As filed with the Securities and Exchange Commission on February 28, 201920, 2020

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM20-F

(Mark One)

Or

For the fiscal year ended December 31, 20182019

Or

For the transition period from              to             

Or

Commission file number:1-13334

RELX PLC

(Exact name of Registrant as specified in its charter)

England

(Jurisdiction of incorporation or organisation)

1-3 Strand, London, WC2N 5JR, England

(Address of principal executive offices)

Henry Udow

Company Secretary

RELX PLC

1-3 Strand, London, WC2N 5JR, England

011 44 20 7166 5500

henry.udow@relx.com

(Name, telephone,e-mail and/or facsimile number and address of

Company Contact Person)

Securities registered or to be registered pursuant to Section 12(b) of the Act:

Securities registered or to be registered pursuant to Section 12(g) of the Act: None

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None

Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of December 31, 2018:2019:

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes                ☑                 No                 ☐

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

Yes                 ☐                No                ☑

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes                ☑                 No                 ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of RegulationS-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes                ☑                 No                 ☐

Indicate by check mark whether the registrant is a large accelerated filer, accelerated filer,non-accelerated filer or emerging growth company. See definition of “accelerated filer,” “large accelerated filer” and “emerging growth company” in Rule12b-2 of the Exchange Act.

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act.

† The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing.     

☐    US GAAP             ☑     International Financial Reporting Standards as issued by the International Accounting Standards Board                 ☐    Other

If “Other” has been checked in response to the previous question indicate by check mark which financial statement item the registrant has elected to follow:

Item 17         ☐                    Item 18         ☐

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act).

Yes                 ☐                 No                ☑

TABLE OF CONTENTS

THIS PAGE INTENTIONALLY BLANK

GENERAL

RELX PLC is a publicly-held entity. RELX PLCentity, and owns all of the Group’s operating businesses and financing activities.businesses.

As used in this Annual Report on Form20-F, the terms “Group”, “RELX”, “we”, “our” or “us” refer collectively to RELX PLC and its subsidiaries, associates and joint ventures. For dates and periods ended before the corporate simplification on September 8, 2018, as described under “Item 4: Information on the Group — History and Development” on page 9, such terms refer collectively to RELX PLC, RELX NV, RELX Group plc and its subsidiaries, associates and joint ventures. Additional terms are defined in the Glossary of Terms on pagesS-1 andS-2.

In this annual report, references to US dollars, $ and ¢ are to US currency; references to sterling, £, pence or p are to UK currency; references to euro and € are to the currency of the European Economic and Monetary Union.

Statements regarding our competitive position included herein were obtained from internal surveys, market research, publicly available information and industry publications. While we believe that the market research, publicly available information and industry publications we use are reliable, we have not independently verified market and industry data from third-party sources. Moreover, while we believe our internal surveys are reliable, they have not been verified by any independent source.

This document contains references to the RELX website, either within the document or incorporated by reference. Information not specifically stated as being incorporated by reference to the RELX website or any other website referenced is not incorporated into this document and should not be considered part of this document.

Pursuant to Rule12b-23(a) of the US Securities Exchange Act of 1934, as amended (the “Exchange Act”), certain information in this Annual Report on Form20-F is being incorporated by reference to the RELX Annual Report and Financial Statements 20182019 appended hereto as Exhibit 15.2. With the exception of the items and pages so specified, the RELX Annual Report and Financial Statements 20182019 are not deemed to be filed as part of this Form20-F.

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This annual report contains a number of forward-looking statements within the meaning of Section 27A of the US Securities Act of 1933, as amended, and Section 21E of the Exchange Act, with respect to, among others:

We consider any statements that are not historical facts to be “forward-looking statements”. These statements are based on the current expectations of the management of our businesses and are subject to risks and uncertainties that could cause actual results or outcomes to differ from those expressed in any forward-looking statement. These differences could be material; therefore, you should evaluate forward-looking statements in light of various important factors, including those set forth or incorporated by reference in this annual report.

Important factors that could cause our actual results to differ materially from estimates or forecasts contained in the forward-looking statements include, among others:

The terms “estimate”, “project”, “plan”, “intend”, “expect”, “should”, “could”, “will”, “believe”, “trends” and similar expressions may indicate a forward-looking statement. Forward-looking statements are found at various places throughout this annual report and the other information incorporated by reference in this annual report.

You should not place undue reliance on these forward-looking statements, which speak only as of the date of this annual report. Except as may be required by law, we undertake no obligation to publicly update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this annual report or to reflect the occurrence of unanticipated events.

