By Paul Sandle
LONDON (Reuters) - RELX, the London-listed information and analytics group, said it expected 2024 to be another year of strong performance, helped by demand from lawyers, academics and scientists for its new generative AI products.
The positive outlook came after RELX grew profits faster than revenue again 2023, an achievement credited to innovation in its analytic tools and a recovery in demand in its exhibitions business.
Adjusted operating profit grew 13% to 3.03 billion pounds ($3.8 billion) in 2023 on revenue up 8% to 9.16 billion pounds, it said on Thursday.
Earnings per share rose 11% to 114.0 pence, beating market forecasts of 112.7 pence.
Shares in RELX, which have risen 36% in the last 12 months, rose 1.5% in morning deals, as analysts at Citi said the company had delivered a "characteristically reassuring set of results".
Chief Financial Officer Nick Luff said RELX had launched commercial generative AI in its LexisNexis legal business in October.
"The reaction we're getting from the customers has been very positive," he said in an interview.
"They are seeing when we survey them that they're getting significant efficiency gains, whether summarising documents, conducting research, legal research or drafting court submissions."
He said RELX has also just launched an AI product in its scientific, technical and medical unit, which uses summaries and citation content to underpin conversational search. It has already generated good feedback from researchers, he said.
RELX increased its full-year dividend by 8% to 58.8 pence, and said it would spend 1 billion pounds this year on share buybacks.
($1 = 0.7965 pounds)