Key financial data

Our Business
- - Our business overview
  - Perspectives
  - Strategy
  - Market segments
  - Board of Directors
  - Board Committees
  - Business leaders
Investors
Corporate Responsibility
- - Being a responsible business
  - Engaging others
Careers
- - Why RELX?
  - Experienced professionals
  - Graduates and early careers
  - Join us
  - Meet our people
Media
- - Press releases
  - Recent Media Coverage
  - Press kit
  - Video gallery
  - Brochures
  - Media contacts
  - Podcasts

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	2020 £m	2021 £m	2022 £m	2023 £m	2024 £m

Adjusted figures
Revenue	7,110	7,244	8,553	9,161	9,434
Underlying revenue growth	-9%	+7%	+9%	+8%	+7%
EBITDA	2,567	2,697	3,174	3,544	3,724
Adjusted operating profit	2,076	2,210	2,683	3,030	3,199
Underlying adjusted operating profit growth	-18%	+13%	+15%	+13%	+10%
Adjusted operating margin	29.2%	30.5%	31.4%	33.1%	33.9%
Adjusted net interest expense	-160	-133	-194	-314	-296
Adjusted profit before tax	1,916	2,077	2,489	2,716	2,903
Adjusted tax	-373	-384	-530	-553	-652
Non-controlling interests	16	0	2	-7	-10
Adjusted net profit	1,543	1,689	1,961	2,156	2,241
Adjusted cash flow	2,009	2,230	2,709	2,962	3,101
Cash flow conversion	97%	101%	101%	98%	97%
Return on invested capital	10.8%	11.9%	12.5%	14.0%	14.8%
Adjusted earnings per share	80.1p	87.6p	102.2p	114.0p	120.1p
Adjusted earnings per share growth at constant currencies	-15%	+17%	+10%	+11%	+9%

Dividend
Ordinary dividend per share	47.0p	49.8p	54.6p	58.8p	63.0p

Reported figures
Revenue	7,110	7,244	8,553	9,161	9,434
Reported operating profit	1,525	1,884	2,323	2,682	2,861
Reported profit before tax	1,483	1,797	2,113	2,295	2,557
Reported net profit	1,224	1,471	1,634	1,781	1,934
Reported net margin	17.2%	20.3%	19.1%	19.4%	20.5%
Net debt	6,898	6,017	6,604	6,446	6,563
Reported earnings per share	63.5p	76.3p	85.2p	94.1p	103.6p

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 2023 full-year average and hedge exchange rates.

Business area analysis

Year to 31 December	2020 £m	2021 £m	2022 £m	2023 £m	2024 £m
Revenue
Risk	2,417	2,474	2,909	3,133	3,245
Scientific, Technical & Medical	2,692	2,649	2,909	3,062	3,051
Legal	1,639	1,587	1,782	1,851	1,899
Exhibitions	362	534	953	1,115	1,239
	7,110	7,244	8,553	9,161	9,434
Underlying revenue growth
Risk	+3%	+9%	+8%	+8%	+8%
Scientific, Technical & Medical	+1%	+3%	+4%	+4%	+4%
Legal	+1%	+3%	+5%	+6%	+7%
Exhibitions	-69%	+44%	+64%	+30%	+11%
	-9%	+7%	+9%	+8%	+7%
Adjusted operating profit
Risk	894	915	1,078	1,165	1,228
Scientific, Technical & Medical	1,021	1,001	1,100	1,165	1,172
Legal	330	326	372	393	412
Exhibitions	(164)	10	162	319	398
Unallocated items	-5	-42	-29	-12	-11
	2,076	2,210	2,683	3,030	3,199
Underlying adjusted operating profit growth
Risk	+4%	+10%	+8%	+9%	+9%
Scientific, Technical & Medical	+1%	+3%	+5%	+4%	+5%
Legal	+7%	+5%	+8%	+8%	+9%
Exhibitions	-149%	nm	nm	+100%	+31%
	-18%	+13%	+15%	+13%	+10%

nm: not meaningful

Condensed consolidated statement of financial position

As at 31 December	2020 £m	2021 £m	2022 £m	2023 £m	2024 £m
As at 31 December
Non-current assets
Goodwill	7,224	7,366	8,388	8,023	8,216
Intangible assets	3,425	3,304	3,524	3,238	3,164
Investments in joint ventures	103	105	159	178	169
Other investments	259	107	127	97	92
Property, plant and equipment	162	131	126	99	82
Right-of-use assets	216	161	145	113	89
Other receivables	27	19	5	1	16
Deferred tax assets	270	210	146	128	84
Net pension assets	47	46	129	119	186
Derivative financial instruments	138	52	11	47	39
	11,871	11,501	12,760	12,043	12,137
Current assets
Inventories and pre-publication costs	240	253	309	318	331
Trade and other receivables	1,927	1,960	2,405	2,323	2,511
Derivative financial instruments	19	31	21	34	35
Cash and cash equivalents	88	113	334	155	119
	2,274	2,357	3,069	2,830	2,996
Assets held for sale	-	-	-	44	-
Total assets	14,145	13,858	15,829	14,917	15,133

Current liabilities
Trade and other payables	3,260	3,275	4,017	3,971	4,122
Derivative financial instruments	9	2	33	16	59
Debt	847	232	870	1,313	1,412
Taxation	149	192	249	163	119
Provisions	109	47	18	13	6
	4,374	3,748	5,187	5,476	5,718
Liabilities associated with assets held for sale	-	-	-	14	-
	4,374	3,748	5,187	5,490	5,718
Non-current liabilities
Derivative financial instruments	3	12	236	131	126
Debt	6,276	5,935	5,860	5,184	5,132
Deferred tax liabilities	665	591	590	473	473
Net pension obligations	671	315	184	182	165
Other payables	49	10	3	11	13
Provisions	6	23	15	7	2
	7,670	6,886	6,888	5,988	5,911
Total liabilities	12,044	10,634	12,075	11,478	11,629
Net assets	2,101	3,224	3,754	3,439	3,504

Capital and reserves
Share capital	286	286	279	275	272
Share premium	1,459	1,491	1,517	1,558	1,605
Shares held in treasury	-887	-876	-414	-553	-722
Translation reserve	27	250	677	392	567
Other reserves	1,214	2,081	1,717	1,788	1,759
Shareholders’ equity	2,099	3,232	3,776	3,460	3,481
Non-controlling interests	2	-8	-22	-21	23
Total equity	2,101	3,224	3,754	3,439	3,504

RELX NV Data is no longer available on this page

Note: To add/edit documents/links, please navigate through the Advanced Editing visible in the ribbon at the top.