Erik Engstrom: Yes. Yes, a little bit up because the €“ there is a delay in submissions to acceptances to publish and as the number of submissions leveled off a little bit the year before and now has gone back to the mid- to high-single-digits growth rate of submissions, that means that the number of articles published has a little bit of a time lag as it’s come through and get registered. So that’s why you can see the sort of the keeping up at the level it led to a small increase this year, a number of articles published, but what’s in the pipeline in terms of articles submitted and accepted is back up to the higher growth rates. And you’ll see that come through over the next few months because of the lag time in the process.
Adam Berlin: Okay that’s great. Thank you very much indeed.
Operator: Thank you. We will take our next questions from our participant, Mr. Nick Dempsey from Barclays. Your line now has been opened. Please go ahead.
Nick Dempsey: Yes, good morning guys. I’ve got three questions. So the first one, when you’re negotiating subscription renewals, I understand that you won’t be putting through an inflationary price increase. But when you’re making your case for how much extra value you’ve delivered and you hope to be paid for that, doesn’t it help in your negotiations that the other cost lines of your customers are all going up 5%, 6%, 8%, 13%, and therefore, it’s not shocking that they would pay you 5% more or 6% more than last year? So, even though you don’t obviously put through inflation price increases, are you still being helped by an inflationary environment? And could that change? Second question. When you say on legal, the renewal rates are strong and the positive momentum in new sales is continuing, given that about 80% of revenues are subscription, is there any reason why you would not again achieve the 5% organic revenue growth in legal in 2023 that you saw in 2022?
And the third question, now that the Exhibitions division is heading back towards the numbers that you achieved before the pandemic, does it make sense to look to sell this division at some point? Clearly, it was a source of volatility in the last few years that it would have been nice to avoid and the scale of the division is pretty small in the group.
Erik Engstrom: Well, let me cover each one of those in order here. If you looked at €“ first question was around subscription renewals and the relative perception of those in an inflationary environment. We think of what we sell to our customers as something that is of increasing value to them over time, both because we have broader data sets or the broader content sets, we have increasing and sophisticated analytics and higher-value decision tools, and therefore, we sell on their value and their perceived value. And I agree with you to some extent that when other things in the world get more expensive, the perception of value might €“ that we €“ of what we are selling would be enhanced, and therefore, our customers should want more of them, should use them more, and therefore, continue to support our revenue growth.
So, even though there’s not a direct calculation there, it’s a part of our approach of selling value. And when the relative value increases, we should at least do, as well as we did before, if not slightly better. On Legal, you said €“ yes, if you asked us, is it going to be similar? Yes. Renewals and new sales are continuing to do well. Momentum is strong. It remains strong. There’s no reason to believe that based on what we’ve seen that the trends are heading down. However, we still have about 10% of that division that is print. That is a little bit lumpy. So, you don’t know exactly what’s going to happen in any 1-month, 6-month, or 12-month period in the short-term, but we do know which direction it’s going over the medium-to-long term, and that’s an improving long-term growth trajectory.
