RELX Delivers Revenue, Profit Growth in First Half of 2024
August 26, 2024
RELX, which owns independent event organizer RX, backed its full-year guidance after delivering revenue and profit growth in the first half of 2024, according to a press release.
In late July, the Financial Times Stock Exchange (FTSE) 100 Index company reported pretax profit for the half year that ended June 30 rose to 1.3 billion pounds ($1.68 billion), with underlying revenue growth of 10% over the same period last year.
By the numbers: Revenue rose to GBP4.64 billion ($6.07 billion), up from GBP4.5 billion ($5.89 billion), with underlying growth of 7%. Revenues came in 2.2% below expectations. In the first half of 2024, RELX completed two acquisitions for a total consideration of £61 million ($79 million).
Context: RELX develops information-based analytics and decision tools for professional and business customers in the Risk, Scientific, Technical & Medical, Legal and Exhibitions sectors. With more than 36,000 employees, RELX has a market capitalization of $86.3 billion, according to its website. In 2023, RX produced 286 face-to-face events in 25 countries, up from 254 events in 2022. The events attracted more than 6 million participants in 42 industry sectors.
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What they are saying: “RELX delivered strong revenue and profit growth in the first half of 2024,” said RELX CEO Erik Engstrom. “Our improving long-term growth trajectory continues to be driven by the ongoing shift in business mix towards higher growth analytics and decision tools that deliver enhanced value to our customers across market segments.”
The big picture: “We develop and deploy these tools across the company by leveraging deep customer understanding to combine leading content and data sets with powerful artificial intelligence and other technologies,” Engstrom said. “This has been a key driver of the evolution of our business for well over a decade, and will remain a key driver of customer value and growth in our business for many years to come.”
Looking ahead: The company said it continues to see positive momentum across the group, and expects a year of strong underlying growth in revenue and adjusted operating profit, as well as strong growth in adjusted earnings per share on a constant currency basis.
Fun facts: RELX currently has an AAA MSCI environmental, social and governance (ESG) rating, which it has held for nine consecutive years, and has been a constituent of the Bloomberg Gender Equality Index for six consecutive years.
Related: Three Global Trade Show Producers Post Double-Digit Revenue Growth
Main image: Royal Exchange in London, Photo: Shutterstock
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MGM Resorts’ commitment to supplier diversity not only enhances its business operations but also plays a crucial role in uplifting communities and fostering economic development. This approach reinforces the idea that diversity is a powerful driver of innovation and resilience, benefiting both the company and the wider community.
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