RELX (RELX) 20-F 23 Feb 23 2022 FY Annual report (foreign) Financial data

Cover Page

Cover Page	12 Months Ended
	Dec. 31, 2022 shares
Document Information
Document Type	20-F
Amendment Flag	false
Document Period End Date	Dec. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Entity Registrant Name	RELX PLC
Entity Central Index Key	0000929869
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding	1,909,526,620
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Interactive Data Current	Yes
Entity File Number	1-13334
Entity Incorporation, State or Country Code	X0
Entity Address, Address Line One	1-3 Strand
Entity Address, City or Town	London
Entity Address, Country	GB
Entity Address, Postal Zip Code	WC2N 5JR
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Document Registration Statement	false
Document Accounting Standard	International Financial Reporting Standards
Auditor Firm ID	1438
Auditor Name	Ernst & Young LLP
Auditor Location	London, United Kingdom
Business Contact
Document Information
Entity Address, Address Line One	Company Secretary
Entity Address, City or Town	London
Entity Address, Country	GB
Entity Address, Postal Zip Code	WC2N 5JR
Contact Personnel Name	Henry Udow
Entity Address, Address Line Two	RELX PLC
Entity Address, Address Line Three	1-3 Strand
Contact Personnel Fax Number	+44 20 7166 5500
Contact Personnel Email Address	henry.udow@relx.com
American Depositary Shares
Document Information
Title of 12(b) Security	American Depositary Shares(each representing one RELX PLC ordinary share)
Security Exchange Name	NYSE
Trading Symbol	RELX
Ordinary shares
Document Information
Title of 12(b) Security	Ordinary shares of 14 51/116p each(the “RELX PLC ordinary shares”)
Security Exchange Name	NYSE
No Trading Symbol Flag	true
3.500% Guaranteed Notes due 2023
Document Information
Title of 12(b) Security	3.500% Guaranteed Notes due 2023
Security Exchange Name	NYSE
Trading Symbol	RELX/23
1.300% Guaranteed Notes due 2025
Document Information
Title of 12(b) Security	1.300% Guaranteed Notes due 2025
Security Exchange Name	NYSE
Trading Symbol	RELX/25
4.000% Guaranteed Notes due 2029
Document Information
Title of 12(b) Security	4.000% Guaranteed Notes due 2029
Security Exchange Name	NYSE
Trading Symbol	RELX/29
3.000% Guaranteed Notes due 2030
Document Information
Title of 12(b) Security	3.000% Guaranteed Notes due 2030
Security Exchange Name	NYSE
Trading Symbol	RELX/30
4.750% Guaranteed Notes due 2032
Document Information
Title of 12(b) Security	4.750% Guaranteed Notes due 2032
Security Exchange Name	NYSE
Trading Symbol	RELX/32

Consolidated Income Statement

Consolidated Income Statement - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Statement
Revenue	£ 8,553	£ 7,244	£ 7,110
Cost of sales	(3,045)	(2,562)	(2,487)
Gross profit	5,508	4,682	4,623
Selling and distribution costs	(1,385)	(1,197)	(1,212)
Administration and other expenses	(1,819)	(1,630)	(1,901)
Share of results of joint ventures	19	29	15
Operating profit	2,323	1,884	1,525
Finance income	4	8	3
Finance costs	(205)	(150)	(175)
Net finance costs	(201)	(142)	(172)
Disposals and other non-operating items	(9)	55	130
Profit before tax	2,113	1,797	1,483
Current tax	(534)	(422)	(264)
Deferred tax	53	96	(11)
Tax expense	(481)	(326)	(275)
Net profit for the year	1,632	1,471	1,208
Attributable to:
Shareholders	1,634	1,471	1,224
Non-controlling interests	(2)		(16)
Net profit for the year	£ 1,632	£ 1,471	£ 1,208
Basic earnings per share
Basic earnings per share	£ 0.852	£ 0.763	£ 0.635
Diluted earnings per share
Diluted earnings per share	£ 0.847	£ 0.758	£ 0.632

