Nearly Half of US and Canada FIs Still Rely on Manual Tools While Bots and Scams Surge ATLANTA , Sept. 10, 2025 /PRNewswire/ -- Fraud is widespread, hard to measure and difficult to prevent, according to the LexisNexis® True Cost of Fraud™ Study 2025 North America. ...

Accessibility StatementSkip Navigation One third of provider directory users have encountered outdated or incorrect information "At their best, provider directories are easy to use and reflect up-to-date network and credential information, becoming powerful tools for engaging and retaining patients and members," said Mariano. "However, a poor experience with a provider directory can lead to frustration, higher call center and support costs for payers and ultimately non-compliance of care for patients in nee ...

Core Insights - LexisNexis Risk Solutions Government has appointed Katie James as the new Head of DMV Solutions, emphasizing the company's commitment to digital transformation and operational excellence in motor vehicle agencies nationwide [1][4] - James will focus on solution development and customer engagement, particularly in fraud prevention, payment processing, and modernization of vital records [1][4] Company Overview - LexisNexis Risk Solutions utilizes data and advanced analytics to provide insights that help businesses and government entities reduce risk and improve decision-making across various industries, including insurance, financial services, healthcare, and government [5] - The company is headquartered in metro Atlanta, Georgia, and is part of RELX, a global provider of information and analytics [5] Industry Context - Katie James brings over twenty years of experience in the government sector, recognized for her role in innovation, modernization, and cross-agency collaboration [2] - She has a strong background in leading technology initiatives that enhance service, security, and trust within DMVs and related organizations [2][3] Leadership Perspective - Haywood Talcove, CEO of LexisNexis Risk Solutions – Government, highlighted James's strategic vision and deep relationships with agency leaders as key assets that will accelerate the company's mission to enhance DMV security and efficiency [4]

Workforce Policy Leader to Direct Anti-Fraud Innovation Across State Agencies WASHINGTON, Aug. 5, 2025 /PRNewswire/ -- LexisNexis® Risk Solutions today announced the appointment of Amy Simon as Head of Labor and Workforce Solutions reinforcing its strategic focus on supporting state agencies in delivering critical services, achieving their missions, and protecting public trust. Simon, a nationally recognized leader in workforce innovation and public policy, joins the company after executive roles at the U.S ...

Market Capitalization Summary - New Oriental has a market capitalization of 15.76 billion [2] - TAL Education has a market capitalization of 10.69 billion [2] - Vipshop has a market capitalization of 9.44 billion [2] - MINISO has a market capitalization of 2.10 billion [2] - Zai Lab has a market capitalization of 4.50 billion [2] Stock Performance - New Oriental's stock decreased by 0.22 (-1.10%) [2] - TAL Education's stock decreased by 0.11 (-2.28%) [2] - Vipshop's stock decreased by 0.40 (-1.73%) [2] - MINISO's stock increased by 0.51 (+2.67%) [2] - Zai Lab's stock decreased by 0.04 (-0.13%) [2] Additional Company Insights - Huami Technology's market capitalization is 1.82 billion with a stock decrease of 1.09 (-7.94%) [3] - Cheetah Mobile has a market capitalization of 1.72 billion with a stock decrease of 0.38 (-6.35%) [3] - Tuniu has a market capitalization of 1.25 billion with a stock decrease of 0.63 (-6.60%) [3]

Investors with an interest in Internet - Content stocks have likely encountered both Yelp (YELP) and RELX PLC (RELX) . But which of these two stocks presents investors with the better value opportunity right now? Let's take a closer look. These are just a few of the metrics contributing to YELP's Value grade of A and RELX's Value grade of D. YELP stands above RELX thanks to its solid earnings outlook, and based on these valuation figures, we also feel that YELP is the superior value option right now. There ...

