Information and analytics firm Relx (LSE: RELX) announced robust earnings for 2023 and unveiled plans for a substantial new buyback programme.
The 2023 results showed revenue climbing 7.1% to £9.16 billion, while pretax profit advanced by 8.6% to £2.30 billion. On an adjusted basis, stripping out exceptional items, pretax profit was up 9.1% to £2.72 billion.
Chief Executive Erik Engstrom noted that Relx continues to benefit from its strategic shift towards higher growth analytical tools that deliver enhanced value through the combination of content, data and powerful technologies.
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Going forward, Engstrom said positive momentum is seen across all areas of the business, supporting expectations for another year of strong gains in revenue, adjusted operating profit and adjusted earnings per share at constant currencies in 2024.
To reward shareholders, Relx raised its total dividend payout for 2023 by 7.7% to 58.8p. It also announced a further £1 billion share buyback programme for 2024 on top of the £800 million completed in 2023.
Following the bullish update, Relx’s share price traded 2.4% higher, extending its 12-month gains to approximately 43%.
