On Exhibitions, in the near term here, as you might understand, and as I mentioned earlier, we remain 100% focused on the growth opportunity from the new reopening and the introduction of these new data-driven digital tools we’re using. Over time though, the key issue is, what kind of value uplift we will be able to drive for our customers and for the business as a whole, therefore, through the wider deployment of these higher value-add analytics and decision tools. But given that we’re still in the reopening stage here where many exhibitions are happening for the first or second time since COVID, and we’re in the early stages of this roll up, it’s much too early for us to estimate or even try to form an opinion of what kind of value that will create at this point in time.
So that’s where we’re going to leave it for now.
Operator: Thank you. We will take our next question from Sami Kassab from BNB Paribas. Your line now has been opened. Please go ahead.
Sami Kassab: Thank you and good morning everyone. I have my three questions as well. The first one is on STM and Legal. They have accelerated, but have you reached a plateau or would you expect over time that growth rate can accelerate further in Legal, in particular, and in STM, as we recently heard from Thomson Reuters who suggested further growth acceleration? Secondly, there has been quite a lot of talk on ChatGPT and other text-generative AI. What impact do you see this development having on the group and especially on the Legal division? And lastly, how much of Reed Exhibitions revenues are now derived from digital tools? Thank you.
Erik Engstrom: Yes. I will cover all of those in order, too. In the different divisions, Legal and STM, as you might have heard from the two seminars we’ve had on those individual divisions in the last year or so, both of those division heads have articulated the clear objectives for that growth objective for them, which is to continue on this improving growth trajectory and because this is driven by the business mix shift towards higher-growth analytics and decision tools, and of course, in both of those divisions also supported by the gradual reduction in the print drag on the growth rate. Their objective is to continue down this path. But of course, as we’ve heard, the subscription percent in each one of those is three quarters of the division is multiyear subscriptions, which means that they’re working on improving the long-term growth rate, but it’s going to have to be 1 percentage point at a time, and it will be, in the short-term, influenced by possible volatility on the lumpy print revenues in any one-year, even though that effect would also reduce this over time.
ChatGPT, I mean RELX is a big user of AI technology, and it has been, as you know, for many years. Generative AI or the technologies behind ChatGPT, that’s the next step on this journey. And it’s steps like this that actually have enabled us to grow and develop in the way that we have developed as a company. I mean as a matter of fact, we consider our ability to identify and leverage new tools like this, a competitive advantage of ours. We proactively seek them out. We work with them often in partnerships, and where we see opportunities to create products, we do that to improve our customer outcomes, and sometimes we look for opportunities instead to leverage the technologies to improve our own internal processes and efficiencies. I mean this has been our approach for many years.