[H1 2025 Performance Highlights and Outlook](index=1&type=section&id=Results%20for%20the%20Six%20Months%20to%2030%20June%202025) RELX achieved strong H1 2025 growth across all segments, driven by analytics and AI, and maintains a positive full-year outlook [Financial Highlights](index=1&type=section&id=First%20half%20highlights) RELX reported strong H1 2025 growth with underlying revenue up 7% to £4,741 million and adjusted operating profit up 9% to £1,652 million, alongside a 7% interim dividend increase H1 2025 Key Financial Metrics | Metric | H1 2025 | H1 2024 | Change | Underlying/Constant Currency Growth | | :--- | :--- | :--- | :--- | :--- | | Revenue (£m) | 4,741 | 4,641 | +2% | +7% (Underlying) | | Adjusted Operating Profit (£m) | 1,652 | 1,583 | +4% | +9% (Underlying) | | Adjusted EPS (p) | 63.5 | 59.5 | +7% | +10% (Constant Currency) | | Reported Operating Profit (£m) | 1,490 | 1,431 | +4% | N/A | | Reported EPS (p) | 52.9 | 52.6 | +1% | N/A | | Interim Dividend (p) | 19.5 | 18.2 | +7% | N/A | - The company completed three acquisitions for a total of **£262 million** and executed **£1,000 million** of its **£1,500 million** share buyback program[5](index=5&type=chunk) - Net debt to EBITDA ratio stood at **2.2x**, with adjusted cash flow conversion at **100%**[5](index=5&type=chunk)[8](index=8&type=chunk) [Full Year 2025 Outlook](index=1&type=section&id=Full%20year%20outlook) The company reaffirms its positive full-year outlook, expecting continued strong underlying growth in revenue, adjusted operating profit, and adjusted EPS - RELX expects another year of strong underlying growth in revenue and adjusted operating profit[3](index=3&type=chunk) - The company anticipates strong growth in adjusted earnings per share on a constant currency basis for the full year[3](index=3&type=chunk) [CEO Commentary](index=1&type=section&id=CEO%20Commentary) CEO Erik Engstrom noted H1 2025 growth with a higher quality profile across all segments, driven by a strategic shift to analytics and AI - The CEO noted a higher quality growth profile in H1 2025, with strong performance across all four business areas[4](index=4&type=chunk) - The long-term growth trajectory is driven by the shift towards higher-growth analytics and decision tools[4](index=4&type=chunk) - Artificial intelligence, combined with leading content and data, is a key driver of customer value and future growth[4](index=4&type=chunk) [Operating and Financial Review](index=2&type=section&id=Operating%20and%20financial%20review) This section details RELX's H1 2025 financial performance, including profitability, cash flow, debt, dividends, and corporate responsibility [Group Financial Summary](index=2&type=section&id=RELX%20FINANCIAL%20SUMMARY) RELX achieved 7% underlying revenue growth to £4,741 million and 9% underlying adjusted operating profit growth to £1,652 million in H1 2025, improving margins and adjusted EPS H1 2025 Financial Performance (Adjusted) | Metric | 2025 | 2024 | Underlying Growth | | :--- | :--- | :--- | :--- | | Revenue (£m) | 4,741 | 4,641 | +7% | | Adjusted Operating Profit (£m) | 1,652 | 1,583 | +9% | | Adjusted Operating Margin (%) | 34.8 | 34.1 | +70 bps | | Adjusted EPS (p) | 63.5 | 59.5 | +10% (Constant Currency) | H1 2025 Financial Performance (Reported) | Metric | 2025 | 2024 | Change in GBP | | :--- | :--- | :--- | :--- | | Revenue (£m) | 4,741 | 4,641 | +2% | | Operating Profit (£m) | 1,490 | 1,431 | +4% | | Profit Before Tax (£m) | 1,283 | 1,295 | -1% | | Net Profit (£m) | 976 | 985 | -1% | | EPS (p) | 52.9 | 52.6 | +1% | [Profitability Analysis](index=11&type=section&id=Profitability%20Analysis) The group's adjusted operating margin improved by 70 basis points to 34.8%, with a lower adjusted effective tax rate and increased adjusted net profit - The overall adjusted operating margin improved by **70 basis points** to **34.8%**, and the EBITDA margin improved by **50 basis points** to **40.2%**[38](index=38&type=chunk) - The adjusted effective tax rate was **22.5%**, down from **23.0%** in H1 2024[40](index=40&type=chunk) - Adjusted net profit attributable to shareholders increased by **5%** to **£1,171 million**[43](index=43&type=chunk) [Cash Flow Analysis](index=12&type=section&id=Cash%20flows) Adjusted cash flow increased 10% to £1,652 million with 100% conversion, while capital expenditure rose to £255 million, leading to higher free cash flow Cash Flow Conversion | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Adjusted Operating Profit (£m) | 1,652 | 1,583 | | Adjusted Cash Flow (£m) | 1,652 | 1,498 | | Adjusted Cash Flow Conversion (%) | 100 | 95 | - Capital expenditure was **£255 million**, representing **5.4%** of revenue, driven by investment in new products[47](index=47&type=chunk) - Free cash flow before dividends was **£1,146 million**, up from **£1,007 million** in the prior year[48](index=48&type=chunk) [Debt and Liquidity](index=13&type=section&id=Debt%20and%20Liquidity) Net debt rose to £7,443 million with a 2.2x net debt to EBITDA ratio, while the company maintained strong liquidity with new debt issuance and an undrawn facility - Net debt stood at **£7,443 million** as of June 30, 2025, an increase of **£880 million** from December 31, 2024[52](index=52&type=chunk) - The ratio of net debt (including pensions) to EBITDA for the twelve months to June 30, 2025 was **2.2x**[55](index=55&type=chunk) - In March 2025, the Group issued **$1.5 billion** in new term debt and has access to an undrawn **$3 billion** committed bank facility maturing in 2027[57](index=57&type=chunk) [Dividends and Share Repurchases](index=14&type=section&id=Dividends%20and%20share%20repurchases) The Board declared a 7% interim dividend increase to 19.5 pence per share and repurchased £1,000 million of shares in H1 2025 - An interim dividend of **19.5 pence** per share was declared, an increase of **7%** over the prior year[60](index=60&type=chunk) - In H1 2025, **25.5 million** shares were repurchased for a total consideration of **£1,000 million**[61](index=61&type=chunk) [Corporate Responsibility](index=15&type=section&id=Corporate%20responsibility) RELX maintained its AAA MSCI ESG rating and top Sustainalytics ranking, focusing on UN SDGs, AI principles, and environmental targets - RELX has maintained a **AAA MSCI ESG rating** for ten consecutive years and is ranked first in its sector by Sustainalytics[9](index=9&type=chunk)[63](index=63&type=chunk) - 2025 objectives include updating Responsible AI Principles, implementing new environmental targets, and enhancing supplier code of conduct compliance[64](index=64&type=chunk) [Business Area Analysis](index=4&type=section&id=BUSINESS%20AREA%20ANALYSIS) This section provides a detailed review of the performance and strategic drivers for each of RELX's four core business segments [Risk](index=5&type=section&id=Risk) The Risk segment achieved strong 8% underlying revenue growth to £1,748 million and 9% underlying adjusted operating profit growth, driven by financial crime and fraud solutions Risk Segment H1 2025 Performance | Metric | H1 2025 | H1 2024 (Restated) | Underlying Growth | | :--- | :--- | :--- | :--- | | Revenue (£m) | 1,748 | 1,667 | +8% | | Adjusted Operating Profit (£m) | 660 | 621 | +9% | | Adjusted Operating Margin (%) | 37.8 | 37.3 | +50 bps | - Growth drivers include Financial Crime Compliance, digital Fraud & Identity solutions, and strong new sales[15](index=15&type=chunk) - The full-year outlook is for continued strong underlying revenue growth, with underlying adjusted operating profit growth slightly exceeding revenue growth[16](index=16&type=chunk) [Scientific, Technical & Medical](index=6&type=section&id=Scientific%20%2C%20Technical%20%26%20Medical) The STM segment reported good growth with 5% underlying revenue and 7% underlying adjusted operating profit increases, driven by higher-value analytics and tools STM Segment H1 2025 Performance | Metric | H1 2025 | H1 2024 (Restated) | Underlying Growth | | :--- | :--- | :--- | :--- | | Revenue (£m) | 1,323 | 1,282 | +5% | | Adjusted Operating Profit (£m) | 491 | 472 | +7% | | Adjusted Operating Margin (%) | 37.1 | 36.8 | +30 bps | - Growth is driven by the evolution towards higher value-add analytics and decision tools. Generative AI capability is being extended across the majority of the revenue base[18](index=18&type=chunk)[19](index=19&type=chunk) - The full-year outlook is for continued good underlying revenue growth, with underlying adjusted operating profit growth slightly exceeding revenue growth[20](index=20&type=chunk) [Legal](index=7&type=section&id=Legal) The Legal segment saw accelerated growth with 9% underlying revenue and 11% underlying adjusted operating profit increases, fueled by Lexis+ AI and legal analytics Legal Segment H1 2025 Performance | Metric | H1 2025 | H1 2024 (Restated) | Underlying Growth | | :--- | :--- | :--- | :--- | | Revenue (£m) | 900 | 852 | +9% | | Adjusted Operating Profit (£m) | 188 | 175 | +11% | | Adjusted Operating Margin (%) | 20.9 | 20.5 | +40 bps | - Growth was driven by the shift to higher-growth legal analytics, with the Lexis+ AI platform continuing its successful trajectory[22](index=22&type=chunk)[23](index=23&type=chunk) - The full-year outlook is for continued strong underlying revenue growth, with underlying adjusted operating profit growth exceeding revenue growth[24](index=24&type=chunk) [Exhibitions](index=8&type=section&id=Exhibitions) The Exhibitions segment achieved strong 8% underlying revenue growth, surpassing pre-pandemic levels, with a 9% increase in underlying adjusted operating profit and improved margins Exhibitions Segment H1 2025 Performance | Metric | H1 2025 | H1 2024 | Underlying Growth | | :--- | :--- | :--- | :--- | | Revenue (£m) | 581 | 601 | +8% | | Adjusted Operating Profit (£m) | 234 | 223 | +9% | | Adjusted Operating Margin (%) | 40.3 | 37.1 | +320 bps | - Underlying revenue growth of **+8%** reflects an improved growth profile, now established above pre-pandemic levels. Reported revenue was impacted by disposals and event cycling[26](index=26&type=chunk) - The full-year outlook is for continued strong underlying revenue growth with an improvement in adjusted operating margin over the prior full year[28](index=28&type=chunk) [Business Area Reporting Changes](index=9&type=section&id=Business%20area%20reporting%20changes) RELX now reports print activities separately and moved a healthcare portfolio to Risk, restating prior period comparatives for transparency - Print and print-related activities are now managed and reported separately to improve transparency, as print revenue has declined to **4%** of the group total[29](index=29&type=chunk)[31](index=31&type=chunk) - A small commercial healthcare product portfolio was moved from Scientific, Technical & Medical to the Risk segment[31](index=31&type=chunk) - Prior period comparatives have been restated to reflect these reporting changes, with details provided on page 24 of the report[32](index=32&type=chunk) [Principal and Emerging Risks](index=16&type=section&id=Principal%20and%20emerging%20risks) This section outlines RELX's key risks, including technology, data privacy, geopolitical, operational, and corporate challenges [Summary of Key Risks](index=16&type=section&id=Summary%20of%20Key%20Risks) RELX identifies principal risks such as data privacy, intellectual property, cybersecurity, geopolitical conditions, customer acceptance, and talent retention - **Technology & Data Risks:** - **Data Privacy:** Changes in legislation could impact the ability to collect and use personal data - **Intellectual Property:** Proprietary rights could be challenged or infringed, including by AI technologies - **Cyber Security:** Systems face risks of unauthorized access, which could compromise data and disrupt operations - **Technology Resilience:** Dependence on electronic platforms creates risk from significant failure or interruption[66](index=66&type=chunk)[67](index=67&type=chunk)[73](index=73&type=chunk) - **Market & Operational Risks:** - **Geopolitical & Economic Conditions:** Demand may be impacted by factors like war, sanctions, inflation, and interest rates - **Customer Acceptance:** Failure to adapt to changing technology and customer demands could adversely affect revenue - **Primary Research Publishing:** Rapid changes in payment models (e.g., Open Access) could impact the STM business - **Face-to-face Events:** Exhibitions are susceptible to economic cycles, pandemics, and travel disruptions[68](index=68&type=chunk)[69](index=69&type=chunk)[71](index=71&type=chunk) - **Corporate & Financial Risks:** - **Acquisitions:** Inability to generate anticipated benefits from acquisitions could lead to impairment charges - **Talent:** Inability to recruit and retain skilled employees, particularly in technology, could affect business performance - **Treasury:** Results are subject to currency fluctuations, particularly the US dollar, and changes in funding conditions - **Ethics:** Breaches of ethical standards or laws could damage reputation and financial condition[72](index=72&type=chunk)[79](index=79&type=chunk)[81](index=81&type=chunk) [Condensed Consolidated Financial Information](index=20&type=section&id=Condensed%20consolidated%20financial%20information) This section presents RELX's H1 2025 condensed