RELX PLC (NYSE:RELX) Q4 2022 Earnings Call Transcript

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It will continue to be for many years to come. ChatGPT or perhaps more importantly for us, the GPT underlying large language model structure that’s behind it, that’s an important step, but it’s only one step of many. There will be many more to come, and we’re very excited about it. We have already worked with the underlying GPT technology for a while. We’ll continue to do that with the next generation. I think it’s going to be a big opportunity for us to continue to incorporate it, both in the way we serve our customers and interact with them but perhaps, most importantly, in the way we actually operate and run the company in our internal professionals and their processes. Let me just make sure, the last question you asked was?

Nick Luff: I’d like to take it. Your digital revenue in Exhibitions. If you look in, Sami, in the disclosures, you’ll see that where we actually charge separately for the digital service, that’s the revenue €“ it’s about 7% of the division but actually was €“ and that’s growing strongly. But what’s more important actually is how you use these digital tools to enhance the experience of both the exhibitor and the attendee at the event. So, ultimately, it comes through in the face-to-face revenue and what you’re charging exhibitors and indeed attendees in some cases to be at the event because they can get more value out of it because of these digital tools.

Operator: Thank you. We will take our next question from Lisa Yang from Goldman Sachs. Your line now has been opened. Please go ahead.

Lisa Yang: Good morning I have a few questions as well, please. Firstly, on Risk. Obviously, we saw a nice acceleration in the line growth to 8%. Do you think that sort of 8% is, sort of reasonable for 2023? And I think that sounds consistent with your comment as well about growth remaining in-line with historical trends. And could you maybe elaborate a bit more on the drivers of the growth there? Do you continue to see insurance accelerating for 2023 or maintaining the good run rate of H2 2022? Are you seeing any slowdown yet, especially the transactional component within Business Services? And what are the trends you’re seeing as well in the reference business in product identity? That would be really helpful. Second question is on Exhibitions.

Could you please tell us where you ended at the end of 2022 in terms of like-for-like revenue for your shows versus 2019? And what are your expectations for 2023, especially if you’re expecting margin to go back to close to that 26% level? And can you also maybe comment on what you’re expecting as well in terms of contribution of price increases and how much contribution you’re expecting from your China JV? I know it’s mainly an impact on your EBIT but used to be quite meaningful. And so, I’m just wondering like what are you assuming in terms of getting to that sort of close to 26% level. And on Exhibitions as well, are you planning, given that this business seems to be doing much better now, are you expecting to roll any new shows? That’s the second question.

And the last one is, if you can give us an update in terms of what you’re expecting on tax? I think 2022 tax rate ended a little bit lower than we expected. So, what should we expect for 2023 and on interest costs as well? Thank you.

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