RELX Launches GBP1 Billion Share Buyback After Posting Higher Revenue, Profit

By Najat Kantouar

RELX said that it plans GBP1.0 billion ($1.26 billion) worth of share buybacks after pretax profit and revenue for 2023 rose.

The FTSE 100-listed information-and-analytics group said Thursday that for the year ended Dec. 31 pretax profit was GBP2.3 billion compared with GBP2.11 billion for the same period a year earlier and below consensus of GBP2.55 billion, taken from FactSet and based on seven analysts estimates.

Adjusted pretax profit--which strips out exceptional and other one-off items--was GBP2.72 billion compared with GBP2.50 billion.

Revenue rose 7% to GBP9.16 billion compared with GBP8.55 billion, driven by the continuing shift in business mix toward higher growth information, the company said. Consensus was GBP9.20 billion taken from FactSet and based on 12 analysts.

The board declared a dividend of 58.8 pence a share, up 8% from 54.6 pence a year prior.

"We are confident that our ability to leverage artificial intelligence and other technologies, as they evolve, will continue to be an important driver of customer value and growth in our business for many years to come," Chief Executive Officer Erik Engstrom said.

RELX said that the share buybacks reflect its strong financial position and cash flow. It has already completed GBP150 million of buybacks this year.

Write to Najat Kantouar at najat.kantouar@wsj.com

(END) Dow Jones Newswires

February 15, 2024 02:46 ET (07:46 GMT)

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