Slide 1: First half results 2024
First half results 2024 Erik Engstrom, CEO, and Nick Luff, CFO 25 July 2024
Slide 2: Disclaimer regarding forward-looking statements
DISCLAIMER REGARDING FORWARD-LOOKING STATEMENTS This presentation 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 uncer
Slide 3: Erik Engstrom, CEO
Erik Engstrom, CEO GRELX
Slide 4: RELX H1 2024
RELX H1 2024 • Strong financial results • Further operational and strategic progress 4
Slide 5: H1 2024 financial highlights
H1 2024 financial highlights • Underlying revenue growth +7% • Underlying adjusted operating profit growth +10% • Adjusted EPS growth at constant currency +10% • Interim dividend growth +7% Dividend growth calculated in GBP 5
Slide 6: RELX revenue by segment
RELX revenue by segment (H1 2024 underlying revenue growth %) Exhibitions (+16%) Business Services Legal Print Risk News & Business (+8%) Government & Academic Legal Insurance (+7%) Law Firms & Corporate Legal Specialised Industry Data Services Government STM Print Databases, Tools & Academic & Gove
Slide 7: Risk
Risk Underlying growth Revenue • Strong fundamentals continuing to drive underlying revenue growth +8% +8% +8% • Business Services driven by Financial Crime Compliance and digital Fraud & Identity solutions; new sales strengthening further • Insurance growth driven by further extension of solution s
Slide 8: Scientific, Technical & Medical
Scientific, Technical & Medical Underlying growth Revenue • Development of analytics continuing to drive underlying revenue growth • Further improvement in electronic revenue growth rate offset by print shrinking at +4% +4% +4% faster pace • Databases, Tools & Electronic Reference and Corporate Prim
Slide 9: Legal
Legal Underlying growth Revenue • Further improvement in underlying revenue growth driven by legal analytics +6% +6% +7% • Lexis+, our integrated platform with market leading analytics, performing well • Roll-out of Lexis+ AI, our new platform leveraging generative AI, making good progress in US; la
Slide 10: Exhibitions
Exhibitions Revenue • Underlying revenue growth of +16%; improved growth profile of event portfolio £m 1,115 and favourable comparable 545 601 • Good progress on value-enhancing digital initiatives; increased usage of digital tools for customers of face-to-face events FY 2023 H1 2023 H1 2024 • Impro
Slide 11: RELX strategic direction
RELX strategic direction Strategy • Develop increasingly sophisticated information-based analytics and decision tools that deliver enhanced value to professional and business customers across market segments • Primary focus on organic growth, supported by targeted acquisitions Growth objectives Risk
Slide 12: This slide is intentionally left blank
This slide is intentionally left blank 12
Slide 13: Nick Luff, CFO
Nick Luff, CFO GRELX 13
Slide 14: H1 2024 financial highlights
H1 2024 financial highlights Income statement highlights • Underlying revenue growth +7% • Underlying adjusted operating profit growth +10% • Adjusted operating profit margin 34.1% • Adjusted EPS growth at constant currency +10% Cash flow and balance sheet highlights • Adjusted cash flow conversion
Slide 15: Revenue
Revenue change 2023 2024 constant change 6 months to 30 June £m £m change currency underlying Risk 1,565 1,623 +4% +7% +8% Scientific, Technical & Medical 1,476 1,475 0% +3% +4% Legal 913 942 +3% +6% +7% Exhibitions 545 601 +10% +16% +16% RELX 4,499 4,641 +3% +7% +7% 15
Slide 16: Adjusted operating profit
Adjusted operating profit change 2023 2024 constant change 6 months to 30 June £m £m change currency underlying Risk 587 619 +5% +9% +9% Scientific, Technical & Medical 550 555 +1% +4% +5% Legal 182 191 +5% +8% +9% Exhibitions 173 223 +29% +37% +33% Unallocated central costs and other operating item
Slide 17: Adjusted operating margin
