RELX Backs Guidance, Lifts Dividend Despite 1st Half Earnings Miss

By Dominic Chopping

RELX on Thursday reported first-half earnings that were shy of estimates, but raised its dividend and maintained full-year guidance after noting improving long-term trends.

The London-listed information-and-analytics group made a pretax profit of 1.14 billion pounds ($1.48 billion) in the first half, compared with GBP998 million last year, and the GBP1.3 billion seen in a FactSet poll.

Adjusted pretax profit rose to GBP1.35 billion compared with GBP1.16 billion the year before.

Revenue rose to GBP4.5 billion from GBP3.97 billion in the year-ago period. A FactSet poll had seen revenue at GBP4.43 billion.

The company raised its interim dividend to 17.0 pence from 15.7 pence.

"The improving long-term growth trajectory continues to be driven by the ongoing shift in business mix toward higher growth analytics and decision tools," Chief Executive Officer Erik Engstrom said.

The company said that of the previously announced GBP800 million share buybacks in 2023, it has completed GBP600 million with the remaining GBP200 million to be deployed before the end of the year.

RELX still expects revenue and adjusted operating profit underlying growth rates to remain above historical trends and drive strong growth in adjusted earnings per share on a constant currency basis in 2023.

Write to Dominic Chopping at [e-mail]

(END) Dow Jones Newswires

July 27, 2023 02:59 ET (06:59 GMT)

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