TRADING UPDATE – October 2022

Regulatory News:

RELX, the global provider of information-based analytics and decision tools, reports underlying revenue growth for the first nine months of 2022 and updates the full year outlook.

Highlights

• Underlying revenue growth year to date +9%

Full year outlook

• As we enter the final quarter, momentum remains strong across the group, and we continue to expect full year underlying growth rates in revenue and adjusted operating profit, as well as constant currency growth in adjusted earnings per share, to remain above historical trends.

Risk (35% of H1 2022 revenue)

• Underlying revenue growth YTD +7%
• Business Services growth has remained strong, and the Insurance growth run-rate has improved since the half year. Specialised Industry Data Services has continued to deliver strong growth.
• Full year outlook: We expect strong underlying revenue growth, in line with historical trends, with underlying adjusted operating profit growth broadly matching underlying revenue growth.

Scientific, Technical & Medical (34% of H1 2022 revenue)

• Underlying revenue growth YTD +4%
• Primary Research has continued to grow well, with the number of articles submitted and published remaining ahead of last year’s elevated levels. Databases & Tools and Electronic Reference has continued to grow strongly.
• Full year outlook: We expect underlying revenue growth to remain above historical trends, with underlying adjusted operating profit growth slightly exceeding underlying revenue growth.

Legal (21% of H1 2022 revenue)

• Underlying revenue growth YTD +5%
• Further improvement in underlying revenue growth continues to be driven by legal analytics. Renewals remain strong and new sales continue to show positive momentum.
• Full year outlook: We expect underlying revenue growth to remain well above historical trends, with underlying adjusted operating profit growth continuing to exceed underlying revenue growth.

Exhibitions (10% of H1 2022 revenue)

• Underlying revenue growth YTD +85%
• Revenue growth has been driven by a significant increase in face-to-face activity across most geographies, with digital tools supporting our physical events.
• Full year outlook: We expect a year of strong underlying revenue growth. The operating result will continue to benefit from the structurally lower cost base.

Underlying growth rates are calculated at constant currencies, 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.