20th Oct 2022 11:16
(Alliance News) - Relx PLC on Thursday revealed an improved year-to-date performance across all units, with business at its Exhibitions unit surging due to more people visiting its venues.
The London-based business and scientific information provider predicted annual growth in revenue and earnings for 2022.
Relx reported underlying revenue growth of 9% for the first nine months of 2022, higher than 6% a year ago. Full year underlying growth rates in revenue and adjusted operating profit, as well as constant currency growth in adjusted earnings per share, remain "above historical trends".
The Exhibitions unit outshone other units as it grew 85% in underlying revenue, boosted by face-to-face activity across most geographies. A year ago, it grew by 9% as exhibition venues slowly started to reopen across the Relx's geographies following the Covid-19 pandemic.
The second strongest grower was its Risk unit with a 7% increase, albeit weaker than its 10% growth a year prior. Relx said growth during the year so far was helped by an improved Insurance growth run-rate from the half-year started June 30 onwards.
Legal underlying revenue increased by 5%, stronger than 3% a year ago, as Relx cited positive momentum for new sales and continued strong renewals.
Within Scientific, Technical & Medical, underlying revenue grew 4%, the same as a year ago, driven by a higher number of submitted and published articles via Primary Research. The underlying growth rate is calculated at constant currencies and excluding results of acquisitions until 12 months after purchase.
Relx shares were up 0.2% at 2,227.37 pence each in London late Thursday morning.
By Tom Budszus; [email protected]
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