10th Feb 2022 08:59
(Alliance News) -Â Data analytics provider Relx PLC on Thursday fell slightly short of expectations for its 2021 results but did unveil a GBP500 million share buyback.
Shares were down 4.5% at 2,206.00 pence in London on Thursday.
Revenue for 2021 rose 2% to GBP7.24 billion from GBP7.11 billion, while pretax profit improved 22% to GBP1.80 billion from GBP1.48 billion. Adjusted pretax profit rose 8.3% to GBP2.08 billion from GBP1.92 billion.
Revenue was seen by consensus at GBP7.34 billion for 2021 and adjusted pretax profit at GBP2.14 billion, meaning Relx's results fell short.
Relx notched underlying revenue growth of 7% for the year, with all four market segments contributing.
"The underlying growth rate reflects good growth in electronic and faceâ€toâ€face revenues, partially offset by continued print revenue declines," said Relx.
Following 2021's robust performance, the firm said it expects 2022 underlying growth rates for revenue and adjusted operating profit, as well as constant currency growth in adjusted earnings per share, to remain above historical trends.
"We believe that this improved growth trajectory is a reflection of our ongoing strategy of focusing on the organic development of increasingly sophisticated analytics and decision tools that deliver enhanced value to our customers across market segments. Recent acquisitions, which have supplemented our organic growth strategy, have continued to perform well," said Chief Executive Erik Engstrom.
Relx proposed a 6% uplift to its full-year dividend, taking it to 49.8p from 47.0p, and also said it plans to spend GBP500 million on share buybacks in 2022.
By Lucy Heming;Â [email protected]
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