors considered the sufficiency of the group's liquidity resources, including committed credit facilities, over the 18 month period to 30 June 2026.
In preparing the group financial statements management has considered the impact of climate change, taking into account the relevant disclosures in the Strategic Report, including those made in accordance with the recommendations of the Taskforce on Climate-related Financial Disclosure. This included an assessment of assets with indefinite and long lives and how they could be impacted by measures taken to address global warming. Recognising that the environmental impact of the group's operations, and the use of the group's products, is relatively low, no issues were identified that would impact the carrying values of such assets or have any other impact on the financial statements.
The consolidated financial statements are presented in pound sterling. Unless otherwise stated, all amounts in the financial statements are in millions of pounds. Differences in subtotals in the financial statements may arise due to rounding adjustments applied during calculations. The symbols GBP and £ used throughout the financial statements relate to pound sterling. Summary consolidated financial information presented on pages 198 and 199 shows a simple translation of the Group's consolidated financial statements into US dollars and euros respectively and do not form part of these financial statements.
Standards, amendments and interpretations
A number of amendments and interpretations have been issued which are not expected to have any significant impact on the accounting policies and reporting. No interpretations or amendments to IFRS effective for 2024 have had a significant impact on the RELX accounting policies or reporting in the current year.
RELX 2024 | Results 24
Notes to the condensed consolidated financial information
2 Revenue, operating profit and segment analysis
RELX is a global provider of information-based analytics and decision tools for professional and business customers. RELX operates in four major market segments: Risk provides customers with information-based analytics and decision tools that combine public and industry-specific content with advanced technology and algorithms to assist them in evaluating and predicting risk and enhancing operational efficiency; Scientific, Technical & Medical helps researchers and healthcare professionals advance science and improve health outcomes by combining high-quality scientific and medical information and trusted data sets with leading technology to deliver analytical tools that facilitate insights and critical decision-making; Legal helps its customers improve decision-making, achieve better outcomes and increase productivity by providing tools that combine legal, regulatory and business information with powerful analytics; and Exhibitions combines industry expertise with data and digital tools to help customers connect face-to-face and digitally, learn about markets, source products and complete transactions.
RELX's reported segments are based on the internal reporting structure and financial information provided to the Board.
Adjusted operating profit is the key segmental profit measure used in assessing performance. Adjusted operating profit is reconciled to operating profit on page 30.
Revenue
| Year ended 31 December | ||
|---|---|---|
| 2023 | 2024 | |
| GBPm | GBPm | |
| Market Segment | ||
| Risk | 3,133 | 3,245 |
| Scientific, Technical & Medical | 3,062 | 3,051 |
| Legal | 1,851 | 1,899 |
| Exhibitions | 1,115 | 1,239 |
| Total | 9,161 | 9,434 |
| Geographic Market | ||
| North America | 5,386 | 5,495 |
| Europe | 1,908 | 2,025 |
| Rest of world | 1,867 | 1,914 |
| Total | 9,161 | 9,434 |
| Year ended 31 December | ||
| --- | --- | --- |
| 2023 | 2024 | |
| GBPm | GBPm | |
| Analysis of Revenue by Type | ||
| Subscriptions | 4,976 | 5,025 |
| Transactional | 4,185 | 4,409 |
| Total | 9,161 | 9,434 |
RELX 2024 | Results 25
Notes to the condensed consolidated financial information
2 Revenue, operating profit and segment analysis (continued)
Adjusted operating profit
| Year ended 31 December | ||
|---|---|---|
| 2023 | 2024 | |
| GBPm | GBPm | |
| Market Segment | ||
| Risk | 1,165 | 1,228 |
| Scientific, Technical & Medical | 1,165 | 1,172 |
| Legal | 393 | 412 |
| Exhibitions | 319 | 398 |
| Subtotal | 3,042 | 3,210 |
| Unallocated central costs and other operating items | (12) | (11) |
| Total | 3,030 | 3,199 |
The share of post-tax results of joint ventures and associates was £43m (2023: £46m). This comprised of profit/(loss) relating to Risk of nil (2023: £(1)m), Legal £7m (2023: £10m) and Exhibitions £36m (2023: £37m).
