LONDON — European information provider Relx upgraded its full-year outlook for underlying profit, earnings and revenue growth on Thursday, driven by demand for analytics products like fraud prevention and identity solutions.
The British company previously called Reed Elsevier said in a nine-month trading update that it expected the group to perform above historical trends. It had said in July that underlying growth rates would be “slightly” above trends.
Relx, which outperformed the FTSE 100 index for 10 years after transforming from an advertising-supported media group to the more stable world of data and analytics, posted annual revenue growth of around 4% in recent years, prior to the pandemic.
It said on Thursday that underlying revenue growth in the first nine months of 2021 hit 6%, helped by a 10% revenue jump at its Risk division for data services, insurance and demand for fraud prevention and identity solutions.
Its Scientific, Technical and Medical unit recorded revenue growth of 4%, due to research demand in both subscription and open access payments models. The two divisions, its biggest out of four, are expected to post revenue growth above historical trends.
The group also said that Exhibitions, which has been badly hit by the pandemic, is gradually reopening and it expects strong growth, with costs now broadly matching revenue.
(Reporting by Kate Holton; editing by Guy Faulconbridge and Sarah Young)