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Relx reaffirms full-year outlook
Relx, formerly Reed Elsevier, reaffirmed its outlook for the full year on Wednesday.
In an update on trading ahead of its annual general meeting, the company said key business trends in the year to date have remained consistent with full-year 2017 across its business.
Relx said it has continued to focus on the organic development of increasingly sophisticated information-based analytics and decision tools that deliver enhanced value to its customers. In addition, it has continued to reshape its portfolio, targeting selective acquisitions that support its organic growth strategies.
Year to date, the group has completed four acquisitions for a total of £668m. It has also completed £325m of the previously announced £700m share buyback, with the remainder to be deployed by year end.
"We are confident that, by continuing to execute on our strategy, we will deliver another year of underlying growth in revenue and in adjusted operating profit, together with growth in adjusted earnings per share on a constant currency basis," the company said.
The simplification of Relx's dual parent holding company structure is in progress and it plans to seek shareholder approval at meetings to be held by the two parent companies in June, with completion expected in the third quarter.
At 1240 BST, the shares were up 0.4% to 1,509p.