Reconciliation of operating profit to adjusted operating profit
| Year ended 31 December | ||
|---|---|---|
| 2023 | 2024 | |
| GBPm | GBPm | |
| Operating profit | 2,682 | 2,861 |
| Adjustments: | ||
| Amortisation of acquired intangible assets | 280 | 258 |
| Acquisition and disposal related items | 56 | 69 |
| Reclassification of tax in joint ventures and associates | 12 | 12 |
| Reclassification of finance income in joint ventures and associates | - | (1) |
| Adjusted operating profit | 3,030 | 3,199 |
In 2024, restructuring costs were incurred due to the disposal of some of our assets. These costs are included within acquisition and disposal related items and are excluded from adjusted operating profit. In the prior year there were no such costs.
Depreciation and amortisation
| Year ended 31 December | ||
|---|---|---|
| 2023 | 2024 | |
| GBPm | GBPm | |
| Amortisation of acquired intangible assets | 279 | 258 |
| Share of joint ventures and associates’ amortisation of acquired intangible assets | 1 | - |
| Amortisation of acquired intangible assets including joint ventures and associates’ share | 280 | 258 |
| Amortisation of internally developed intangible assets | 330 | 364 |
| Depreciation of property, plant and equipment | 43 | 34 |
| Depreciation of right-of-use assets | 65 | 50 |
| Pre-publication amortisation | 76 | 77 |
| Total depreciation and other amortisation | 514 | 525 |
| Total depreciation and amortisation (including amortisation of acquired intangible assets) | 794 | 783 |
RELX 2024 | Results 26
Notes to the condensed consolidated financial information
3 Earnings per share
Earnings per share is calculated by taking the reported net profit attributable to shareholders and dividing this by the weighted average number of shares in issue.
Earnings per share
| Year ended 31 December | ||||||
|---|---|---|---|---|---|---|
| Net profit attributable to shareholders GBPm | 2023 Weighted average number of shares (millions) | EPS (pence) | Net profit attributable to shareholders GBPm | 2024 Weighted average number of shares (millions) | EPS (pence) | |
| Basic earnings per share | 1,781 | 1,891.8 | 94.1 | 1,934 | 1,865.9 | 103.6p |
| Diluted earnings per share | 1,781 | 1,902.8 | 93.6 | 1,934 | 1,876.7 | 103.1p |
The diluted figures are calculated after taking account of potential additional ordinary shares arising from share options and conditional shares.
4 Dividends
Ordinary dividends declared and paid in the year ended 31 December 2024, in amounts per ordinary share, comprise: a final dividend for 2023 of 41.8p (2023: final dividend for 2022 of 38.9p) and an interim dividend for 2024 of 18.2p (2023: 17.0p), giving a total of 60.0p (2023: 55.9p).
The Directors of RELX PLC have proposed a final dividend for 2024 of 44.8p per ordinary share (2023: 41.8p), giving a total for the financial year of 63.0p per ordinary share (2023: 58.8p). The total cost of funding the proposed final dividend is expected to be £831m, for which no liability has been recognised at the statement of financial position date. The final dividend is subject to shareholder approval at the Company's 2025 AGM. The final dividend if approved will be paid on 19 June 2025, with an ex-dividend date of 8 May 2025 and a record date of 9 May 2025. The Euro equivalent of the final dividend will be announced on 3 June 2025.
Shareholders appearing on the Register of Members or holding their shares through CREST will automatically receive their dividends in pounds sterling but have the option to elect to receive their dividends in Euro. Shareholders who hold shares through Euroclear Nederland (via banks and brokers) will automatically receive their dividends in Euro but have the option to elect to receive their dividends in pounds sterling. The closing date for dividend currency elections is 27 May 2025.
