24 July 2025
Read the full announcement here: https://www.relx.com/media/press-releases/year-2025/first-half-2025
Revenue £4,741m (£4,641m); underlying growth +7%: Electronic revenue also grew +7%.
Adjusted operating profit £1,652m (£1,583m); underlying growth +9%: Our strategy of driving continuous process innovation to manage cost growth below revenue growth led to an improvement in the group adjusted operating margin to 34.8% (34.1%).
Reported operating profit £1,490m (£1,431m): Reported operating profit includes amortisation of acquired intangible assets of £123m (£131m).
Adjusted profit before tax £1,515m (£1,450m): The adjusted net interest expense was £137m (£133m). The average interest rate on gross debt was 4.1% (4.1%).
Reported profit before tax £1,283m (£1,295m). Reported net interest was £210m (£134m).
Tax: The adjusted tax charge was £341m (£334m). The adjusted effective tax rate was 22.5% (23.0%). The reported tax charge was £304m (£309m).
Adjusted EPS 63.5p (59.5p); constant currency growth +10%.
Reported EPS 52.9p (52.6p).
Dividend: We are declaring an interim dividend of 19.5p (18.2p), an increase of +7%.
Portfolio development: In the first half of 2025 we completed three acquisitions for a total consideration of £262m, and two small disposals.
Net debt/EBITDA 2.2x (2.0x): Net debt at 30 June 2025 was £7,443m (£6,973m). Adjusted cash flow conversion was 100% (95%).
Share buybacks: Of the previously announced £1,500m share buyback, £1,000m was completed in the first half. A further £75m has been completed since 1 July, and the remaining £425m will be deployed before the end of the year.
Corporate responsibility: RELX currently has a AAA MSCI ESG rating which it has held for ten consecutive years, is ranked first in our sector by Sustainalytics, and has been included in the S&P Global Sustainability Yearbook.