Relx shares hit a record high after a surge in profits thanks to growing demand for its AI-powered products. Finance office Nick Luff expects further growth after 2024 profit rose from £2.3billion to £2.6bn. The data and publishing group hiked its full-year dividend 7 per cent to 63p a share – worth £1.2billion to shareholders – and returned £1billion through share buybacks. Luff said it will look to increase its dividend and spend £1.5billion this year on more buybacks. Shares passed 4200p but closed 0.2 per cent, or 10p, up at 4135p – taking gains under boss Erik Engstrom to nearly 800 per cent since 2009.
Engstrom is one of the best-paid bosses in the FTSE 100 and has collected £126million so far. He is due around £12million of shares and a divi of £750,000. Luff said demand was growing among lawyers, scientists and medical professionals, while bankers need AI tools to fight financial crime. ‘The need is growing, especially as criminals are starting to use this,’ he said. Relx also owns medical journal The Lancet and an exhibitions arm, which runs the comic book convention Comic Con.