Dividend Reinvestment Plans for shares trading on London Stock Exchange and Euronext Amsterdam are available, which enable shareholders to elect to have their cash dividend payments used to purchase RELX PLC shares. Information can be found at www.relx.com
RELX 2024 | Results 27
Notes to the condensed consolidated financial information
5 Condensed consolidated statement of cash flows
Reconciliation of operating profit to cash generated from operations
| Year ended 31 December | ||
|---|---|---|
| 2023 GBPm | 2024 GBPm | |
| Operating profit | 2,682 | 2,861 |
| Share of results of joint ventures and associates | (46) | (43) |
| Amortisation of acquired intangible assets | 279 | 258 |
| Amortisation of internally developed intangible assets | 330 | 364 |
| Amortisation of pre-publication costs | 76 | 77 |
| Depreciation of property, plant and equipment | 43 | 34 |
| Depreciation of right-of-use assets | 65 | 50 |
| Share based remuneration | 56 | 66 |
| Total non-cash items | 849 | 849 |
| Increase in working capital | (115) | (146) |
| Cash generated from operations | 3,370 | 3,521 |
Reconciliation of net debt
| Year ended 31 December | ||||||
|---|---|---|---|---|---|---|
| 2023 GBPm | Cash and cash equivalents GBPm | Debt GBPm | Related derivative financial instruments GBPm | Finance lease receivable GBPm | 2024 GBPm | |
| At start of year | (6,604) | 155 | (6,497) | (108) | 4 | (6,446) |
| Decrease in cash and cash equivalents | (169) | (32) | - | - | - | (32) |
| Increase in short-term bank loans, overdrafts and commercial paper | (84) | - | (461) | - | - | (461) |
| Issuance of term debt | (651) | - | (711) | - | - | (711) |
| Repayment of term debt | 847 | - | 1,017 | - | - | 1,017 |
| Repayment of leases | 70 | - | 63 | - | (2) | 61 |
| Change in net debt resulting from cash flows | 13 | (32) | (92) | - | (2) | (126) |
| Borrowings in disposed businesses | 1 | - | 8 | - | - | 8 |
| Remeasurement and derecognition of leases | - | - | (4) | - | - | (4) |
| Inception of leases | (37) | - | (32) | - | - | (32) |
| Fair value and other adjustments to debt and related derivatives | (3) | - | 19 | (28) | - | (9) |
| Exchange translation differences | 184 | (4) | 54 | (4) | - | 46 |
| At 31 December 2024 | (6,446) | 119 | (6,544) | (140) | 2 | (6,563) |
Net debt comprises cash and cash equivalents, loan capital, lease liabilities and receivables, promissory notes, bank and other loans and derivative financial instruments that are used to hedge certain borrowings. The Group monitors net debt as part of capital and liquidity management.
RELX 2024 | Results 28
Notes to the condensed consolidated financial information
5 Condensed consolidated statement of cash flows (continued)
Debt by year of repayment
| Year ended 31 December | ||||
|---|---|---|---|---|
| 2023 GBPm | Debt (excluding leases) GBPm | Lease liabilities GBPm | 2024 GBPm | |
| Within 1 year | 1,313 | 1,374 | 38 | 1,412 |
| Within 1 to 2 years | 639 | 619 | 13 | 632 |
| Within 2 to 3 years | 665 | 412 | 12 | 424 |
| Within 3 to 4 years | 449 | 658 | 12 | 670 |
| Within 4 to 5 years | 698 | 753 | 9 | 762 |
| After 5 years | 2,733 | 2,625 | 19 | 2,644 |
| After 1 year | 5,184 | 5,067 | 65 | 5,132 |
| Total | 6,497 | 6,441 | 103 | 6,544 |
The total fair value of gross debt (excluding leases) as at 31 December 2024 was £6,382m (31 December 2023: £6,308m)
Short-term bank loans, overdrafts and commercial paper were backed up at 31 December 2024 by a $3.0bn (£2.4bn) committed bank facility maturing in 2027. The committed bank facility was undrawn.
In March 2024, €850m of euro denominated term debt was issued with a coupon of 3.375% and a maturity of nine years.