PART I

ITEM 3: KEY INFORMATION

SELECTED FINANCIAL DATA

The selected consolidated financial data for the Group should be read in conjunction with, and is qualified by, the consolidated financial statements for RELX which are set forth on pages 121128 to 167174 of the RELX Annual Report and Financial Statements 20182019 and incorporated herein by reference to Exhibit 15.2. RELX PLC is a publicly-held entity. RELX PLC owns all of the Group’s operating businesses and financing activities.

The consolidated financial statements are prepared in accordance with accounting policies that are in conformity with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The selected financial data for the Group as at December 31, 2018, 20172019 and 20162018 and for the years ended December 31, 2019, 2018 2017 and 20162017 set out below has been extracted or derived from the audited consolidated financial statements, set forth on pages 121128 to 167174 of the RELX Annual Report and Financial Statements 20182019 and incorporated herein by reference to Exhibit 15.2. The selected financial data for the Group as at December 31, 20152017, 2016 and 20142015 and for the years ended December 31, 20152016 and 20142015 set out below has been extracted or derived from our audited financial statements, which are not included herein. The selected financial data for the Group as at a date and for any period ended before the corporate simplification on September 8, 2018 is presented on a consolidated basis for RELX PLC and RELX NV as a single reporting entity, unless indicated otherwise.

A further description of our corporate structure as of December 31, 2018 is contained in note 1 to our consolidated financial statements under heading the ‘Basis of preparation and accounting policies’ on page 126 and under the heading ‘Corporate simplification and structure’ on page 72 of the RELX Annual Report and Financial Statements 2018 and incorporated herein by reference to Exhibit 15.2.entity.

Consolidated Income Statement Data⁽¹⁾

Consolidated Statement of Financial Position Data⁽¹⁾

Earnings per share and dividends

RISK FACTORS

The principal and emerging risks facing our business are included below. Additional risks not presently known to us or that we currently deem immaterial may also impair our business.

Current and future economic, political and market forces, and dislocations beyond our control may adversely affect demand for our products and services.

Demand for our products and services may be adversely impacted by factors beyond our control, such as the economic environment in the United States, Europe and other major economies, international trading relations, political uncertainties, (including the potential consequences of the United Kingdom’s withdrawal from the European Union under Article 50 of the Treaty of Lisbon (“Brexit”)),epidemics, acts of war and civil unrest, as well asand levels of government and private funding providedavailable to academic and research institutions.our customers.

Our intellectual property rights may not be adequately protected under current laws in some jurisdictions, which may adversely affect our results and our ability to grow.

Our products and services include and utilise intellectual property. We rely on trademark, copyright, patent and other intellectual property laws to establish and protect our proprietary rights in this intellectual property. There is a risk that our proprietary rights could be challenged, limited, invalidated or circumvented, which may impact demand for and pricing of our products and services. Copyright laws are subject to national legislative initiatives, as well as cross border initiatives, such as those from the European Commission and increased judicial scrutiny in several jurisdictions in which we operate. This creates additional challenges for us in protecting our proprietary rights in content delivered through the internet and electronic platforms.

Regulatory changes regarding the collection and use of third-party information by us or compromises of our data privacy controls and other unauthorized access to our databases, could adversely affect our businesses and operations.

Our businesses rely extensively upon content and data from external sources. Data is obtained from public records, governmental authorities, customers and other information companies, including competitors. The disruption or loss of data sources, either because of data privacy laws such as the European Union’s General Data Protection Regulation (“GDPR”), relating to internet communications, privacy and data protection,e-commerce, information governance and use of public records or because data suppliers decide not to supply them, may impose limits on our collection and use of certain kinds of information about individuals and our ability to communicate such information effectively with our customers. Examples of data privacy laws relating to internet communications, privacy and data protection,e-commerce, information governance and use of public records include the European Union’s General Data Protection Regulation (‘GDPR’) and the California Consumer Privacy Act (‘CCPA’), as well as evolving regulation in many jurisdictions where RELX operates.

Compromise of data privacy, through a failure of our cyber security measures, other data loss incidents or failure to comply with requirements for proper collection, storage and transmittal of data, by ourselves, or our third-party service providers, may damage our reputation and expose us to risk of loss, fines and penalties, litigation and increased regulation.

Changes in the payment model for our scientific, technical and medical primary research products or alternative publication channels for our content could adversely affect our operations.

Our Scientific, Technical and Medical (“STM”(‘STM’) primary research content, like that of most of our competitors, is sold largely on a paid subscription basis. There is continued debate in government, academic and library communities, which are the principal customers for our STM content, regarding to what extent such content should be funded instead through fees charged to authors or authors’ funders and/or made freely available in some form after a period following publication. Some of these methods, if widely adopted, could adversely affect our revenue from paid subscriptions.

We cannot assure you that there will be continued demand for our products and services.

