LONDON (dpa-AFX) - RELX Group (REL.L), a provider of information-based analytics and decision tools, reported Wednesday that its first-quarter underlying revenue growth in the three largest business areas, Scientific, Technical & Medical, Risk & Business Analytics, and Legal, was slightly higher than the prior year.
Further, the company said its Board has decided not to continue with the next tranche of the share buyback programme amid coronavirus or Covid-19 crisis. The company will review the decision later in the year.
Looking ahead, the company said it is unable to provide full year guidance for the group as the Exhibitions business is being impacted significantly by COVID-19.
In its trading update, the company said its three largest business areas saw only a limited impact from COVID-19 in the first quarter. Meanwhile, the full year outcome may be affected by changes in the evolving economic environment and by activity levels in customer markets.
For the Scientific, Technical & Medical segment, positive revenue momentum continued through the first quarter. There are some impact from the COVID-19 pandemic, but overall revenue stability is supported by 75% being subscription based.
Regarding the search process for a successor to Anthony Habgood as Chair, the company said the process may take longer than originally anticipated, including potentially extending into next year. Habgood remains willing to continue in his role until a successor has been appointed.
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