Prime Highlights:
RELX achieved a record £9.4bn in revenue for 2024, reflecting a 7% year-on-year growth.
Adjusted operating profit increased by 10%, reaching £3.2bn.
The company’s growth was bolstered by the integration of AI, including the launch of Lexis+ AI and Protege AI assistant, enhancing its legal and business solutions.
Key Background:
RELX, the UK’s largest media company, has reported exceptional financial results for 2024, driven by advancements in artificial intelligence (AI) and a resurgence in in-person events. The business information giant, formerly known as Reed Elsevier, achieved a 7% year-on-year revenue growth, reaching £9.4bn, while adjusted operating profit rose by 10%, totaling £3.2bn.
RELX’s primary business model revolves around providing high-quality information and tools across various sectors. The company has embraced AI technologies, leveraging them to enhance its offerings in analytics and decision-making tools. AI has played a pivotal role in RELX’s business evolution, with CEO Erik Engstrom emphasizing that AI remains a net benefit for the company. He explained that the shift towards higher growth analytics and decision tools, powered by AI, continues to drive long-term growth and customer value.
In late 2023, RELX introduced Lexis+ AI, a generative AI solution designed to provide precise, reliable legal answers grounded in the company’s vast repository of legal content. Additionally, in early 2024, the company launched Protege, an AI assistant aimed at automating legal tasks such as document drafting.
Exhibitions also contributed significantly to RELX’s strong performance, with the sector experiencing a 31% increase in operating profit, amounting to £398m. The company hosted 286 face-to-face events across 25 countries, covering 42 industry sectors. This success was attributed to a streamlined event portfolio and a more cost-efficient structure.
RELX’s diverse portfolio includes key divisions such as Risk, which offers technology to prevent financial fraud, and Scientific, Technical, and Medical (STM), which publishes over 600,000 research articles annually. Its Legal division encompasses Lexis Nexis, a comprehensive legal database, and Nexism, a global news and business content platform. As of the end of 2024, RELX employed 36,400 people, with the majority of its revenue coming from the United States. Despite a slight decrease in workforce numbers, RELX’s continued innovation and strategic investments in AI and events have positioned it for sustained success.
Read Also: Fed Chair Powell Asserts Cautious Approach to Rate Reductions Amid Strong Economy