Our businesses are dependent on the continued acceptancedemand by our customers offor our products and services and the value placed on them. Failure to meet evolving customer needsdeliver enhanced value to our customers could impact demand for our products and services and consequently adversely affect our revenue or the long-term returns from our investment in electronic product and platform initiatives.

We operate in a highly competitive and dynamic environment that is subject to rapid change.

Our businesses operate in highly competitive and dynamic markets, and the means of delivering our products and services, and the products and services themselves, continue to change in response to rapid technological innovations, legislative and regulatory changes, the entrance of new competitors and other factors. Failure to anticipate and quickly adapt to these changes could impact the competitiveness of our products and services and consequently adversely affect our revenue.

We may not realise all of the future anticipated benefits of acquisitions.

We supplement our organic development with selected acquisitions. If we are unable to generate the anticipated benefits such as revenue growth and/or cost savings associated with these acquisitions this could adversely affect return on invested capital and financial condition or lead to an impairment of goodwill.

A significant failure or interruption of our electronic delivery platforms, networks or infrastructure would adversely affect our businesses and operations.

Our businesses are dependent on electronic platforms and networks, primarily the internet, for delivery of our products and services. These could be adversely affected if our electronic delivery platforms, networks or supporting infrastructure experience a significant failure, interruption or security breach.

Compromises of our cyber security systems and other unauthorized access to our databases, could adversely affect our businesses and operations.

Our businesses maintain online databases and platforms delivering our products and services, which we rely on, and provide data to third parties, including customers and service providers. These databases and information are a target for compromise and face a risk of unauthorised access and use by unauthorised parties.

Our cyber security measures, and the measures used by our third-party service providers, may not detect or prevent all attempts to compromise our systems, which may jeopardise the security of the data we maintain or may disrupt our systems. Failures of our cyber security measures could result in unauthorised access to our systems, misappropriation of our or our users’ data, deletion or modification of stored information or other interruption to our business operations. As techniques used to obtain unauthorised access to or to sabotage systems change frequently and may not be known until launched against us or our third-party service providers we may be unable to anticipate or implement adequate measures to protect against these attacks and our service providers and customers may likewise be unable to do so.

Compromises of our or our third-party service providers’ systems, or failure to comply with applicable legislation or regulatory or contractual requirements could adversely affect our financial performance, damage our reputation and expose us to risk of loss, fines and penalties, litigation and increased regulation.

Our business, operations and reputation could be adversely affected by a failure to comply with FTC settlement orders.

We are subject to numerous and evolving laws and regulations designed to protect certain information and, through our Risk & Business Analytics business in the United States, we are party to two consent orders and two subsequent related supplemental orders embodying settlements, regarding our compliance with US federal laws governing consumer information and security-related issues, including certain fraudulent data access incidents. Failure to comply with these orders could result in civil penalties and adversely affect our business, operations and reputation.

Our businesses may be adversely affected by the failure of third parties to whom we have outsourced business activities.

Our organisational and operational structures depend on outsourced and offshored functions, including use of cloud service providers. Poor performance, failure or breach of third parties to whom we have outsourced activities, could adversely affect our business performance, reputation and financial condition.

We may be unable to implement and execute our strategic and business plans if we cannot maintain high-quality management.

The implementation and execution of our strategies and business plans depend on our ability to recruit, motivate and retain skilled employees and management. We compete globally and across business sectors for talented management and skilled individuals, particularly those with technology and data analytics capabilities. An inability to recruit, motivate or retain such people could adversely affect our business performance. Failure to recruit and develop talent regardless of gender, race, national origin or other characteristics could adversely affect our reputation and business performance.

Changes in the market values of defined benefit pension scheme assets and in the assumptions used to value defined benefit pension scheme obligations may adversely affect our businesses.

We operate a number of pension schemes around the world, including local versions of the defined benefit type in the UK and the United States. The US scheme is closed to future accruals. The UK scheme has been closed to new hires since 2010. The members who continue to accrue benefits now represent a small portion of the overallUK-based workforce. The assets and obligations associated with those pension schemes are sensitive to changes in the market values of the scheme’s investments and the market-related assumptions used to value scheme liabilities. Adverse changes to asset values, discount rates, longevity assumptions or inflation could increase future pension costs and funding requirements.

Changes in tax laws or uncertainty over their application and interpretation may adversely affect our reported results.

Our businesses operate globally, and our profits are subject to taxation in many different jurisdictions and at differing tax rates. The Organisation for EconomicCo-operation and Development (“OECD”(‘OECD’)’s reports on Base Erosion and Profit Shifting, suggested a range of new approaches that national governments might adopt when taxing the activities of multinational enterprises. The OECD continues is continuing to explore options aroundchanges to the taxation of the digital economy.way in which profits are allocated for tax purposes between jurisdictions and other reforms. As a result of the OECD’s work and other international initiatives, tax laws that currently apply to our businesses may be amended by the relevant authorities or interpreted differently by them, and these changes could adversely affect our reported results.

