Relx H1 2026 Results Overview
Relx Plc reported H1 2026 adjusted operating profit of £1.73 bn, marginally above BofA Securities’ consensus of £1.72 bn and reflecting 9% underlying growth. The adjusted operating margin was 35.5%, beating the 35% consensus, and adjusted earnings per share came in at 68.6 pence, surpassing the forecast of 67.5 pence and representing an 11% year‑on‑year increase on a constant‑currency basis.
Revenue for the six months to 30 June rose to £4.87 bn from £4.74 bn a year earlier, a 7% underlying increase, but fell short of the £4.91 bn consensus estimate. Free cash flow was £1.16 bn, ahead of the £1.08 bn expected.
By segment, Risk revenue grew 8% underlying, matching consensus; Scientific, Technical and Medical revenue expanded 6% underlying, ahead of the 5% consensus, helped by new product LeapSpace; Legal revenue rose 10% underlying, exceeding the 9% consensus, with double‑digit growth in Law Firms and Corporate Legal. Exhibitions revenue was £575 m and operating profit £226 m, both below consensus of £596 m and £232 m respectively, with underlying revenue growth of 6% versus the 7% expected, a shortfall attributed to event postponements linked to Middle‑East uncertainty.
Reported operating profit increased to £1.59 bn from £1.49 bn a year earlier, reported profit before tax rose to £1.52 bn from £1.28 bn, and reported earnings per share climbed to 65.7 pence from 52.9 pence.
The board declared an interim dividend of 20.9 pence per share, a 7% increase from 19.5 pence, payable on 10 September with an ex‑dividend date of 6 August. Net debt stood at £8.73 bn at 30 June, up from £7.44 bn a year earlier, giving a net‑debt‑to‑EBITDA ratio of 2.3×, and adjusted cash‑flow conversion was 98%.
Relx completed two acquisitions during the period, paying £103 m for one and allocating £1.75 bn of a previously announced £2.25 bn share‑buyback programme. Chief Executive Erik Engstrom said the company delivered strong underlying revenue and profit growth, highlighting continued strength in Risk, a step‑up in Scientific, Technical and Medical, sustained double‑digit growth in Legal and ongoing growth in Exhibitions. The company reaffirmed its full‑year outlook, expecting another year of strong underlying revenue and adjusted operating profit growth and continued growth in adjusted earnings per share on a constant‑currency basis.