Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Relx sees AI driving growth as shares hit new high

Published 16/02/2023, 09:23
Updated 16/02/2023, 09:25
© Reuters.

© Reuters.

By Paul Sandle

LONDON (Reuters) - Information and analytics firm Relx said it was using generative AI to supercharge its legal, health and science products as it forecast another year of strong growth in 2023, sending its shares to an all-time high.

Chief Financial Officer Nick Luff said all four of its divisions - legal, risk, science and exhibitions - grew strongly in 2022, with underlying profits growing faster than revenue.

"Momentum remains strong across the group and we expect underlying growth rates and revenue and adjusted operating profit to remain above historical trends," he told reporters.

Relx reported a 9% rise in revenue growth to 8.55 billion pounds ($10.31 billion), a 15% rise in adjusted operating profit to 2.68 billion pounds, and a better-than-expected 10% increase in adjusted earnings per share to 102.2 pence.

Shares in Relx, which have risen 8% in the last 12 months, hit a record 2,551 pence on Thursday.

Luff said generative AI was an opportunity rather than a threat, and Relx was already building it into products.

There has been a huge excitement around the potential of the technology to disrupt information search and analysis since the chatbot ChatGPT was launched in November.

"The technologies themselves are very interesting," Luff said. "But you need to make sure you're applying them to the right content, in the right use case, in the right workflow, so that the professional user can trust the output and utilize the output in a confident way."

($1 = 0.8290 pounds)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.