6 Pension schemes
The amount recognised in the statement of financial position in respect of defined benefit pension schemes at the start and end of the period and the movements during the year were as follows:
| Year ended 31 December | ||
|---|---|---|
| 2023 GBPm | 2024 GBPm | |
| At start of period | (55) | (63) |
| Service cost | (5) | (4) |
| Net interest on net defined benefit balance | (1) | (1) |
| Contributions by employer | 73 | 48 |
| Actuarial (losses)/gains | (56) | 25 |
| Exchange translation differences | - | (2) |
| Decrease/(increase) in impact of asset recognition ceiling | (19) | 18 |
| At end of period | (63) | 21 |
The net pension balance comprises:
| Year ended 31 December | ||
|---|---|---|
| 2023 GBPm | 2024 GBPm | |
| Fair value of scheme assets | 3,771 | 3,544 |
| Defined benefit obligations of funded schemes | (3,626) | (3,348) |
| Net balance of funded schemes | 145 | 196 |
| Defined benefit obligations of unfunded schemes | (180) | (165) |
| Asset ceiling | (28) | (10) |
| Overall net pension balance | (63) | 21 |
RELX 2024 | Results 29
Notes to the condensed consolidated financial information
6 Pension schemes (continued)
The net pension balance is split between net pension assets and net pension obligations as follows:
| Year ended 31 December | ||
|---|---|---|
| 2023 GBPm | 2024 GBPm | |
| Net pension assets recognised | 119 | 186 |
| Net pension obligations | (182) | (165) |
| Overall net pension balance | (63) | 21 |
7 Share capital
| Year ended 31 December | ||||
|---|---|---|---|---|
| 2023 Shares in issue net of treasury shares (millions) | Shares in issue (millions) | Treasury shares (millions) | 2024 Shares in issue net of treasury shares (millions) | |
| Number of ordinary shares | ||||
| At start of year | 1,909.5 | 1,906.9 | (25.4) | 1,881.5 |
| Issue of ordinary shares | 3.0 | 2.9 | - | 2.9 |
| Repurchase of ordinary shares | (30.9) | - | (28.9) | (28.9) |
| Net purchase of shares by the Employee Benefit Trust | (0.1) | - | 0.4 | 0.4 |
| Cancellation of ordinary shares | - | (29.0) | 29.0 | - |
| At end of year | 1,881.5 | 1,880.8 | (24.9) | 1,855.9 |
8 Related party transactions
There have been no material related party transactions in the year ended 31 December 2024.
9 Exchange translation rates
In preparing the condensed consolidated financial information the following exchange rates have been applied:
| Income statement | Statement of financial position | |||
|---|---|---|---|---|
| 2023 | 2024 | 31 December 2023 | 31 December 2024 | |
| Euro to sterling | 1.15 | 1.18 | 1.15 | 1.21 |
| US dollar to sterling | 1.24 | 1.28 | 1.28 | 1.25 |
RELX 2024 | Results 30
Reconciliation of alternative performance measures
Please see page 13 for further information on alternative performance measures used. Alternative performance measures should not be considered in isolation from, or as a substitute for, financial information presented in compliance with IFRS. The measures may not be directly comparable to similarly reported measures by other companies. A reconciliation of alternative performance measures to relevant GAAP measures is as follows:
| Year ended 31 December | ||
|---|---|---|
| 2023 GBPm | 2024 GBPm | |
| Operating profit | 2,682 | 2,861 |
| Adjustments: | ||
| Amortisation of acquired intangible assets | 280 | 258 |
| Acquisition and disposal related items1 | 56 | 69 |
| Reclassification of tax in joint ventures and associates | 12 | 12 |
| Reclassification of net finance income in joint ventures and associates | - | (1) |
| Adjusted operating profit | 3,030 | 3,199 |
| Profit before tax | 2,295 | 2,557 |
| Adjustments: | ||
| Amortisation of acquired intangible assets | 280 | 258 |
| Acquisition and disposal related items1 | 56 | 69 |
| Reclassification of tax in joint ventures and associates | 12 | 12 |
| Net interest on net defined benefit pension obligation | 1 | 1 |
| Net loss on disposals and other non-operating items | 72 | 6 |
| Adjusted profit before tax | 2,716 | 2,903 |
| Tax charge | (507) | (613) |
| Adjustments: | ||
| Deferred tax movements on goodwill and acquired intangible assets2 | 32 | 32 |
| Other deferred tax credits from intangible assets3 | (61) | (56) |
| Tax on acquisition and disposal related items1 | (8) | (14) |
| Reclassification of tax in joint ventures and associates | (12) | (12) |
| Tax on loss on disposals and other non-operating items | 3 | 11 |
| Adjusted tax charge | (553) | (652) |
| Net profit attributable to shareholders | 1,781 | 1,934 |
| Adjustments (post-tax): | ||
| Amortisation of acquired intangible assets | 312 | 290 |
| Other deferred tax credits from intangible assets3 | (61) | (56) |
| Acquisition and disposal related items1 | 48 | 55 |
| Net interest on net defined benefit pension obligation | 1 | 1 |
| Loss on disposals and other non-operating items | 75 | 17 |
| Adjusted net profit attributable to shareholders | 2,156 | 2,241 |
| Cash generated from operations | 3,370 | 3,521 |
| Adjustments: | ||
| Dividends received from joint ventures and associates | 21 | 37 |
| Purchases of property, plant and equipment | (30) | (20) |
| Proceeds from disposals of property, plant and equipment | 7 | - |
| Expenditure on internally developed intangible assets | (447) | (464) |
| Payments in relation to acquisition and disposal related items | 56 | 62 |
| Pension recovery payment | 50 | 26 |
| Repayment of lease principal | (72) | (63) |
| Sublease payments received | 2 | 2 |
| Exceptional costs in Exhibitions | 5 | - |
| Adjusted cash flow | 2,962 | 3,101 |
1 In 2024, restructuring costs were incurred due to the disposal of some of our assets. These costs are included within acquisition and disposal related items and are excluded from adjusted operating profit. In the prior year there were no such costs.