Fluctuations in exchange rates may affect our results.

The RELX consolidated financial statements are expressed in pounds sterling and are subject to movements in exchange rates on the translation of the financial information of businesses whose operational currencies are other than sterling. The United States is our most important market and, accordingly, significant fluctuations in the US dollar exchange rate could significantly affect our reported results. We also earn revenues and incur costs in a range of other currencies, including the euro and the yen, and significant fluctuations in these exchange rates could also significantly impact our reported results.

Market conditions and credit ratings may affect the availability and cost of funding.

Macroeconomic, political and market conditions may adversely affect the availability and terms of short and long-term funding, volatility of interest rates, the credit quality of our counterparties, currency exchange rates and inflation. The majority of our outstanding debt instruments are, and any of our future debt instruments may be, publicly rated by independent rating agencies. Our borrowing costs and access to capital may be adversely affected if the credit ratings assigned to our debt are downgraded.

Breaches of generally accepted ethical business standards or applicable statutes concerning bribery could adversely affect our reputation and financial condition.

As a global provider of professional information solutions to the STM, Riskrisk & Business Analytics, Legalbusiness analytics, legal and Exhibitionsexhibitions markets we, our employees and major suppliers are expected to adhere to high standards of independenceintegrity and ethical conduct, including those related to anti-bribery and anti-corruption, sanctions, promoting human rightscompetition and principled business conduct. A breach of generally accepted ethical business standards or applicable anti-bribery and anti-corruption, sanctions or competition statuteslaws could adversely affect our business performance, reputation and financial condition.

Our impairment analysis of goodwill and indefinite lived intangible assets incorporates various assumptions which are highly judgmental. If these assumptions are not realized, we may be required to recognize a charge in the future for impairment.

As at December 31, 2018,2019, goodwill on the consolidated statement of financial position amounted to £6,899£6,824 million and intangible assets with an indefinite life amounted to £119£114 million. We conduct an impairment test at least annually, which involves a comparison of the carrying value of goodwill and indefinite lived intangible assets by cash generating unit with estimated values in use based on latest management cash flow projections. The assumptions used in the estimation of value in use are, by their very nature, highly judgmental, and include profit growth of the business over a five-year forecast period, the long-term growth rate of the business thereafter, and related discount rates. There is no guarantee that our businesses will be able to achieve the forecasted results which have been included in the impairment tests and impairment charges may be required in future periods if we are unable to meet these assumptions.

ITEM 4: INFORMATION ON THE GROUP

BUSINESS OVERVIEW

RELX PLC is a publicly-held entity. RELX PLC owns all of the Group’s operating businesses and financing activities.

RELX is a global provider of information-based analytics and decision tools for professional and business customers. The GroupRELX serves customers in more than 180 countries and has offices in about 40 countries. It employs over 30,00033,000 people, of whom almost half are in North America.

We operate in four major market segments: Scientific, Technical & Medical; Risk & Business Analytics; Legal; and Exhibitions.

Information on revenue by geographical market is set forth in note 2 to our consolidated financial statements under the heading “Revenue and segment analysis” on page 134 to 137 of the RELX Annual Report and Financial Statements 2019 and incorporated herein by reference to Exhibit 15.2.

ORGANISATIONAL STRUCTURE

RELX PLC is a publicly-held entity with its shares listed on the London, Amsterdam and New York stock exchanges. RELX PLC owns all of the Group’s operating businesses and financing activities.

Trading on the New York Stock Exchange is in the form of American Depositary Shares (ADSs) evidenced by American Depositary Receipts (ADRs) issued by Citibank N.A., as depositary.

A further description of our corporate structure as of December 31, 2018 is contained in note 1 to our consolidated financial statements under the heading ‘Basis of preparation and accounting policies’ on page 126 and under the heading ‘Corporate simplification and structure’ on page 72 of the RELX Annual Report and Financial Statements 2018 and incorporated herein by reference to Exhibit 15.2.

Subsidiaries, Associates, Joint Ventures and Business Units

A list of subsidiaries, associates, joint ventures and business units is included as Exhibit 8.0 to this Form20-F.

HISTORY AND DEVELOPMENT

Introduction

RELX PLC was originally incorporated in 1903. In 1993, RELX PLC combined with RELX NV by contributing their respective businesses into two jointly owned companies. In 2015, the structure was simplified so that all of the businesses were owned by one jointly controlled company, RELX Group plc. In 2018, the structure was further simplified whereby RELX NV merged into RELX PLC to form a single parent company, RELX PLC. RELX PLC now owns 100% of the shares in RELX Group plc, which in turn owns all of the operating businesses, subsidiaries and financing activities of the Group.

