Sparks

RELX has turned in a very good performance for 2024, with underlying revenue growth of 7% and a step-up in adjusted operating margin from 33.1% to 33.9%. Encouragingly, there was progress in margin across all the group’s business areas as the focus continues to centre on the analytics and decision tools, where growth prospects are higher. Electronic revenues now account for 83% of the group total, with 7% growth in the year. The ongoing recovery in face-to-face activity within the Exhibitions area more than offset the decline in print in the year.

The tone of management’s outlook statement was positive, with momentum carrying through into the new financial year leading to the expectation of continuing strong revenue growth through the Risk, Legal and Exhibitions segments and good growth from Scientific, Technical and Medical, in a repeat of the pattern in 2024. All areas are expected to show further incremental margin expansion. Cash conversion was 97% and the group completed a £1bn share buyback, with a £1.5bn target set for 2025.