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Income - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement Of Comprehensive Income
Net profit for the year	£ 1,632	£ 1,471	£ 1,208
Items that will not be reclassified to profit or loss:
Actuarial (losses)/gains on defined benefit pension schemes	164	321	(155)
Tax on items that will not be reclassified to profit or loss	(43)	(48)	39
Total items that will not be reclassified to profit or loss	121	273	(116)
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translation of foreign operations	427	223	(265)
Fair value movements on cash flow hedges	(18)	10	(6)
Transfer to profit from cash flow hedge reserve	(17)	(9)	22
Tax on items that may be reclassified to profit or loss	8	(1)	(4)
Total items that may be reclassified to profit or loss	400	223	(253)
Other comprehensive (loss)/income for the year	521	496	(369)
Total comprehensive income for the year	2,153	1,967	839
Attributable to:
Shareholders	2,155	1,967	855
Non-controlling interests	(2)		(16)
Total comprehensive income for the year	£ 2,153	£ 1,967	£ 839

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities
Cash generated from operations	£ 3,061	£ 2,476	£ 2,264
Interest paid (including lease interest)	(169)	(119)	(179)
Interest received	4	1	7
Tax paid (net)	(495)	(342)	(496)
Net cash from operating activities	2,401	2,016	1,596
Cash flows from investing activities
Acquisitions	(394)	(254)	(869)
Purchases of property, plant and equipment	(36)	(28)	(43)
Expenditure on internally developed intangible assets	(400)	(309)	(319)
Purchase of investments	(66)	(8)	(2)
Proceeds from disposals of property, plant and equipment		5
Gross proceeds from business disposals and sale of investments	19	220	54
Payments on business disposals	(15)	(30)	(25)
Dividends received from joint ventures	33	20	31
Net cash used in investing activities	(859)	(384)	(1,173)
Cash flows from financing activities
Dividends paid to shareholders	(983)	(920)	(880)
Distributions to non-controlling interests	(9)	(10)	(6)
Decrease in short-term bank loans, overdrafts and commercial paper	(101)	(200)	(436)
Issuance of term debt	397		2,342
Repayment of term debt	(35)	(431)	(1,233)
Repayment of leases	(79)	(93)	(105)
Receipts in respect of subleases	1	17	15
Disposal of non-controlling interest	(1)
Repurchase of ordinary shares	(500)	0	(150)
Purchase of shares by Employee Benefit Trust	(50)	(1)	(37)
Proceeds on issue of ordinary shares	26	32	16
Net cash used in financing activities	(1,334)	(1,606)	(474)
(Decrease)/increase in cash and cash equivalents	208	26	(51)
Movement in cash and cash equivalents
At start of year	113	88	138
(Decrease)/increase in cash and cash equivalents	208	26	(51)
Exchange translation differences	13	(1)	1
At end of year	£ 334	£ 113	£ 88

Consolidated Statement of Finan

Consolidated Statement of Financial Position - GBP (£) £ in Millions	Dec. 31, 2022	Dec. 31, 2021
Non-current assets
Goodwill	£ 8,388	£ 7,366
Intangible assets	3,524	3,304
Investments in joint ventures and associates	159	105
Other investments	127	107
Property, plant and equipment	126	131
Right-of-use assets	145	161
Other receivables	5	19
Deferred tax assets	146	210
Net pension assets	129	46
Derivative financial instruments	11	52
Non-current assets	12,760	11,501
Current assets
Inventories and pre-publication costs	309	253
Trade and other receivables	2,405	1,960
Derivative financial instruments	21	31
Cash and cash equivalents	334	113
Current assets	3,069	2,357
Total assets	15,829	13,858
Current liabilities
Trade and other payables	4,017	3,275
Derivative financial instruments	33	2
Debt	870	232
Taxation	249	192
Provisions	18	47
Current liabilities	5,187	3,748
Non-current liabilities
Derivative financial instruments	236	12
Debt	5,860	5,935
Deferred tax liabilities	590	591
Net pension obligations	184	315
Other payables	3	10
Provisions	15	23
Non-current liabilities	6,888	6,886
Total liabilities	12,075	10,634
Net assets	3,754	3,224
Capital and reserves
Share capital	279	286
Share premium	1,517	1,491
Shares held in treasury	(414)	(876)
Translation reserve	677	250
Other reserves	1,717	2,081
Shareholders' equity	3,776	3,232
Non-controlling interests	(22)	(8)
Total equity	£ 3,754	£ 3,224