financial statements, including income, balance sheet, cash flow, and explanatory notes [Financial Statements](index=20&type=section&id=Financial%20Statements) H1 2025 reported net profit was £979 million on £4,741 million revenue, with total assets of £14,325 million and net cash from operating activities of £1,414 million - **Income Statement:** Reported net profit for H1 2025 was **£979 million**, slightly down from **£986 million** in H1 2024[84](index=84&type=chunk) - **Statement of Financial Position:** As of June 30, 2025, total assets were **£14,325 million** and total equity was **£2,194 million**[91](index=91&type=chunk) - **Cash Flow Statement:** Net cash from operating activities was **£1,414 million** for H1 2025, compared to **£1,259 million** in H1 2024[89](index=89&type=chunk) [Notes to the Financial Statements](index=26&type=section&id=Notes%20to%20the%20condensed%20consolidated%20financial%20information) Notes detail the basis of preparation, segment analysis, EPS, dividends, net debt, and pensions, with an effective tax rate of 23.7% - **Basis of Preparation:** The financial information is prepared in accordance with UK adopted IAS 34 and is unaudited but has been reviewed. Comparatives have been restated for business area reporting changes[94](index=94&type=chunk)[95](index=95&type=chunk) - **Segment Analysis:** Revenue is primarily generated from North America (**£2,837 million**), followed by Europe (**£956 million**) and the Rest of the World (**£948 million**). Subscriptions account for **£2,565 million** of revenue and transactional for **£2,176 million**[106](index=106&type=chunk)[108](index=108&type=chunk) - **Dividends:** An interim dividend of **19.5 pence** per share was declared on July 23, 2025, with an expected total cost of **£357 million**[115](index=115&type=chunk) [Supplementary Financial Information](index=37&type=section&id=Supplementary%20Financial%20Information) This section provides reconciliations of Alternative Performance Measures to IFRS and presents summary financials in USD and EUR [Alternative Performance Measures (APMs)](index=37&type=section&id=Alternative%20performance%20measures) This section reconciles non-GAAP measures to IFRS, explaining how APMs like 'underlying growth' track core operational performance - Provides detailed reconciliations from reported figures to adjusted figures, such as Operating Profit (**£1,490 million**) to Adjusted Operating Profit (**£1,652 million**)[130](index=130&type=chunk) - Adjusted EPS for H1 2025 was **63.5 pence**, derived from an adjusted net profit of **£1,171 million**[133](index=133&type=chunk) - The definition of 'Underlying Growth' has been refined following the change in segmental reporting to exclude print and print-related revenue[134](index=134&type=chunk)[135](index=135&type=chunk) [Summary Financials in USD and EUR](index=40&type=section&id=Summary%20financial%20information%20in%20US%20dollars%20and%20euros) The report includes a simple translation of sterling-based financials into US dollars and euros for informational purposes H1 2025 Key Metrics in USD and EUR | Metric | H1 2025 (USDm) | H1 2025 (EURm) | | :--- | :--- | :--- | | Revenue (USDm) | 6,163 | 5,642 | | Adjusted Operating Profit (USDm) | 2,148 | 1,966 | | Adjusted Net Profit (USDm) | 1,522 | 1,393 | - Adjusted earnings per American Depositary Share (ADS) for H1 2025 was **$0.826**[139](index=139&type=chunk) [Governance and Investor Information](index=42&type=section&id=Governance%20and%20Investor%20Information) This section covers the independent review report, directors' responsibility statement, and general investor information for RELX [Independent Review Report](index=42&type=section&id=Independent%20review%20report%20to%20RELX%20PLC) Ernst & Young LLP reviewed the H1 2025 condensed financial statements, finding them prepared in accordance with UK adopted IAS 34 - The auditor's review concluded that the condensed financial statements appear to be prepared in accordance with UK adopted International Accounting Standard 34[147](index=147&type=chunk) - The review was conducted in accordance with ISRE 2410 (UK), which is substantially less in scope than a full audit; therefore, no audit opinion is expressed[148](index=148&type=chunk) [Directors' Responsibility Statement](index=45&type=section&id=Directors'%20responsibility%20statement) The directors confirm the condensed financial information and interim