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Relx FY Results In Line With Consensus, Guides For 2024 Growth


  • FY results (no Q4 breakdown) broadly in line with consensus (-0.4% miss on Rev, +0.9% beat on EPS, +1.2% beat on adj-Op Inc). DPS +8% to 58.8p
  • EBITDA leverage down to 2x from 2.2x at H1, adj-CF Conversion to 98% from 95%.
  • “Expect another year of strong underlying growth in revenue and adj-Op Profit”
  • EUR spreads mixed in early trading, longest bond (32s) close to 3bps tighter vs. govies.

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