13th Feb 2020 08:42
(Alliance News) - RELX PLC on Thursday upped its dividend after reporting growth in annual earnings, and also said Chair Anthony Habgood is to step down.
The publishing company, which also provides information-based analytics and decision tools, added it will return a further GBP400 million in 2020 via a new share buyback following the completion of a GBP600 million share repurchase programme in 2019.
The FTSE 100-listed company recorded pretax profit of GBP1.85 billion in 2019, up 8% from GBP1.72 billion a year ago, on 5% higher revenue at GBP7.87 billion.
The revenue rise was attributed to growth in electronic and face-to-face revenue and the further development of the company's analytics and decision tools, partially offset by a continued decline in print revenue.
Adjusted operating profit and adjusted earnings per share for 2019 rose 6% and 10% to GBP2.49 billion and 93.0 pence, respectively. Reported earnings per share increased 8% to 77.4p in 2019.
Chief Executive Erik Engstrom said: "RELX continued to make good progress in 2019. Our number one strategic priority is unchanged: the organic development of increasingly sophisticated information-based analytics and decision tools that deliver enhanced value to our customers, supplemented by selective acquisitions of targeted data, analytics and exhibition assets that support our organic growth strategies.
"We achieved good underlying revenue growth, with underlying adjusted operating profit growth slightly ahead of underlying revenue growth, and adjusted earnings per share growth at constant currencies ahead of underlying profit growth."
On the 2020 outlook, London-based RELX said key business trends in the early part of the year are consistent with recent years, and the company remains confident on delivering another year of underlying growth in revenue and in adjusted operating profit, together with growth in adjusted earnings per share on a constant currency basis.
Habgood, who has been serving as chair of RELX for over ten years, will retire when a successor has been appointed, RELX said in a separate statement. The company has commenced a process to find his successor.
Shares in RELX were up 0.5% at 2,049.00p each on Thursday morning in London.
By Tapan Panchal; [email protected]
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