What happened? Relx has just reported its April trading update. As in previous years, the company did not report any organic revenue growth numbers and stated that it had started the year well across all four business areas . Management has reaffirmed its full year outlook for the group and each single division. In Risk, it reported that strong underlying revenue growth continued to be driven by AI-enabled analytics. In STM, management pointed that good underlying revenue growth continued to be driven by the shift in the revenue mix towards higher growth segments. Article submissions are growing very strongly . In Legal, renewals and new sales remained strong across all key segments with Protege having been positively received by customers and Lexis+AI continuing its US and international roll-out. In Exhibitions, Relx referred to strong underlying revenue growth continuing to reflect the improving growth profile of the portfolio. BNPP Exane View: Relx Q1 trading update has rarely been a share price moving catalyst. Today''s publication looks in line with expectations and has no reference to the ongoing macro in particular with regard to the outlook for Exhibitions. We believe this trading update is slightly positive but is unlikely to trigger a major share price reaction. We remain Outperform. Link to our recent report on the sub-sector: PROFESSIONAL INFORMATION: All-weather stocks