Key financial data

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REVENUE

ADJUSTED OPERATING PROFIT

EBITDA MARGIN

ADJUSTED OPERATING MARGIN

ADJUSTED EARNINGS PER SHARE

DIVIDEND PER SHARE

RETURN ON INVESTED CAPITAL

ADJUSTED CASH FLOW CONVERSION

Year ended 31 December	2019 £m	2020 £m	2021 £m	2022 £m	2023 £m

Adjusted figures
Revenue	7,874	7,110	7,244	8,553	9,161
Underlying revenue growth	+4%	-9%	+7%	+9%	+8%
EBITDA	2,935	2,567	2,697	3,174	3,544
Adjusted operating profit	2,491	2,076	2,210	2,683	3,030
Underlying adjusted operating profit growth	+5%	-18%	+13%	+15%	+13%
Adjusted operating margin	31.6%	29.2%	30.5%	31.4%	33.1%
Adjusted net interest expense	-291	-160	-133	-194	-314
Adjusted profit before tax	2,200	1,916	2,077	2,489	2,716
Adjusted tax	-388	-373	-384	-530	-553
Non-controlling interests	-4	16	0	2	-7
Adjusted net profit	1,808	1,543	1,689	1,961	2,156
Adjusted cash flow	2,402	2,009	2,230	2,709	2,962
Cash flow conversion	96%	97%	101%	101%	98%
Return on invested capital	13.6%	10.8%	11.9%	12.5%	14.0%
Adjusted earnings per share	93.0p	80.1p	87.6p	102.2p	114.0p
Adjusted earnings per share growth at constant currencies	+7%	-15%	+17%	+10%	+11%

Dividend
Ordinary dividend per share	45.7p	47.0p	49.8p	54.6p	58.8p

Reported figures
Revenue	7,874	7,110	7,244	8,553	9,161
Reported operating profit	2,101	1,525	1,884	2,323	2,682
Reported profit before tax	1,847	1,483	1,797	2,113	2,295
Reported net profit	1,505	1,224	1,471	1,634	1,781
Reported net margin	19.1%	17.2%	20.3%	19.1%	19.4%
Net debt	6,191	6,898	6,017	6,604	6,446
Reported earnings per share	77.4p	63.5p	76.3p	85.2p	94.1p

RELX uses adjusted figures as additional performance measures. Adjusted figures primarily exclude the amortisation of acquired intangible assets and other items related to acquisitions and disposals, and the associated deferred tax movements. Underlying growth rates are calculated at constant currency, excluding the results of acquisitions until twelve months after purchase, and excluding the results of disposals and assets held for sale. Underlying revenue growth rates also exclude exhibition cycling, and timing effects. Constant currency growth rates are based on 2022 full-year average and hedge exchange rates.

Business area analysis

Year to 31 December	2019 £m	2020 £m	2021 £m	2022 £m	2023 £m
Revenue
Risk	2,316	2,417	2,474	2,909	3,133
Scientific, Technical & Medical	2,637	2,692	2,649	2,909	3,062
Legal	1,652	1,639	1,587	1,782	1,851
Exhibitions	1,269	362	534	953	1,115
	7,874	7,110	7,244	8,553	9,161
Underlying revenue growth
Risk	+7%	+3%	+9%	+8%	+8%
Scientific, Technical & Medical	+2%	+1%	+3%	+4%	+4%
Legal	+2%	+1%	+3%	+5%	+6%
Exhibitions	+6%	-69%	+44%	+64%	+30%
	+4%	-9%	+7%	+9%	+8%
Adjusted operating profit
Risk	853	894	915	1,078	1,165
Scientific, Technical & Medical	982	1,021	1,001	1,100	1,165
Legal	330	330	326	372	393
Exhibitions	331	(164)	10	162	319
Unallocated items	-5	-5	-42	-29	-12
	2,491	2,076	2,210	2,683	3,030
Underlying adjusted operating profit growth
Risk	+8%	+4%	+10%	+8%	+9%
Scientific, Technical & Medical	+3%	+1%	+3%	+5%	+4%
Legal	+8%	+7%	+5%	+8%	+8%
Exhibitions	-1%	-149%	nm	nm	+100%
	+5%	-18%	+13%	+15%	+13%

nm: not meaningful

Condensed consolidated statement of financial position

As at 31 December	2019 £m	2020 £m	2021 £m	2022 £m	2023 £m
As at 31 December
Non-current assets
Goodwill	6,824	7,224	7,366	8,388	8,023
Intangible assets	3,452	3,425	3,304	3,524	3,238
Investments in joint ventures	118	103	105	159	178
Other investments	133	259	107	127	97
Property, plant and equipment	180	162	131	126	99
Right of use assets	264	216	161	145	113
Other receivables	31	27	19	5	1
Deferred tax assets	239	270	210	146	128
Net pension assets	45	47	46	129	119
Derivative financial instruments	58	138	52	11	47
	11,344	11,871	11,501	12,760	12,043
Current assets
Inventories and pre-publication costs	217	240	253	309	318
Trade and other receivables	2,067	1,927	1,960	2,405	2,323
Derivative financial instruments	23	19	31	21	34
Cash and cash equivalents	138	88	113	334	155
	2,445	2,274	2,357	3,069	2,830
Assets held for sale	-	-	-	-	44
Total assets	13,789	14,145	13,858	15,829	14,917

Current liabilities
Trade and other payables	3,479	3,260	3,275	4,017	3,971
Derivative financial instruments	24	9	2	33	16
Debt	2,060	847	232	870	1,313
Taxation	372	149	192	249	163
Provisions	12	109	47	18	13
	5,947	4,374	3,748	5,187	5,476
Liabilities associated with assets held for sale	-	-	-	-	14
	5,947	4,374	3,748	5,187	5,490
Non-current liabilities
Derivative financial instruments	10	3	12	236	131
Debt	4,354	6,276	5,935	5,860	5,184
Deferred tax liabilities	593	665	591	590	473
Net pension obligations	565	671	315	184	182
Other payables	108	49	10	3	11
Provisions	22	6	23	15	7
	5,652	7,670	6,886	6,888	5,988
Total liabilities	11,599	12,044	10,634	12,075	11,478
Net assets	2,190	2,101	3,224	3,754	3,439

Capital and reserves
Share capital	286	286	286	279	275
Share premium	1,443	1,459	1,491	1,517	1,558
Shares held in treasury	-834	-887	-876	-414	-553
Translation reserve	292	27	250	677	392
Other reserves	979	1,214	2,081	1,717	1,788
Shareholders’ equity	2,166	2,099	3,232	3,776	3,460
Non-controlling interests	24	2	-8	-22	-21
Total equity	2,190	2,101	3,224	3,754	3,439

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