RELX reported H1 19 results globally in line, although marred by lower than expected organic revenue growth (+3% instead of +4%), reflecting STM’s top-line slowdown. The group, nonetheless, still delivered an improving operating margin (31.9% versus 31.5%). Full-year guidance was reiterated and the interim dividend is raised by 10% to 13.6p. Minor adjustments are likely to our model (which already cautiously integrates a slightly declining profitability for STM with no top-line underlyi
29 Jul 2019
STM's slowdown calling for some nuance
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STM's slowdown calling for some nuance
RELX PLC (REL:LON) | 3,304 -891.9 (-0.8%) | Mkt Cap: 62,014m
- Published:
29 Jul 2019 -
Author:
Véronique Cabioc'h -
Pages:
3
RELX reported H1 19 results globally in line, although marred by lower than expected organic revenue growth (+3% instead of +4%), reflecting STM’s top-line slowdown. The group, nonetheless, still delivered an improving operating margin (31.9% versus 31.5%). Full-year guidance was reiterated and the interim dividend is raised by 10% to 13.6p. Minor adjustments are likely to our model (which already cautiously integrates a slightly declining profitability for STM with no top-line underlyi