RELX, parent company of Elsevier and RX, formerly Reed Exhibitions, saw underlying revenue growth of 6% in the first nine months of 2021.
In a trading update, the firm said it expected full-year underlying growth rates in revenue and adjusted operating profit, as well as constant currency growth in adjusted earnings per share, to be “above historical trends”.
In July, the company reported that revenue was down 3%, but up 4% in constant currency, to a total of £3.4bn in the first half of 2021. Adjusted operating profit was up 3% (11% in constant currency) at £1bn.
RELX’s Exhibitions business, whose operations include the London Book Fair, saw underlying revenue grow by 9% in the first nine months of 2021, driven by the gradual reopening of exhibition venues. The full-year outlook expects “strong revenue growth”. This compares to July’s half-year report, which showed revenue for the six months to end of June was down 40% to £121m.
Elsevier, RELX's STM division, also saw underlying revenue grow by 4% in the first nine months of the year, with electronic revenue, which represents 87% of the divisional total, continuing to “grow well” while print revenue remained stable. The update said primary research growth was driven by continued market share gains in both subscription and Open Access payment models. Databases and tools and e-reference continued to grow strongly.