RELX 2020 Net Profit Falls as Pandemic Hits Exhibitions
February 11 2021 - 2:54AM
Dow Jones News
By Adria Calatayud
RELX PLC said Thursday that net profit for 2020 fell as the
coronavirus pandemic hurt its events segment, but that it expects
growth in its largest segments in the year ahead.
The LexisNexis owner said it made a net profit for last year of
1.22 billion pounds ($1.69 billion) compared with GBP1.51 billion
for 2019.
The FTSE 100 information-and-analytics group said adjusted
operating profit--one of its preferred earnings metrics, which
strips out exceptional and other one-off items--fell 17% to GBP2.08
billion, but was slightly ahead of analysts' expectations of
GBP2.03 billion.
RELX, which also owns medical journal The Lancet and the London
Book Fair, generated revenue of GBP7.11 billion, down 10% on year.
Analysts had expected revenue of GBP7.19 billion, according to a
consensus based on estimates by 16 analysts polled by FactSet.
On an underlying basis, revenue was down 9%.
RELX said the timing and pace of recovery in its exhibitions
segment remains uncertain, but that it expects its three largest
segments to deliver underlying revenue and adjusted operating
profit growth in 2021.
The board raised its full-year dividend to 47 pence (65 cents) a
share from 45.7 pence in 2019. The company said its board doesn't
intend to resume its share-buyback program, which was paused in
April due to the pandemic, this year.
Write to Adria Calatayud at adria.calatayud@dowjones.com
(END) Dow Jones Newswires
February 11, 2021 02:39 ET (07:39 GMT)
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