2 The adjusted tax charge excludes the movements in deferred tax assets and liabilities related to goodwill and acquired intangible assets, but includes the benefit of tax amortisation where available on acquired goodwill and intangible assets.
3 Movements on deferred tax liabilities arising on acquired intangible assets that do not qualify for tax amortisation.
RELX 2024 | Results 31
Summary financial information in US dollars
The Group's condensed consolidated financial information is presented in sterling. This summary financial information in US dollars is a simple translation of the condensed consolidated financial information into US dollars at the rates of exchange set out in note 9 to the condensed consolidated financial information. It does not represent a restatement under US Generally Accepted Accounting Principles, which would be different in some significant respects.
Condensed consolidated income statement
| Year ended 31 December | ||
|---|---|---|
| 2023 | 2024 | |
| USDm | USDm | |
| Revenue | 11,360 | 12,076 |
| Operating profit | 3,326 | 3,662 |
| Profit before tax | 2,846 | 3,273 |
| Net profit attributable to shareholders | 2,208 | 2,476 |
| EBITDA | 4,395 | 4,767 |
| Adjusted operating profit | 3,757 | 4,095 |
| Adjusted profit before tax | 3,368 | 3,716 |
| Adjusted net profit attributable to shareholders | 2,673 | 2,868 |
| Adjusted earnings per American Depositary Share (ADS) | $1.413 | $1.537 |
| Basic earnings per ADS | $1.167 | $1.327 |
Condensed consolidated statement of cash flows
| Year ended 31 December | ||
|---|---|---|
| 2023 | 2024 | |
| USDm | USDm | |
| Net cash from operating activities | 3,047 | 3,338 |
| Net cash used in investing activities | (706) | (736) |
| Net cash used in financing activities | (2,551) | (2,643) |
| Decrease in cash and cash equivalents | (210) | (41) |
| Adjusted cash flow | 3,673 | 3,969 |
Condensed consolidated statement of financial position
| Year ended 31 December | ||
|---|---|---|
| 2023 | 2024 | |
| USDm | USDm | |
| Non-current assets | 15,415 | 15,171 |
| Current assets | 3,622 | 3,745 |
| Assets held for sale | 56 | - |
| Total assets | 19,093 | 18,916 |
| Current liabilities | 7,009 | 7,148 |
| Liabilities associated with assets held for sale | 18 | - |
| Non-current liabilities | 7,665 | 7,389 |
| Total liabilities | 14,692 | 14,537 |
| Net assets | 4,401 | 4,379 |
RELX 2024 | Results 32
Summary financial information in euros
The Group's condensed consolidated financial information is presented in sterling. This summary financial information in euros is a simple translation of the condensed consolidated financial information into euros at the rates of exchange set out in note 9 to the condensed consolidated financial information.