management report provide a true and fair view of the company's position - The directors affirm the fairness and accuracy of the condensed financial statements and the interim management report[157](index=157&type=chunk) [Investor Information](index=46&type=section&id=Investor%20information) This section provides general information about RELX's global operations, market capitalization, and key financial calendar dates - RELX is a global provider of information-based analytics, employing over **36,000** people with a market capitalization of approximately **£71 billion**[160](index=160&type=chunk)[161](index=161&type=chunk) - Key upcoming dates include the interim dividend payment on September 11, 2025, and a Q3 trading update on October 23, 2025[162](index=162&type=chunk)

Financial Data and Key Metrics Changes - Underlying revenue growth was 7% and underlying adjusted operating profit growth was 9% in the first half of 2025 [2][13] - Adjusted earnings per share growth was 10% at constant currency, with a 7% increase in the GBP interim dividend [3][14] - Group adjusted operating margin improved to 34.8%, reflecting strong operating results [13][19] Business Line Data and Key Metrics Changes - In Risk, underlying revenue growth was 8% and underlying adjusted operating profit growth was 9%, driven by AI-enabled analytics and decision tools [4][6] - In Scientific, Technical, and Medical (STM), underlying revenue growth was 5%, with developing momentum supported by new product introductions [5][6] - In Legal, underlying revenue growth improved to 9%, with adjusted operating profit growth at 11% [6][7] - Exhibitions delivered underlying revenue growth of 8%, with margins significantly above pre-pandemic levels [8][9] Market Data and Key Metrics Changes - Total group revenue growth at constant currency was 4%, impacted by portfolio effects and print exposure reduction [16][17] - In Sterling, total revenue growth was 2%, affected by the strength of Sterling against the U.S. Dollar [16] Company Strategy and Development Direction - The strategic direction remains focused on the transition from print to electronic formats, with print revenue now at 4% [10][11] - The company aims to sustain strong long-term growth in Risk, STM, Legal, and Exhibitions, while managing cost growth below revenue growth [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued strong underlying revenue growth and adjusted operating profit growth for the full year [24] - Positive momentum is expected across the group, with strong new sales and renewals in various segments [28][29] Other Important Information - Cash conversion was strong at 100%, with net debt at just under $7.5 billion and a leverage ratio of 2.2 times [21][23] - The company completed three acquisitions totaling £262 million and deployed £1 billion for share buybacks in the first half [14][22] Q&A Session Summary Question: Impact of NIH's open access policy on revenues - Management noted that while the NIH's policy change is significant, it is unlikely to impact the overall growth trajectory, which remains strong [28][29] Question: Rationale for partnership with Harvey in Legal - The partnership aims to enhance customer value through integrated tools and seamless interactions, focusing on customer needs [29][30] Question: Connection between cash flow conversion and print segmentation - Management clarified that the strong cash conversion was due to normal timing of receipts and payments, not directly related to print segmentation changes [32] Question: Demand patterns in the legal industry - Management indicated that while demand growth has been strong, the focus remains on adding value through new tools rather than on industry growth rates [75] Question: Incremental growth and margin contribution from digital tools in exhibitions - Management stated that digital offerings are integral to overall growth, but specific contributions are hard to quantify [73][76] Question: Future M&A strategy and leverage considerations - The company is open to acquisitions that enhance organic development but primarily focuses on organic growth opportunities [77][78]

