February 13, 2025 10:09 GMT
COMMUNICATIONS: RELX FY Results
COMMUNICATIONS
RELLN A3/BBB+/BBB+
Strong results broadly in line with consensus with a tick lower in leverage.
- FY revs +7% to GBP 9.4bn (-1% vs. cons) w/ Exhibitions +11%. Risk +8%, Legal +7%, SRM +4%.
- FY op profit +10% to GBP 3.2bn (in line)
- FY CF +4% to GBP 3.1bn (-2.5% vs. cons) for 97% conversion.
- Divs +7%, GBP 1.5bn buybacks from GBP 1bn in FY24.
- EBITDA leverage 1.8x from 2x at H1 and FY23..
- “We continue to see positive momentum across the group, and we expect another year of strong underlying growth in revenue and adjusted operating profit”
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