RELX, the London-listed information-and-analytics group, has announced its first-half earnings, which fell slightly below estimates. However, the company remains optimistic about long-term trends and has raised its dividend while maintaining full-year guidance.
Financial Performance
RELX recorded a pretax profit of £1.14 billion in the first half, a significant increase compared to £998 million in the previous year. Adjusted pretax profit also saw a rise to £1.35 billion from £1.16 billion last year.
Furthermore, revenue for the first half climbed to £4.5 billion, compared to £3.97 billion in the same period the previous year.
Dividend Increase
In light of the positive financial results, RELX has raised its interim dividend from 15.7 pence to 17.0 pence.
Future Growth Outlook
CEO Erik Engstrom emphasized that the company’s improving long-term growth trajectory is due to the ongoing shift towards higher growth analytics and decision tools.
RELX expects its revenue and adjusted operating profit growth rates to continue surpassing historical trends, driving strong growth in adjusted earnings per share on a constant currency basis in 2023.
Share Buyback Program
RELX has already completed £600 million of its previously announced £800 million share buybacks in 2023. The company plans to deploy the remaining £200 million before the end of the year.