Consolidated Statement of Chang

Consolidated Statement of Changes in Equity - GBP (£) £ in Millions	Share capital	Share premium	Shares held in treasury	Translation reserve	Other reserves	Shareholders' equity	Non-controlling interests	Total
Equity at beginning of period at Dec. 31, 2019	£ 286	£ 1,443	£ (834)	£ 292	£ 979	£ 2,166	£ 24	£ 2,190
Total comprehensive income for the year				(265)	1,120	855	(16)	839
Dividends paid					(880)	(880)	(6)	(886)
Issue of ordinary shares, net of expenses		16				16		16
Repurchase of ordinary shares			(87)			(87)		(87)
Increase in share based remuneration reserve (net of tax)					27	27		27
Settlement of share awards			34		(34)
Acquisitions					2	2	(2)
Exchange differences on translation of capital and reserves							2	2
Equity at end of period at Dec. 31, 2020	286	1,459	(887)	27	1,214	2,099	2	2,101
Total comprehensive income for the year				223	1,744	1,967		1,967
Dividends paid					(920)	(920)	(10)	(930)
Issue of ordinary shares, net of expenses		32				32		32
Repurchase of ordinary shares			(1)			(1)		(1)
Increase in share based remuneration reserve (net of tax)					55	55		55
Settlement of share awards			12		(12)
Equity at end of period at Dec. 31, 2021	286	1,491	(876)	250	2,081	3,232	(8)	3,224
Total comprehensive income for the year				427	1,728	2,155	(2)	2,153
Dividends paid					(983)	(983)	(9)	(992)
Issue of ordinary shares, net of expenses		26				26		26
Repurchase of ordinary shares			(650)			(650)		(650)
Purchase of shares by the employee benefit trust			(50)			(50)		(50)
Cancellation of shares	(7)		1,127		(1,120)
Increase in share based remuneration reserve (net of tax)					47	47		47
Settlement of share awards			35		(35)
Disposal of non-controlling interest					(1)	(1)		(1)
Exchange differences on translation of capital and reserves							(3)	(3)
Equity at end of period at Dec. 31, 2022	£ 279	£ 1,517	£ (414)	£ 677	£ 1,717	£ 3,776	£ (22)	£ 3,754