Condensed consolidated income statement
| Year ended 31 December | ||
|---|---|---|
| 2023 | 2024 | |
| EURm | EURm | |
| Revenue | 10,535 | 11,132 |
| Operating profit | 3,084 | 3,376 |
| Profit before tax | 2,639 | 3,017 |
| Net profit attributable to shareholders | 2,048 | 2,282 |
| EBITDA | 4,076 | 4,394 |
| Adjusted operating profit | 3,485 | 3,775 |
| Adjusted profit before tax | 3,123 | 3,426 |
| Adjusted net profit attributable to shareholders | 2,479 | 2,644 |
| Adjusted earnings per share | €1.310 | €1.417 |
| Basic earnings per share | €1.083 | €1.223 |
Condensed consolidated statement of cash flows
| Year ended 31 December | ||
|---|---|---|
| 2023 | 2024 | |
| EURm | EURm | |
| Net cash from operating activities | 2,826 | 3,077 |
| Net cash used in investing activities | (654) | (679) |
| Net cash used in financing activities | (2,366) | (2,437) |
| Decrease in cash and cash equivalents | (194) | (39) |
| Adjusted cash flow | 3,406 | 3,659 |
Condensed consolidated statement of financial position
| Year ended 31 December | ||
|---|---|---|
| 2023 | 2024 | |
| EURm | EURm | |
| Non-current assets | 13,849 | 14,686 |
| Current assets | 3,255 | 3,625 |
| Assets held for sale | 51 | - |
| Total assets | 17,155 | 18,311 |
| Current liabilities | 6,297 | 6,919 |
| Liabilities associated with assets held for sale | 16 | - |
| Non-current liabilities | 6,886 | 7,152 |
| Total liabilities | 13,199 | 14,071 |
| Net assets | 3,956 | 4,240 |
RELX 2024 | Results 33
2024 Key Corporate Responsibility Data
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| Revenue (GBPm) | 7,110 | 7,244 | 8,553 | 9,161 | 9,434 |
| People | |||||
| Number of full-time equivalent employees (year-end) | 33,200 | 33,500 | 35,700 | 36,500 | 36,400 |
| Percentage of women employees (%)^ | 50 | 50 | 50 | 51 | 51 |
| Percentage of women managers (%)^ | 42 | 44 | 44 | 45 | 46 |
| Percentage of women senior leaders (%)^1^ | 28 | 30 | 31 | 31 | 32 |
| Percentage of ethnic minority US/UK managers (%)^ | 17 | 19 | 19 | 20 | 21 |
| Percentage of ethnic minority US/UK senior leaders (%)^1^ | 9 | 10 | 12 | 15 | 17 |
| Community² | |||||
| Total cash and in-kind donations (products, services and time (GBPm))^ | 9 | 10 | 12 | 12 | 12 |
| Market value of cash and in-kind donations (GBPm)^ | 18 | 21 | 23 | 23 | 23 |
| Percentage of staff volunteering (%)^3^ | 26 | 32 | 36 | 36 | 37 |
| Total number of days volunteered in company time^ | 6,821 | 10,362 | 12,830 | 16,529 | 16,149 |
| Health and safety (lost time)⁴ | |||||
| Incident rate (cases per 1,000 employees)^ | 0.11 | 0.07 | 0.17 | 0.30 | 0.15 |
| Frequency rate (cases per 200,000 hours worked)^ | 0.01 | 0.01 | 0.02 | 0.03 | 0.02 |
| Severity rate (lost days per 200,000 hours worked)^ | 0.07 | 0.02 | 0.36 | 0.41 | 0.25 |
| Number of lost time incidents (>1 day)^ | 3 | 2 | 5 | 9 | 5 |
| Socially Responsible Suppliers (SRS) | |||||
| Number of key suppliers on SRS database⁵^ | 412 | 359 | 724 | 796 | 914 |
| Number of independent external audits⁶^ | 99 | 111 | 119 | 125 | 137 |
| Number of signatories to the Supplier Code of Conduct^ | 3,457 | 3,670 | 4,467 | 5,322 | 6,056 |
| Environment⁸ | |||||
| Total energy (MWh)^ | 142,098 | 125,095 | 117,997 | 110,750 | 89,745 |
| Renewable electricity purchased (MWh)⁹^ | 120,710 | 105,793 | 98,013 | 92,621 | 77,412 |
| Percentage of electricity from renewable sources (%)⁹^ | 100 | 100 | 100 | 100 | 100 |
| Waste sent to landfill (t)¹⁰^ | 210 | 150 | 73 | 45 | 44 |
| Percentage of waste diverted from landfill (%)¹⁰^ | 91 | 93 | 97 | 97 | 97 |
| Water usage (m³)^ | 226,509 | 183,575 | 156,734 | 142,374 | 134,716 |
| Climate change (tCO₂e)⁸ | |||||
| Scope 1 (direct) emissions^ | 5,217 | 5,644 | 5,211 | 4,317 | 2,703 |
| Scope 2 (location-based) emissions^ | 53,740 | 44,051 | 37,270 | 36,616 | 29,989 |
