RELX PLC (NYSE:RELX) Q2 2024 Results Conference Call July 25, 2024 3:30 AM ET
Company Participants
Erik Engstrom - CEO
Nick Luff - CFO
Conference Call Participants
George Webb - Morgan Stanley
Adam Berlin - UBS
Sami Kassab - BNP Paribas
Nick Dempsey - Barclays
Tom Singlehurst - Citi
Steve Liechti - Deutsche Bank
Erik Engstrom
Good morning, everybody. Thank you for taking the time to join us today. As you may have seen from our press release this morning, we delivered strong financial results in the first half, and we made further operational and strategic progress.
Underlying revenue growth was 7%. Underlying adjusted operating profit growth was 10%. Adjusted earnings per share growth was 10% at constant currency, and we have announced a 7% increase in the pound sterling interim dividend.
All four business areas continue to perform well. And on this chart, you can also see the relative sizes of the segments within each business area. In Risk, underlying revenue growth was 8% and underlying adjusted operating profit growth was 9%. Strong growth continues to be driven across segments by our deeply embedded AI-enabled analytics and decision tools, with 90% of divisional revenues now coming from machine to machine interactions.
In Business Services, which represents around 45% of divisional revenue, growth continued to be driven by Financial Crime Compliance and digital Fraud & Identity solutions, with new sales strengthening further. In Insurance, which represents just under 40% of divisional revenue, growth was driven by further expansion of solution sets across markets, continued positive market factors and new sales.
In Specialized Industry Data Services, which represents just over 10% of divisional revenue, growth was led by Commodity Intelligence and Aviation. Going forward, we expect continued strong underlying revenue growth, with underlying adjusted operating profit growth slightly exceeding underlying revenue growth.