RELX Plc (REL.L): European Communacopia Conference — Key Takeaways

We hosted RELX CFO Nick Luff at our European Communacopia Conference. Management discussed: (i) expectations for continued strong top-line performance, with STM and Legal accelerating; the aim is to grow costs more slowly than revenue so EBIT growth exceeds revenue growth; (ii) the difficulty of replicating RELX's legal data, much of which is not publicly available and a large portion of secondary content is copyrighted, making RELX products especially suited to workflows requiring content integration — the US legal industry has revenues of $400-500bn, of which c$25bn is spent on legal tech and $4-5bn on legal research, and RELX's Protégé platform is now more than 50% penetrated in the US with 90% of new sales on the new agentic platform; (iii) the long-term opportunity in Risk around fraud prevention; robotaxis are a small part of the fleet and no change in accident rates has been noticed;