Adjusted operating margin 6 months to 30 June 2023 2024 Risk 37.5% 38.1% Scientific, Technical & Medical 37.3% 37.6% Legal 19.9% 20.3% Exhibitions 31.7% 37.1% RELX 33.0% 34.1% 17
Slide 18: Adjusted income statement
Adjusted income statement change 2023 2024 constant change 6 months to 30 June £m £m change currency underlying Revenue 4,499 4,641 +3% +7% +7% EBITDA 1,736 1,841 EBITDA margin 38.6% 39.7% Operating profit 1,486 1,583 +7% +10% +10% Operating margin 33.0% 34.1% Net interest expense (136) (133) Effect
Slide 19: Free cash flow
Free cash flow 2023 2024 6 months to 30 June £m £m Adjusted operating profit 1,486 1,583 Depreciation and other amortisation 250 258 EBITDA 1,736 1,841 Capital expenditure (227) (233) Repayment of lease principal (36) (31) Working capital and other items (65) (79) Adjusted cash flow 1,408 1,498 Cash
Slide 20: Uses of free cash flow
Uses of free cash flow 2023 2024 6 months to 30 June £m £m Free cash flow 928 1,007 Acquisitions: total consideration (111) (61) Dividends (738) (782) Share buybacks (550) (700) Other* (19) (10) Currency translation 211 19 Movement in net debt (279) (527) Net debt at 30 June (6,883) (6,973) Net debt
Slide 21: Erik Engstrom, CEO
Erik Engstrom, CEO GRELX 21
Slide 22: Summary
Summary H1 2024 • Strong financial results • Further operational and strategic progress Full year 2024 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 adjuste
Slide 23: Appendices
Appendices Slide 25 RELX revenue by category 26 RELX revenue by format 27 Risk revenue split 28 STM revenue split 29 Legal revenue split 30 Exhibitions revenue split 31 Balance sheet 32 Exchange rates and shares outstanding 23
Slide 24: This slide is intentionally left blank
This slide is intentionally left blank 24
Slide 25: RELX revenue by category
RELX revenue by category H1 2024 Format Geography Type Print Rest of Face- 4% world to-face 20% Transactional* 12% 46% Europe 21% North Subscription Electronic America 54% 84% 59% *Includes long-term contracts with volumetric elements 25
Slide 26: RELX revenue by format
RELX revenue by format 2000-H1 2024: 6% 5% 4% 9% 8% 7% 11% 10% 15% 13% 19% 18% 12% 22% 21% 5% 7% 11% 12% 27% 25% 33% 16% 37% 15% 16% 15% 15% 52% 51% 15% 16% 58% 56% 15% 60% 15% 64% 64% 14% 14% 17% 15% 12% 87% 86% 13% 83% 83% 84% 12% 74% 74% 75% 12% 70% 72% 12% 66% 66% 63% 64% 59% 61% 14% 14% 48% 50%
Slide 27: Risk
Risk H1 2024 revenue £1,623m Format Geography Type Print & face-to-face Rest of world Other 1% 8% transactional Europe Subscription 13% 39% Transactional Electronic North America 61% Long-term 99% 79% contracts with volumetric elements 27
Slide 28: Scientific, Technical & Medical
Scientific, Technical & Medical H1 2024 revenue £1,475m Format Geography Type Print & face-to-face 8% Rest of world Transactional 33% North 24% America 46% Electronic Europe Subscription 92% 21% 76% 28
Slide 29: Legal
Legal H1 2024 revenue £942m Format Geography Type Print & face-to-face Rest of world 9% 11% Transactional 21% Europe 21% Electronic North America Subscription 91% 68% 79% 29
Slide 30: Exhibitions
Exhibitions H1 2024 revenue £601m Format Geography Source Electronic 7% North America Visitors Rest of world 25% and other 37% 27% Europe Exhibitors Face-to-face 73% 38% 93% 30
Slide 31: Balance sheet
Balance sheet 30 June 30 June 2023 2024 £m £m Goodwill & acquired intangible assets 9,924 9,760 Internally developed intangible assets 1,421 1,520 Property, plant & equipment and investments 401 374 Right-of-use assets 125 107 Net pension balance (5) 22 Working capital (1,150) (1,135) Net capital em
Slide 32: Exchange rates and shares outstanding
Exchange rates and shares outstanding At 31 Dec At 30 June Average Average Average 2023 2024 H1 2023 FY 2023 H1 2024 Exchange rates £:$ 1.28 1.26 1.23 1.24 1.27 £:€ 1.15 1.18 1.14 1.15 1.17 Shares outstanding Total (m) 1,881.5 1,862.9 1,899.1 1,891.8 1,873.1 32