RELX 1st Half Net Profit Rose; Sees Full-Year Growth Above Historical Trends -- Update

By Adria Calatayud

RELX PLC said Thursday that it expects full-year underlying growth in revenue and adjusted earnings to be above historical trends, as it reported a higher first-half net profit despite a continuing impact from coronavirus restrictions on its exhibitions.

The LexisNexis owner said net profit for the first six months of the year was 664 million pounds ($923.2 million) compared with GBP548 million for the same period last year.

The FTSE 100 information-and-analytics group said adjusted operating profit for the half year rose 3.3% to GBP1.02 billion. Adjusted earnings per share rose were 40.0 pence, up 10% at constant currency.

First-half revenue fell to GBP3.39 billion from GBP3.50 billion a year before. On a constant-currency basis, revenue was up 4%.

Analysts had forecast RELX's revenue at GBP3.38 billion and adjusted EPS at 37.3 pence, according to consensus estimates provided by the company.

The revenue decline was mainly driven by a 40% drop in RELX's exhibitions operations, as the company's three largest divisions--scientific, technical and medical publishing, risk and legal--posted underlying revenue growth. The company said it held 87 physical events in the first half, mostly in China and Japan.

For the full year, the company said it expects underlying growth rates in revenue and adjusted operating profit to be slightly above historical trends based on an improved performance in its three largest business areas. RELX said its exhibitions revenue outcome will depend on the pace and sequence of reopening.

The board raised its interim dividend to 14.3 pence a share from 13.6 pence a share a year earlier.

Shares at 0705 GMT were up 1% at 2,055 pence.

Write to Adria Calatayud at [e-mail]

(END) Dow Jones Newswires

July 29, 2021 03:25 ET (07:25 GMT)

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