RELX PLC (REL.L): Legal growth a key focus area for H1

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RELX PLC (REL.L): Legal growth a key focus area for H1

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01 Jul 2026 00:00:00 ET │ 13 pages

RELX PLC (REL.L)

Legal growth a key focus area for H1

CITI’S TAKE

Ahead of the H1 results on 23 July, we think the key area of focus is the

Buy Legal underlying revenue growth. The Legal division is where investors are

Price (30 Jun 26 16:30) £23.66 most concerned with respect to AI risks; therefore, an improvement in

organic growth in this division could have a disproportionate effect on the Target price £28.70

AI risk perception. Visible Alpha consensus is 9.4% (CitiE: +9%); a +10% Expected share price return 21.3%

print would be an incremental positive. We expect growth across the Expected dividend yield 3.2%

divisions to be consistent with consensus apart from Exhibitions, where Expected total return 24.5%

we think this division is likely to see an impact from the Middle East Market Cap £41,527M

conflict, we decrease our H1 and FY26E organic growth to 6% from 7% for

US$54,955M Exhibitions division. We forecast group underlying revenue growth of 7%

(VA cons: 7.2%) and adj. EBIT margin of 34.8% (VA Cons: 35.1%) for H1. We

decrease our FY26 adj. EPS estimates by 2%, reflecting lower growth and

FX. Ciaran DonnellyAC

+44-207-508-3219

Legal growth a key focus area — This has been a key area of focus for investors with ciaran.donnelly@citi.com

regards to the AI debate; investors perceive this division to be at risk from disruption Doyinsola Ojo

from new AI entrants. While the concerns are more long dated in nature, the short-

+44-20-7986-4112

term dynamics remain positive with the Legal sector demonstrating itself as an early

doyinsola.ojo@citi.com

adopter of AI tools. The Legal division has seen underlying revenue growth accelerate,