RELX 2025 INTERIM RESULTS
24 July 2025
RESULTS FOR THE SIX MONTHS TO 30 JUNE 2025
RELX, the global provider of information-based analytics and decision tools, reports results for the first half of 2025 and reaffirms the full year outlook.
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First half highlights Ø Revenue £4,741m (£4,641m), underlying growth +7% Ø Adjusted operating profit £1,652m (£1,583m), underlying growth +9% Ø Adjusted EPS 63.5p (59.5p), constant currency growth +10% Ø Reported operating profit £1,490m (£1,431m) Ø Reported EPS 52.9p (52.6p) Ø Interim dividend 19.5p (18.2p) +7% Ø Net debt/EBITDA 2.2x; adjusted cash flow conversion 100% Ø Completed three acquisitions for a total consideration of £262m Ø Completed £1,000m of the previously announced £1,500m share buyback
Full year outlook Ø 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.
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Chief Executive Officer, Erik Engstrom, commented:
"RELX delivered strong revenue and profit growth in the first half of 2025, in line with full year 2024 but with a higher quality growth profile: Risk with continued strong growth, Scientific, Technical & Medical with continued good growth and developing momentum, Legal with a further step up in growth, and Exhibitions now established at strong ongoing growth."
"Our improving long-term growth trajectory continues to be driven across the group by the ongoing shift in business mix towards higher growth analytics and decision tools that deliver enhanced value to our customers."
"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."
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ENQUIRIES:
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Colin Tennant (Investors) +44 (0)20 7166 5751 |
Paul Abrahams (Media) +44 (0)20 7166 5724 |
Operating and financial review
Revenue £4,741m (£4,641m); underlying growth +7%: Electronic revenue also grew +7%.
Adjusted operating profit £1,652m (£1,583m); underlying growth +9%: 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 34.8% (34.1%).
Reported operating profit £1,490m (£1,431m): Reported operating profit includes amortisation of acquired intangible assets of £123m (£131m).
Adjusted profit before tax £1,515m (£1,450m): The adjusted net interest expense was £137m (£133m). The average interest rate on gross debt was 4.1% (4.1%).
Reported profit before tax £1,283m (£1,295m). Reported net interest was £210m (£134m).
Tax: The adjusted tax charge was £341m (£334m). The adjusted effective tax rate was 22.5% (23.0%). The reported tax charge was £304m (£309m).
Adjusted EPS 63.5p (59.5p); constant currency growth +10%.
Reported EPS 52.9p (52.6p).
Dividend: We are declaring an interim dividend of 19.5p (18.2p), an increase of +7%. The interim dividend will be paid on 11 September 2025, with an ex-dividend date of 7 August 2025 and a record date of 8 August 2025. Shareholders on the Register of Members or holding shares in CREST will automatically receive their dividends in Pounds Sterling (but may elect to receive their dividends in Euro). Shareholders who hold shares through Euroclear Nederland will automatically receive their dividend in Euro (but may elect to receive their dividend in Pounds Sterling). The closing date for currency elections is 22 August 2025. Dividend Reinvestment Plans are available for shares trading on the London Stock Exchange and Euronext Amsterdam. The closing date for elections in relation to participation in the Company's Dividend Reinvestment Plans is also 22 August 2025.
Portfolio development: In the first half of 2025 we completed three acquisitions for a total consideration of £262m, and two small disposals.
Net debt/EBITDA 2.2x (2.0x): Net debt at 30 June 2025 was £7,443m (£6,973m). Adjusted cash flow conversion was 100% (95%).
Share buybacks: Of the previously announced £1,500m share buyback, £1,000m was completed in the first half. A further £75m has been completed since 1 July, and the remaining £425m will be deployed before the end of the year.
Corporate responsibility: RELX currently has a AAA MSCI ESG rating which it has held for ten consecutive years, is ranked first in our sector by Sustainalytics, and has been included in the S&P Global Sustainability Yearbook.
RELX FINANCIAL SUMMARY
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Six months ended 30 June |
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Adjusted figures |
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2024 |
2025 |
Change |
Change at constant currency |
Underlying growth |
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Revenue |
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4,641 |
4,741 |
+2% |
+4% |
+7% |
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EBITDA |
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1,841 |
1,908 |
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Operating profit |
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1,583 |
1,652 |
+4% |
+7% |
+9% |
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Operating margin |
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34.1% |
34.8% |
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Net interest expense |
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(133) |
(137) |
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Profit before tax |
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1,450 |
1,515 |
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Tax charge |
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(334) |
(341) |
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Net profit attributable to shareholders |
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1,115 |
1,171 |
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Cash flow |
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1,498 |
1,652 |
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Cash flow conversion |
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95% |
100% |
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Earnings per share |
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59.5p |
63.5p |
+7% |
+10% |
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Dividend |
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2024 |
2025 |
Change |
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Ordinary dividend per share |
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18.2p |
19.5p |
+7% |
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Reported figures |
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2024 |
2025 |
Change |
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Revenue |
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4,641 |
4,741 |
+2% |
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Operating profit |
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1,431 |
1,490 |
+4% |
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Net interest expense |
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(134) |
(210) |
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Profit before tax |
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1,295 |
1,283 |
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Tax charge |
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(309) |
(304) |
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Net profit attributable to shareholders |
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985 |
976 |
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Net margin |
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21.2% |
20.6% |
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Net debt |
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6,973 |
7,443 |
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Earnings per share |
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52.6p |
52.9p |
+1% |
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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 revenue growth rates are calculated at constant currency, and exclude revenue from acquisitions until twelve months after purchase, revenue of disposals and assets held for sale, print and print-related revenue, exhibition cycling, and timing effects. Underlying adjusted operating profit growth rates are calculated on the same basis except that they do not exclude exhibition cycling, and timing effects. Constant currency growth rates are based on 2024 full-year average and hedge exchange rates. Some figures and sub-totals may add up to slightly different amounts than the totals due to rounding. Reconciliations of alternative performance measures are provided on pages 32 and 33.
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 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 our actual results 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; changes in the payment model for our scientific, technical and medical research products or research integrity issues; 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.
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 around 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 £71bn/€83bn/$97bn.
RELX PLC
1‑3 Strand
London WC2N 5JR
United Kingdom
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