Financial Data and Key Metrics Changes - Underlying revenue growth was 7% and underlying adjusted operating profit growth was 9% in the first half of 2025 [1][11] - Adjusted earnings per share grew by 10% at constant currency, with a 7% increase in the GBP interim dividend [2][12] - The adjusted operating margin improved to 34.8% [11][17] - Cash conversion was strong at 100%, with leverage at 2.2 times [12][20] Business Line Data and Key Metrics Changes - In Risk, underlying revenue growth was 8%, with adjusted operating profit growth of 9% driven by AI-enabled analytics [3][4] - SCM, excluding print, saw 5% underlying revenue growth and 7% adjusted operating profit growth [4][5] - Legal experienced a 9% growth in underlying revenue, with adjusted operating profit growth of 11% [5][6] - Exhibitions delivered 8% underlying revenue growth and 9% adjusted operating profit growth, with margins significantly above pre-pandemic levels [7][8] Market Data and Key Metrics Changes - Total group revenue growth at constant currency was 4%, impacted by portfolio effects and print exposure reduction [14][15] - In Sterling, total revenue growth was 2% due to the strength of Sterling against the U.S. Dollar [14] Company Strategy and Development Direction - The strategic focus remains on the transition from print to electronic formats, with print revenue declining from 64% to 4% over 25 years [8] - The company aims to sustain strong long-term growth in Risk, STM, Legal, and Exhibitions, with a focus on higher growth analytics and decision tools [9][12] - Continuous process innovation is emphasized to manage cost growth below revenue growth, resulting in a higher growth profile with improving returns [9] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in continued strong underlying revenue growth and adjusted operating profit growth for the full year [21] - Positive momentum is noted across the group, with expectations for strong growth in adjusted earnings per share on a constant currency basis [21] Other Important Information - The company completed three acquisitions totaling £262 million in the first half and deployed £1 billion for share buybacks [12][19] - The focus on print-related activities has been reduced, with expectations for profit from print to decline in the high single digits annually [15][16] Q&A Session Summary Question: Impact of NIH's open access policy on revenues - Management noted that while they are aware of the NIH's policy change, it is not expected to significantly impact the overall revenue trajectory, which remains strong [23][25] Question: Rationale for partnership with Harvey - The partnership aims to enhance customer value through collaboration on legal tools, focusing on seamless integration with existing services [26][27] Question: Connection between cash conversion and print segmentation - Management clarified that the strong cash conversion was due to timing of receipts and payments, not directly related to changes in print segmentation [29] Question: Future growth in Legal and STM - Management indicated that while Legal has shown positive momentum, it is unlikely to reach a 10% growth rate this year, with a focus on long-term growth objectives [42][48] Question: Exhibitions margin guidance - Management expects full-year margins to be lower than the first half due to seasonality but still anticipates decent improvement [39][57] Question: Changes in demand from U.S. universities - Management stated that there have been no significant changes in demand patterns from U.S. universities, maintaining a consistent outlook [68][69]

Financial Performance - RELX Group reported strong financial results in H1 2025, with underlying revenue growth of +7%[7, 30] and underlying adjusted operating profit growth of +9%[7, 30] - Adjusted EPS growth at constant currency was +10%[7, 30], and the interim dividend saw a growth of +7%[7] - The adjusted operating profit margin increased to 348%[30, 33] - Adjusted cash flow conversion was strong at 100%[30] Segment Performance - Risk segment revenue grew by +8%[10, 31] and adjusted operating profit by +9%[12, 32] - Scientific, Technical & Medical (STM) segment revenue grew by +5%[10, 31] and adjusted operating profit by +7%[15, 32] - Legal segment revenue grew by +9%[10, 31] and adjusted operating profit by +11%[18, 32] - Exhibitions segment revenue grew by +8%[10, 23] and adjusted operating profit by +9%[23, 32] Strategic Direction and Outlook - RELX expects continued strong underlying revenue growth and adjusted operating profit growth for the full year 2025[13, 16, 19, 23, 39] - The company is focused on developing sophisticated information-based analytics and decision tools[28] - Share buybacks amounted to £1 billion[30]