Basis of preparation and accoun

Basis of preparation and accounting policies	12 Months Ended
	Dec. 31, 2022
Basis of preparation and accounting policies
Basis of preparation and accounting policies	1 Basis of preparation and acc ounting policies Basis of preparation The shares of RELX PLC are traded on the London, Amsterdam and New York stock exchanges. RELX PLC and its subsidiaries, joint ventures and associates are together known as ‘RELX’. In preparing the consolidated financial statements, subsidiaries are accounted for under the acquisition method and investments in associates and joint ventures are accounted for under the equity method. All intra-group transactions and balances are eliminated. On acquisition of a subsidiary, or interest in an associate or joint venture, fair values, reflecting conditions at the date of acquisition, are attributed to the net assets, including identifiable intangible assets acquired. Adjustments are made to bring accounting policies into line with those of the Group. The results of subsidiaries sold or acquired are included in the consolidated financial statements up to or from the date that control passes from or to the Group. Non-controlling interests in the net assets of the Group are identified separately from shareholders’ equity. Non-controlling interests consist of the amount of those interests at the date of the original acquisition and the non-controlling share of changes in equity since the date of acquisition. The directors of RELX PLC, having made appropriate enquiries, consider that adequate resources exist for the Group to continue in operational existence for the foreseeable future and that, therefore, it is appropriate to adopt the going concern basis in preparing the consolidated financial information for the year ended 31 December 2022. As part of the going concern assessment the directors considered the sufficiency of the group’s liquidity resources, including committed credit facilities, over the 18 month period to 30 June 2024. Please refer to page 95 for further disclosure in respect of going concern. In preparing the Group financial statements management has considered the impact of climate change, taking into account the relevant disclosures in the Strategic Report, including those made in accordance with the recommendations of the Taskforce on Climate-related Financial Disclosure. This included an assessment of assets with indefinite and long lives and how they could be impacted by measures taken to address global warming. Recognising that the Group's operations, and the use of the Group's products, have a relatively low environmental impact, no issues were identified that would impact the carrying values of such assets or have any other material impact on the financial statements. The 2022 annual report and accounts presents multi-year data with the earliest period on the left and the latest period on the right. This aligns with the approach used in our other investor relations material and allows better understanding of multi-year trends. Accounting policies The Group’s consolidated financial statements are prepared in accordance with UK adopted International Accounting Standards in conformity with the requirements of the Companies Act 2006 and International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). The accounting policies under IFRS are included in the relevant notes to the consolidated financial statements. The accounting policies below are applied throughout the financial statements and are unchanged from those applied in preparing the consolidated financial statements for the year ended 31 December 2021. Foreign exchange translation The consolidated financial statements are presented in sterling. Transactions in foreign currencies are recorded at the rate of exchange prevailing on the date of the transaction. Non-monetary assets and liabilities that are measured at historical cost in foreign currencies are translated using the exchange rate at the date of the transaction. At each statement of financial position date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rate prevailing on the statement of financial position date. Exchange differences arising are recorded in the income statement other than where hedge accounting applies, as set out on pages 189 to 194. Assets and liabilities of foreign operations are translated at exchange rates prevailing on the statement of financial position date. Income and expense items and cash flows of foreign operations are translated at the average exchange rate for the period. Significant individual items of income and expense and cash flows in foreign operations are translated at the rate prevailing on the date of transaction. Exchange differences arising are classified as equity and transferred to the translation reserve. When foreign operations are disposed of, the related cumulative translation differences are recognised within the income statement in the period. The Group uses derivative financial instruments, primarily forward contracts, to hedge its exposure to certain foreign exchange risks. Details of the Group’s accounting policies in respect of derivative financial instruments are set out on page 189. Critical judgements and key sources of estimation uncertainty The preparation of financial statements requires management to make judgements and estimates in the application of accounting policies used to report the financial position, results and cash flows of the Group. The actual outcome may differ to these estimates. The critical judgements and key sources of estimation uncertainty are summarised below. Further detail is provided in the notes to the financial statements as referenced. Critical judgements ■ Capitalisation of development spend: assessing the potential value of a development project and determining the costs which are eligible for capitalisation (see note 14) Key sources of estimation uncertainty ■ Taxation: the valuation of provisions related to uncertain tax positions (see note 9) ■ Defined benefit pension obligation: determining an appropriate rate at which the future pension payments are discounted, mortality and inflation assumptions (see note 6) 1 Basis of preparation and accounting policies (continued) Other areas of judgement and accounting estimates The consolidated financial statements include other areas of judgement and accounting estimates. While these do not meet the definition under IAS 1 of critical judgements or significant accounting estimates, key areas of judgement in estimating the values in use of businesses are the growth in cash flows over a forecast period of up to five years, the long-term growth rate assumed thereafter and the discount rate applied to the forecast cash flows. These calculations require the use of estimates in respect of forecast cash flows and discount rates. ■ value in use of the businesses (see note 14). ■ Acquired intangible assets: Judgement is involved in identification of separate intangible assets on acquisition and estimation is required to determine future cashflows and discount rates used in valuation (see note 14). Other significant accounting policies The accounting policy in respect of revenue recognition is also significant in determining the financial condition and results of the Group. The application of this policy is straightforward and is included in note 2. Standards and amendments effective for the year The interpretations and amendments to IFRS effective for 2022 have not had a significant impact on the Group’s accounting policies or reporting. Standards, amendments and interpretations not yet effective A number of amendments and interpretations have been issued which are not expected to have any significant impact on the accounting policies and reporting.

