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(Alliance News) - FTSE 100-listed RELX PLC on Thursday said the outlook for its events arm is uncertain, but it reported a strong start to 2021 for its more prolific units, including its scientific and Risk divisions.
RELX shares were 1.4% higher at 1,946.50 pence each in London on Thursday morning, one of the best blue-chip performers.
The information and analytics firm added that its Exhibitions arm has "has continued to be impacted significantly by the Covid-19 pandemic". The unit contributed to 5% of its 2020 revenue.
Scientific, Technical & Medical, Risk and also Legal, a trio which together contributed 95% of RELX's revenue last year, have started 2021 promisingly.
"We continue to expect each of our three largest business areas, STM, Risk and Legal, to deliver another year of underlying revenue and adjusted operating profit growth in 2021, similar to pre-Covid-19 trends. The timing and pace of recovery in Exhibitions remains uncertain," RELX said.
"Modest underlying revenue growth" is expected from STM, which has seen its electronic revenue grow so far in 2021.
"Trends in our customer environment continue to vary somewhat by segment. In Primary Research we have continued to see strong growth in article submissions. Open access revenues are continuing to grow very strongly across geographies. Databases & tools and e-reference have started the year well," RELX added.
In Risk, RELX noted growing demand for fraud prevention and identity products. Activity in the insurance market is also growing, after a tough first quarter of 2020. For Risk "strong" underlying growth in revenue is expected.
"The fundamentals of the majority of our customer markets in line with, or slightly ahead of, pre-Covid-19 trends," RELX said on its Risk arm.
At Legal, modest revenue growth is expected. Electronic revenue at the unit is continuing to grow, while the decline in print revenue is moderating, compared to steeper drops in 2020.
RELX's events-focused Exhibitions division has been beleaguered by Covid-19. So far this year it has held 56 events, largely in Japan and China, with one in the US.
"Government restrictions have prevented most events from taking place in Europe and the Americas, and have constrained the scale of many events elsewhere. We have continued to develop and launch a range of new digital initiatives in support of our customers and event brands. The evolving Covid-19 pandemic will continue to impact our ability to hold physical events, making the outlook for the year uncertain," RELX said.
By Eric Cunha; ericcunha@alliancenews.com
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