Material acquisitions and disposals

Total cash spent on acquisitions in the three years ended December 31, 2018,2019, was £1,468£1,538 million. Cash spent on acquisitions in 20182019 was £437 million (2018: £960 million (2017:million; 2017: £141 million; 2016: £367 million) including deferred consideration of £24 million (2018: £16 million (2017:million; 2017: £13 million; 2016: £24 million) on past acquisitions and spend on venture capital investments of £8 million (2018: £13 million (2017:million; 2017: £10 million; 2016: £6 million). Acquisition payments in respect ofnon-controlling interests in 2018 were nil (2017: nil; 2016: nil).

Net cash inflow in relation to disposals made in 2018,2019, after timing differences and separation and transaction costs, was £48 million (2018: £5 million (2017:million; 2017: £41 million inflow; 2016: £13 million outflow)million).

Capital expenditure

Capital expenditure on property, plant, equipment and internally developed intangible assets principally relates to the development of electronic products and investment in systems infrastructure, computer equipment and office facilities. Total such capital expenditure, which was financed using cash flows generated from operations, amounted to £365£381 million in 2018 (2017:2019 (2018: £365 million; 2017: £355 million; 2016: £332 million). The majority of capital expenditure is incurred in the United States, the United Kingdom and the Netherlands. In 2018,2019, there was continued investment in new products and related infrastructure, particularly in Legal and in Scientific, Technical & Medical.infrastructure. Further information on capital expenditure is included in notes 2, 15 and 17 to the consolidated financial statements under the headings ‘Revenue and segment analysis’, ‘Intangible assets’ and ‘Property, plant and equipment’ on pages 131, 146137, 154 and 149156 respectively of the RELX Annual Report and Financial Statements 20182019 and incorporated herein by reference to Exhibit 15.2.

Principal executive offices

The principal executive offices of RELX PLC are located at1-3 Strand, London WC2N 5JR, England. Tel: +44 20 7166 5500. The principal executive office of RELX PLC located in the United States is at 230 Park Avenue, New York, New York, 10169. Tel: +1 212 309 8100. Our internet address is www.relx.com. The information on our website is not incorporated by reference into this report.

Our agent in the United States is Kenneth Thompson II, General Counsel Intellectual Property, Privacy and Governance, RELX; kenneth.thompson@relx.com, 9443 Springboro Pike, B4/F5/S14, Miamisburg, Ohio, 45342.

PROPERTY, PLANT AND EQUIPMENT

We own or lease approximately 258262 properties around the world as at December 31, 2018.2019. The table below identifies the principal owned and leased properties in our property portfolio as at December 31, 2018.2019.

All of the above properties are substantially occupied by RELX with the exception of the New York, New York property which has been subleased to new tenants and no longer houses any RELX staff.

No property owned or leased by us which is considered material to us taken as a whole is presently subject to liabilities relating to environmental regulations and none has major encumbrances.

INTELLECTUAL PROPERTY

Our products and services include and utilise intellectual property content delivered through a variety of media, including online, journals and books. We rely on trademark, copyright, patent, trade secret and other intellectual property laws, as well as in some cases licensing arrangements with third parties, to establish and protect our proprietary rights in these products and services.

GOVERNMENT REGULATION

Certain of our businesses provide authorised customers with products and services such as access to public records and other information on individuals. Our businesses that provide such products and services are subject to applicable privacy and consumer information laws and regulations, including US federal and state laws and regulations, and regulations applicable to jurisdictions that are subject to or follow EU and member state regulation. Our compliance obligations vary, and may include, among other things, reasonable data security programmes, submissions of regulatory reports, providing consumers with certain notices and in some instances, correcting inaccuracies in reports available through our products. From time to time, we respond in the ordinary course to inquiries and investigations from regulators who are charged with enforcing the laws and regulations applicable to our businesses. We are also subject to the terms of consent decrees and other settlements with certain regulators in the United States. See “Item 8: Financial Information — Legal Proceedings” on page 36.33.

Section 219 of the Iran Threat Reduction and SyrianSyria Human Rights Act of 2012 (the “ITRA”), which added Section 13(r) to the Exchange Act, requires disclosures regarding certain activities relating to Iran or with persons designated pursuant to various US Presidential Executive Orders. These disclosures are required even where the activities, transactions or dealings were conducted in compliance with applicable law. We engage in a limited amount of activity with Iran (a) through ournon-US affiliates and businesses, as well as (b) pursuant to authorisations — in the form of exemptions or licenses — issued by the US government. We anticipate that similar transactions or dealings may occur in the future. The ownership or control of our customers in Iran is often difficult to determine with certainty.