Revenue and segment analysis

Revenue and segment analysis	12 Months Ended
	Dec. 31, 2022
Revenue, operating profit and segment analysis
Revenue, operating profit and segment analysis	2 Revenue, operating profit and segment analysis ​ Accounting policy The Group’s reported segments are based on the internal reporting structure and financial information provided to the Board. Adjusted operating profit is the key segmental profit measure used by the Group in assessing performance. Adjusted operating profit is reconciled to operating profit on page 171. Revenue arises from the provision of products and services under contracts with customers. In all cases, revenue is recognised to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services, and is recognised when the customer obtains control of the goods or service. Revenue is stated at the transaction price, which includes allowance for anticipated discounts and returns and excludes customer sales taxes and other amounts to be collected on behalf of third-parties. Where the goods or services promised within a contract are distinct, they are identified as separate performance obligations and are accounted for separately. Where separate performance obligations are identified, total revenue is allocated on the basis of relative standalone selling prices or management’s best estimate of relative value where standalone selling prices do not exist. Management estimates may include a cost-plus method or comparable product approach, but must be supported by objective evidence. A residual approach may be applied where it is not possible to derive a reliable management estimate for a specific component. Our subscription and exhibition related revenue streams generally require payment in advance of the service being provided. Payment terms offered to customers are in line with the standard in the markets and geographies we operate in, and contracts do not contain significant financing components. Contracts for our transactional electronic revenue streams generally have payments that vary with volume of usage. Other than that, our contracts do not involve variable consideration. Revenue is recognised for the various categories as follows: ■ Subscriptions – revenue comprises income derived from the periodic distribution or update of a product. Subscription revenue is generally invoiced in advance and recognised systematically over the period of the subscription. Recognition is either on a straight-line basis where the transaction involves the transfer of goods and services to the customer in a consistent manner over a specific period of time; or based on the value received by the customer where the goods and services are not delivered in a consistent manner ■ Transactional – revenue is recognised when control of the product is passed to the customer or the service has been performed. For exhibitions, revenue primarily comprises income from exhibitors and attendees at exhibitions. Exhibition revenue is recognised on occurrence of the exhibition ​ ​ 2 Revenue, operating profit and segment analysis (continued) RELX is a global provider of information-based analytics and decision tools for professional and business customers. Operating in four major market segments: Risk provides customers with information-based analytics and decision tools that combine public and industry-specific content with advanced technology and algorithms to assist them in evaluating and predicting risk and enhancing operational efficiency; Scientific, Technical & Medical provides information and analytics that help institutions and professionals progress science, advance healthcare and improve performance; Legal provides legal, regulatory and business information and analytics that helps customers increase their productivity, improve decision-making and achieve better outcomes; and Exhibitions combines industry expertise with data and digital tools to help customers connect digitally and face-to-face, learn amount markets, source products and complete transactions. