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]