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(Alliance News) - Professional information and analytics firm Relx PLC on Thursday upped its annual dividend, after it reported a better-than-expected 18% surge in revenue.
London-based Relx recorded revenue of GBP8.55 million in 2022, up 18% from GBP7.24 million in 2021. The company noted that Electronic revenue, representing 83% of total revenue, grew by 6%. This was also helped by a further recovery in face-to-face activity and a reducing print drag.
Revenue was ahead of expectations. According to consensus cited by the Financial Times, Relx was expected to report revenue of GBP8.39 billion for 2022.
Pretax profit climbed by 20% to GBP2.49 billion from GBP2.08 billion.
Relx also proposed a full-year dividend of 54.6 pence, up 10% annually from 49.8p.
Looking ahead, Relx said it expects momentum to remain strong across the company, with underlying growth rates in revenue and adjusted operating profit expected to remain above historical trends.
The company said it intends to buyback GBP800 million in shares in 2023, of which GBP150 million has been completed. In 2022, Relx made GBP500 million on share buybacks.
Chief Executive Officer Erik Engstrom said: "Relx delivered strong revenue and profit growth in 2022. The improving long-term growth trajectory is being driven by the ongoing shift in our business mix towards higher growth analytics and decision tools that deliver enhanced value to our customers across market segments."
Away from results, Relx said that Senior Independent Director Wolfhart Hauser will step down after ten years on the board. He plans to retire at the company's annual general meeting on April 20.
Suzanne Wood will succeed Hauser as senior independent director.
Relx shares were up 3.6% at 2,536.00 pence each in London early Thursday. They are up 12% over the past 12 months.
By Sophie Rose, Alliance News reporter
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