During 2018,2019,

Numerous Iranian nationals attended conferences organised by our Exhibitions and Risk & Business Analytics businesses. Individuals located in Iran also subscribed to or purchased certain of our scientific, medical and technical

universities or other entities owned or controlled by the government of Iran. In addition, we work with authors, other contributors and journal editorial board members who are located in Iran, many of whom are employed at hospitals, universities or research institutions that are owned or controlled by the government of Iran. We also sometimes receive payments from authors located in Iran who pay us to make their articles publicly available. From time to time, we may employ or engage individuals in Iran to assist with transactions in Iran.

Our aggregate revenue during the fiscal year ended December 31, 20182019 attributable to these Iran-related activities was approximately £7.1£1.8 million compared to £13.5£7.1 million in 2017.2018. We do not customarily allocate net profit on asubscription-by-subscription, individual customer orcountry-by-country basis. However, we estimate that our net profit during the fiscal year ended December 31, 20182019 attributable to these activities was 0.09%0.02% of our net profit reported in our income statement for the fiscal year ended December 31, 20182019 compared to 0.18%0.09% for the fiscal year ended December 31, 2017.2018.

Entities that transacted with our Scientific, Technical & Medical Business in 20182019

Ahvaz Jondishapour University of Medical Sciences, Aja University of Medical Sciences, Alborz University of Medical Sciences, Allameh Tabatabai University, Alzahra University, Amirkabir University of Technology, Arak University of Medical Sciences, Ardabil University of Medical Sciences, Babol University of Medical Science, Birjand University of Medical Sciences, Bojnourd University, Boushehr University of Medical Sciences, BualiBu Ali Sina University, Fasa University of Medical Science, Ferdowsi University of Mashhad, Golestan University of Medical Sciences and Health Services, Gonabad University of Medical Sciences, Guilan University of Medical Sciences, Hamedan University of Medical Science, Health Electronic Library, Higher Education Center of Eghlid, Hormozgan University of Medical Sciences, Ilam University of Medical Sciences, Imam HoseinHossein Hospital, Imam Khomeini Hospital, Imam Khomeini InternationalReza University, Institute for Research in Fundamental Sciences, Iran Polymer and Petrochemical Institute, Iran University of Medical Sciences, Iran University of Science and Technology, Iranian Research Institute for Scientific Information Science and Documentation,Technology, Isfahan University of Medical Sciences, Isfahan University of Technology, Islamic Azad University, Islamic World Science Citation Center, Jahrom University of Medical Science, Jiroft University of Medical Sciences, Kashan University of Medical Sciences, Kerman University of Medical Sciences, Kermanshah University of Medical Sciences, Kharazmi University, KN Toosi University of Technology, Kurdistan University of Medical Sciences, Lorestan University of Medical Sciences, Maragheh University of Medical Sciences, Mashhad University of Medical Sciences, Mazandaran University of Medical Sciences, Medical University of Dezful, National Institute for Genetic Engineering and Biotechnology, North Khorasan University of Medical Sciences, Pasteur Institute of Iran,Orumieh University, Persian Gulf University, Qazvin University of Medical Sciences, Qom University of Medical Sciences and Health Services, Rafsanjan University of Medical Sciences, Sabzevar University of Medical Sciences, School of Medicine & Affiliated Hospitals, School of Public Health, Semnan University, Semnan University of Medical Sciences and Health Services, Shahed University Faculty of Medical Sciences, Shaheed Beheshti University of Medical Sciences, Shahid Bahonar University of Kerman, Shahid Beheshti University, Shahid Chamran University, Shahid Rajaee Teacher Training University, Shahid Sadoughi University of Medical Sciences and Health Services, Shahrekord University, Shahrekord University of Medical Science, Shahroud University of Medical Sciences, Shariati Hospital, Sharif University of Technology, Shiraz University, Shiraz University of Medical Sciences, Tabriz University of Medical Sciences, Tarbiat Modares University, Tehran University of Medical Sciences, University of Art,Isfahan, University of Isfahan,Kashan, University of Sistan and Baluchestan, University of Social Welfare and Rehabilitation Science, University of Tabriz, University of Tehran, Urmia University of Medical Sciences, Yasooj University of Medical Sciences Kohkiloyeh, Yazd University Faculty of Natural Resources and Desert Studies, Zabol University of Medical Sciences, Zahedan University of Medical Sciences, Zanjan University of Medical Sciences

