Data and analytics group Relx continued to push up revenue as profit reached over £1.5bn in the first half of the year, with the group crediting demand for analytics underpinned by AI.
In the group’s half-year results, it reported that revenue had grown to £4.6bn, up from less than £4.5bn the year before, representing a seven per cent growth. Profit growth was similarly strong, sitting at 10 per cent.
Relx has made two acquisitions throughout the last six months, costing a total of £61m, while selling off three businesses, making it £52m.
The group also said it had completed £700m of its previously announced £1bn share buyback in the first half of the year, with an additional £50m made since 1 July. The remaining £250m will be bought back by the end of the year.
Looking ahead, Relx continued to predict “positive momentum” across the group, and said it expected another year of strong underlying growth in revenue and adjusted operating profit.
The group’s stock price is up almost 50 per cent over the last two years, and has risen 36 per cent over the last year. Markets did not significantly react to today’s announcement.
Relx CEO Erik Engstrom said: “Relx delivered strong revenue and profit growth in the first half of 2024. 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.”
“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.
“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.”