| Scope 2 (market-based) emissions^ | 11,384 | 8,321 | 8,952 | 8,598 | 6,971 |
| Scope 3 (flights) Cirium's EmeraldSky flight emissions methodology¹¹^ | 8,961 | 3,402 | 15,879 | 16,999 | 19,172 |
| Scope 1 + Scope 2 (location-based) emissions^ | 58,957 | 49,695 | 42,481 | 40,933 | 32,692 |
| Scope 1 + Scope 2 (location-based) + Scope 3 (flights) emissions^ | 67,918 | 53,097 | 58,360 | 57,932 | 51,864 |
| Scope 1 + Scope 2 (market-based) + Scope 3 (flights) emissions^ | 25,562 | 17,367 | 30,042 | 29,914 | 28,846 |
| Paper | |||||
| Production paper (t)^ | 36,259 | 40,910 | 28,466 | 22,561 | 18,949 |
| Sustainable content (%)¹²^ | 92 | 98 | 99 | 100 | 100 |
| SDG Resource Centre | |||||
| Unique users^ | 89,902 | 133,832 | 155,082 | 220,815 | 303,837 |
| New content items^ | 717 | 970 | 658 | 822 | 973 |
1 We define senior leaders as colleagues with a management grade of 17 and above.
2 Reporting period for Community metrics covers 12 months from December 2023 to November 2024.
RELX 2024 | Results 34
2024 Key Corporate Responsibility Data
3 All Group employees can take up to two days off per year, coordinated with line managers, to work on community projects that matter to them. Number of staff volunteering reflects the number of staff using volunteering hours, as well as those who participated in other Company-sponsored volunteer activities.
4 Accident reporting covers 94% of employees.
5 Key suppliers on the SRS list changes year on year based on our business needs and changes in country risk designations.
6 RELX utilises a third-party audit platform, which allows sharing of supplier audits across the platform.
7 Signatories to the RELX Supplier Code of Conduct include suppliers who have signed the Supplier Code and suppliers with an equivalent code.
8 Climate change and environmental data (carbon, energy, water, waste) covers the calendar year.
9 We purchase renewable electricity on green tariffs at locations in the UK and Europe. US Green-e certified Renewable Energy Certificates (RECs) are applied to electricity consumption in the US. US Green-e certified RECs are also purchased to equal 100% of any non-renewable electricity consumed outside of the US; we do not apply any market-based emissions factors on this portion of non-US electricity consumption.
10 Waste sent to/ diverted from landfill from reporting locations excluding estimates. In the year, the coverage of waste reporting locations represented 74% of total FTEs.
11 Covers all flights booked through our corporate travel partner in the calendar year. Uses the proprietary Cirium fuel-derived methodology Emerald Sky.
12 Percentage of paper graded as known and responsible sources by the Book Chain Project or certified to FSC or PEFC. Includes less than 0.1% of paper not yet graded or certified.
Independently assured. See Independent Assurance Statement.
RELX 2024 | Results 35
Investor information
Notes for Editors
About RELX
RELX is a global provider of information-based analytics and decision tools for professional and business customers. RELX serves customers in more than 180 countries and territories and has offices in about 40 countries. It employs more than 36,000 people over 40% of whom are in North America.
The shares of RELX PLC, the parent company, are traded on the London, Amsterdam and New York stock exchanges using the following ticker symbols: London: REL; Amsterdam: REN; New York: RELX. The market capitalisation is approximately £77bn/£92bn/$95bn.
The RELX 2024 Annual Report is expected to be available on the RELX website at www.relx.com from 20 February 2025. Copies of the RELX 2024 Annual Report are expected to be posted to shareholders of RELX PLC on or around 7 March 2025. Copies of the 2024 Results Announcement are available to the public on the RELX website and from:
RELX PLC
1-3 Strand
London WC2N 5JR
United Kingdom