Entities that transacted with our Risk & Business Analytics Business in 20182019

Abadan Petrochemical Company, Amir Kabir Petrochemical Company, Arvand Company, Arya Sasol Polymer Company, Bakhtar Commercial Company, Bank of Industry and Mine, BistounBakhtar Petrochemical Company, Dana Polymer Iranian Company, Esfahan Petrochemical Company, Excell Worldwide DMCC, Fanavaran Petrochemical Company, Farabi Petrochemical Company, Ghadeer Petrochemical Company, Ghaed Bassir Petrochemical Company, ILIIran Chemical Industries Investment Company, Iranian Chemical Parks Development, Jam Polypropylene Company, KhargLaleh Petrochemical Company, Khorasan Petrochemical Company, LalehMarun Petrochemical Company, Morvarid Petrochemical Company, National Petrochemical Company, Pars Oil Company, Persian Gulf Petrochemical Industry CommercialPetro Paak Mashreq Zamin Company, Petrochemical Commercial Company, Polynar Corporation, Shahid Tondgooyan Petrochemical Company, Shazand Petrochemical Company, Tabriz Petrochemical Company, TOPCO, Yas Banafsh Tehran Trading Company, Zagros Petrochemical Company

ITEM 5: OPERATING AND FINANCIAL REVIEW AND PROSPECTS

The following discussion does not address certain items in respect of our fiscal year ended December 31, 2017 in reliance on amendments to disclosure requirements adopted by the SEC in 2019. A discussion of our fiscal year ended December 31, 2017 may be found in “Item 5: Operating and Financial Review and Prospects” of our Annual Report on Form20-F for the fiscal year ended December 31, 2018, filed with the SEC on February  28, 2019.

OPERATING RESULTS

The following discussion is based on the consolidated financial statements of the Group for the threetwo years ended December 31, 2018, 20172019 and 20162018 which have been prepared in accordance with IFRS as issued by the IASB.

The following discussion should be read in conjunction with, and is qualified by reference to, the consolidated financial statements on pages 121128 to 167174 of the RELX Annual Report and Financial Statements 20182019 and incorporated herein by reference to Exhibit 15.2.

The following tables analyse the Group’s revenue in each of the threetwo years ended December 31, 2018, 20172019 and 20162018 by type, format and geographic market. We derive our revenue principally from subscriptions, transactional and advertising sales. Transactional sales includesinclude revenue from exhibitions. For additional information, see note 2 to the consolidated financial statements under the heading ‘Revenue and segment analysis’ on pages 128134 to 131137 of the RELX Annual Report and Financial Statements 20182019 and incorporated herein by reference to Exhibit 15.2.

Revenue by type

Year ended December 31,

Revenue by format

Year ended December 31,

Revenue by geographic market

Year ended December 31,

The cost profile of individual businesses within the Group varies and costs are controlled on an individual business unit basis. Our most significant cost item is staff costs of £2,350£2,498 million (2017: £2,273 million; 2016: £2,114(2018: £2,350 million).

The following tables show revenue and adjusted operating profit for each of our business segments in each of the threetwo years ended December 31, 2018, 20172019 and 20162018 together with the percentage change in 20182019 and 20172018 at both actual and constant currencies. The effect of currency movements on the 20182019 results is further described separately below (see “— Effect of Currency Translation” on page 20)18). Adjusted operating profit is included on the basis that it is the key segmental profit measure used by management to evaluate performance and allocate resources to the business segments, as reported

Management uses these financial measures, along with IFRS financial measures, in evaluating the operating performance of the Group as a whole and of the individual business segments. Adjusted financial measures should not be considered in

The calculations of theyear-on-year changes in reported revenue and underlying revenue growth are presented below:

The calculations of theyear-on-year changes in adjusted operating profit and underlying adjusted operating profit growth are presented below:

Results of Operations for the Year Ended December 31, 20182019

Compared to the Year Ended December 31, 2017

In the below discussion, 2017 results and corresponding growth rates have been restated for the retrospective adoption of IFRS 9, 15 and 16.2018

Reported revenue was £7,492£7,874 million (2017: £7,341(2018: £7,492 million), up 5% (2018: 2% (2017: 7%). The increase in reported revenue reflects good growth in electronic andface-to-face revenues, partially offset by continued print revenue declines. Underlying revenue growth was 4% (2017:(2018: 4%) with all four market segments contributing to underlying growth.

Reported operating costs, which comprises of cost of sales, selling and distribution costs, and administration and other expenses, were £5,560£5,814 million (2017: £5,473(2018: £5,560 million), up 5% (2018: 2% (2017: 5%). Cost of sales were £2,644£2,755 million (2017: £2,628(2018: £2,644 million), up 4% (2018: 1% (2017: 6%) compared to 2017,2018, lower than the overall increase in revenue. Selling and distribution costs were £1,191£1,292 million (2017: £1,163(2018: £1,191 million), up 8% (2018: 2% (2017: 5%) and administration and other expenses were £1,725£1,767 million (2017: £1,682(2018: £1,725 million), up 3% (2017:2% (2018: up 4%3%).

