London, April 2, 2026, 20:02 BST
RELX reiterated on Thursday that it expects another year of strong revenue growth and growth in adjusted operating profit, a company earnings measure that excludes some deal-related items, in a fresh investor presentation. The group said it still sees “positive momentum across the group.” 1
That matters because the British information and analytics group is still trying to settle investors after a sharp February selloff driven by fears that new AI tools could squeeze legal and data incumbents. Anthropic’s legal plug-ins hit RELX and peers Thomson Reuters and Wolters Kluwer, even as RELX argued that AI embedded in its own products would keep driving growth. 2
RELX said it still expects strong “underlying” growth in revenue and adjusted operating profit, as well as strong growth in adjusted earnings per share at constant currency, or before exchange-rate swings. In RELX reporting, underlying growth strips out currency effects, acquisitions, disposals, print revenue and some exhibition timing effects.
The April deck restated the size of last year’s business: 2025 revenue of 9.6 billion pounds, adjusted operating profit of 3.3 billion pounds, an adjusted operating margin of 34.8%, and adjusted cash flow conversion of 99%, meaning nearly all of that profit turned into cash.
Legal stayed one of the quicker-moving units. In February, RELX said underlying legal revenue rose 9% and adjusted operating profit 12%, helped by adoption of Lexis+ AI and Protégé, while Risk posted 8% underlying revenue growth and Scientific, Technical & Medical grew 5%, supported by tools including Scopus AI, Sherpath AI and LeapSpace.
Chief Executive Erik Engstrom said the “continued evolution of artificial intelligence” was helping RELX add functionality, launch products faster and keep cost growth below revenue growth. Chief Financial Officer Nick Luff told Reuters in February that continuously updated content, data and proprietary algorithms gave the group an edge when serving professionals making high-value decisions. 3
But the risk case has not gone away. RELX shares were down 36.3% over the past 52 weeks and 17.5% year to date as of April 1, according to a London Stock Exchange tearsheet, and Schroders analyst Jonathan McMullan said the February rout reflected a “deepening structural debate” over whether AI could erode the sector’s old visibility premium — the extra valuation investors gave predictable recurring revenue. 4
RELX has also kept cash returns high. The company is in the middle of a 350 million pound share buyback — a programme in which it repurchases its own stock — running through April 22, following a 450 million pound tranche completed in March, as part of a planned 2.25 billion pounds of repurchases in 2026. Investors now turn to April 23, when RELX is scheduled to hold its annual general meeting and issue a trading update. 5
