RELX Plans to Unify Dual Holding Structure; 2017 Profit Rises 43%
15 Febbraio 2018 - 9:15AM
Dow Jones News
By Adria Calatayud
RELX PLC (REL.LN) said Thursday that it plans to further
simplify its corporate structure, unifying its dual parent holding
structure into a single company, as net profit for 2017 rose
43%.
The Anglo-Dutch professional-information and events company also
said it intends to buy back further shares worth 700 million pounds
($974.4 million) this year, of which GBP100 million have already
been repurchased. This adds to the GBP700 million buyback the
company conducted last year.
The company behind medical journal the Lancet and the London
Book Fair said it plans to implement its corporate restructuring,
which is subject to shareholder approval, in the third quarter.
Shareholders in Amsterdam-listed RELX NV (REN.AE) will receive one
share in London-listed RELX PLC for each share held, the company
said. The single parent will be listed in London, Amsterdam and New
York.
RELX said these corporate changes won't impact its activities or
staffing levels, nor the location of its headquarters or business
units. The restructuring will be cost and profit neutral, before
and after tax, the company added.
In 2017, RELX made a profit of GBP1.66 billion, compared with
GBP1.16 billion a year earlier, it said. A FactSet-provided
consensus of ten analysts forecast net profit at GBP1.38
billion.
Revenue rose 7% to GBP7.36 billion, from GBP6.90 billion in
2016, the company said. This was below the analysts' expectations
of GBP7.47 billion. On an underlying basis, revenue grew 4% in
2017, the company said.
RELX said it is confident on delivering another year of
underlying growth in revenue and in adjusted operating profit,
along with a constant-currency rise in adjusted earnings a share,
it said. Key business trends in the early part of 2018 are
consistent with 2017, the RELX added.
The company said it anticipates a small positive effect from the
U.S. tax reform going forward. In 2017, RELX included in its
accounts a non-cash credit from a deferred tax balance-sheet
adjustment of GBP346 million resulting from the new U.S. tax
legislation.
The board has increased its dividend for 2017 to 39.4 pence for
the holders of RELX PLC shares, up 10% on year, and to 44.8 euro
cents for RELX NV shareholders, up 6% compared with a year
earlier.
Write to Adria Calatayud at
adria.calatayudvaello@dowjones.com
(END) Dow Jones Newswires
February 15, 2018 03:00 ET (08:00 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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