Reported operating profit, which includes amortisation of acquired intangible assets and acquisition-related costs, was £1,964£2,101 million (2017: £1,905(2018: £1,964 million), an increase of 7% (2018: 3% (2017: 12%).

Adjusted operating profit was £2,346£2,491 million (2017: £2,284(2018: £2,346 million), up 6% (2018: 3% (2017: 8%), reflecting the benefit of tight cost controlprocess innovation across the Group.

The reported operating margin was 26.7% (2018: 26.2% (2017: 26.0%). The overall adjusted operating margin of 31.3%31.6% was 0.20.3 percentage points higher than in the prior year. On an underlying basis, including cycling effects, the margin improved by 0.40.6 percentage points. Acquisitions and disposals reduced the margin by 0.50.3 percentage points and currency effects increasedhad no net impact on the margin by 0.3 percentage points.margin.

Depreciation and amortisation of internally generated intangible assets increased to £307 million (2018: £287 million (2017: £268 million). Depreciation ofright-of-use assets increased to £82m (2018: £77m).

The amortisation charge in respect of acquired intangible assets, including the share of amortisation in joint ventures, decreasedincreased to £288£295 million (2017: £314(2018: £288 million), with the reduction primarily reflects certainimpact of acquisitions largely offset by disposals and assets becomingwhich have become fully amortised. Acquisition relatedAcquisition-related costs were the same as the prior year, at £84 million (2017: £56(2018: £84 million).

Reported net finance costs ofwere £305 million (2018: £211 million (2017: £199 million) includes the. The reported net pension financingfinance costs include a charge of £9 million (2017: £15 million), and excludes finance income£99m in joint venturesrespect of £1 million (2017: £1 million). The increase primarily reflects higher borrowingsthe early redemption of bonds that were due to be repaid in 2018, partly offset by currency translation effects.October 2022.

Reported lossgain on disposals and othernon-operating items was £51 million (2018: £33 million (2017: £15 million gain)loss) arising largely from the write downdisposal of certain Legal businesses classified as held for saleassets and revaluation of investments held.venture capital investments. These lossesgains are partly offset by an associated tax creditcharge of £11 million (2018: £14 million (2017: £16 million tax charge)credit).

Reported profit before tax was £1,847 million (2018: £1,720 million (2017: £1,721 million).

The reported tax charge was £338 million (2018: £292 million) including a credit of £89 million (2017: £65 million). The 2017 tax charge included aone-off £346 million credit recognised in 2017 in relation to the US Tax Cuts and Jobs Act. Theyear-on-year impact of this credit is partially offset by the recognition of a £112 million exceptional tax credit in 2018 as a resultrespect of the substantial resolution of certain prior yearhistorical tax matters during the year and the deferred tax effect of tax rate reductions in the Netherlands and the United States. On the basis of their size andnon-recurring nature these tax credits have been treated as exceptional items and excluded from the adjusted tax charge.issues.

The reported net profit attributable to RELX PLC shareholders of £1,422£1,505 million (2017: £1,648(2018: £1,422 million) was downup 6% (2018: 14% (2017: 43% up)down). The adjusted net profit attributable to RELX PLC shareholders of £1,674£1,808 million (2017: £1,620(2018: £1,674 million) was up 8% (2018: 3% (2017: 10%).

The reported earnings per share was 71.9p (2017: 81.6p)77.4p (2018: 71.9p). The decrease year on year reflects the impact of the exceptional tax credit recognised in 2017 as a result of the US Tax Cuts and Jobs Act.

Adjusted earnings per share were up 6%10% at 84.7p (2017: 80.2p)93.0p (2018: 84.7p). At constant rates of exchange, adjusted earnings per share increased by 7%.

Ordinary dividends paid to shareholders in the year, being the 20172018 final and 20182019 interim dividend, amounted to £796£842 million (2017: £762(2018: £796 million).

The final dividend proposed by the Board is 29.7p32.1p per share, 7%8% higher than the final dividend for the prior year. This gives total dividends for the year of 42.1p (2017: 39.4p)45.7p (2018: 42.1p).

On September 8, 2018, the corporate simplification was effective and RELX NV shareholders received one new RELX PLC share in exchange for each RELX NV share held. During 2018,2019, a combined total of 44.433.5 million of RELX PLC and RELX NV shares were repurchased (17.5 million of these were repurchased by RELX NV prior to the corporate