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ANALYSIS BY BUSINESS SEGMENT ​ Revenue Adjusted operating profit ​ ​ 2020 2021 2022 2020 2021 2022 ​ £m £m £m £m £m £m Risk ​ 2,417 2,474 2,909 ​ 894 915 1,078 Scientific, Technical & Medical ​ 2,692 2,649 2,909 ​ 1,021 1,001 1,100 Legal ​ 1,639 1,587 1,782 ​ 330 326 372 Exhibitions ​ 362 534 953 ​ (164) 10 162 Sub-total ​ 7,110 7,244 8,553 ​ 2,081 2,252 2,712 Unallocated central costs and other operating items ​ – – – ​ (5) (42) (29) Total ​ 7,110 7,244 8,553 ​ 2,076 2,210 2,683 ​ Exceptional costs excluded from adjusted operating profit in 2020 are disclosed on page 171. In 2021, unallocated central costs and other operating items includes a £35m one-off charge relating to reductions in our corporate real estate footprint. In 2022, this includes a charge of £24m relating to STM incurred from exchange rate movements from the translation of working capital items such as accounts receivable and payable, and intercompany balances, into relevant functional currencies and the outcome of STM’s hedging programme. The net effect of these amounts was higher in 2022 due to the extent and timing of exchange rate movements in the year and such amounts were insignificant in 2021 and 2020. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ ​ Scientific, Technical ​ ​ ​ ​ ​ Risk & Medical Legal Exhibitions Total Revenue by geographical market ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ North America ​ 1,921 1,224 1,119 43 4,307 Europe ​ 327 621 338 83 1,369 Rest of world ​ 169 847 182 236 1,434 Total revenue ​ 2,417 ​ 2,692 ​ 1,639 ​ 362 ​ 7,110 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue by format ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Electronic ​ 2,387 ​ 2,326 ​ 1,422 ​ 44 ​ 6,179 Face-to-face ​ 19 ​ 1 ​ 7 ​ 318 ​ 345 Print ​ 11 ​ 365 ​ 210 ​ – ​ 586 Total revenue ​ 2,417 ​ 2,692 ​ 1,639 ​ 362 ​ 7,110 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue by type ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Subscriptions ​ 944 ​ 2,048 ​ 1,287 ​ – ​ 4,279 Transactional ​ 1,473 ​ 644 ​ 352 ​ 362 ​ 2,831 Total revenue ​ 2,417 ​ 2,692 ​ 1,639 ​ 362 ​ 7,110 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ ​ Scientific, Technical ​ ​ ​ ​ ​ Risk & Medical Legal Exhibitions Total Revenue by geographical market ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ North America ​ 1,957 1,215 1,049 100 4,321 Europe ​ 342 602 341 187 1,472 Rest of world ​ 175 832 197 247 1,451 Total revenue ​ 2,474 ​ 2,649 ​ 1,587 ​ 534 ​ 7,244 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue by format ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Electronic ​ 2,453 ​ 2,334 ​ 1,385 ​ 58 ​ 6,230 Face-to-face ​ 13 ​ 2 ​ 9 ​ 476 ​ 500 Print ​ 8 ​ 313 ​ 193 ​ – ​ 514 Total revenue ​ 2,474 ​ 2,649 ​ 1,587 ​ 534 ​ 7,244 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue by type ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Subscriptions ​ 989 ​ 1,970 ​ 1,255 ​ – ​ 4,214 Transactional ​ 1,485 ​ 679 ​ 332 ​ 534 ​ 3,030 Total revenue ​ 2,474 2,649 1,587 534 7,244 ​ 2 Revenue, operating profit and segment analysis (continued) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ ​ Scientific, Technical ​ ​ ​ ​ ​ Risk & Medical Legal Exhibitions Total Revenue by geographical market ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ North America ​ 2,317 1,391 1,213 180 5,101 Europe* ​ 384 614 357 445 1,800 Rest of world ​ 208 904 212 328 1,652 Total revenue ​ 2,909 ​ 2,909 ​ 1,782 ​ 953 ​ 8,553 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue by format ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Electronic ​ 2,890 ​ 2,573 ​ 1,582 ​ 67 ​ 7,112 Face-to-face ​ 11 ​ 5 ​ 10 ​ 886 ​ 912 Print ​ 8 ​ 331 ​ 190 ​ – ​ 529 Total revenue ​ 2,909 ​ 2,909 ​ 1,782 ​ 953 ​ 8,553 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue by type ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Subscriptions ​ 1,135 ​ 2,139 ​ 1,381 ​ – ​ 4,655 Transactional ​ 1,774 ​ 770 ​ 401 ​ 953 ​ 3,898 Total revenue ​ 2,909 2,909 1,782 953 8,553 ​ * Europe includes revenue of £ 544 m from the United Kingdom (2021: £ 476 m; 2020: £464 m). Over half of RELX’s revenue comes from subscription arrangements, and revenue for these is generally recognised on a straight-line basis over the time period covered by the agreement, in line with the provision of services. There are a number of multi-year contracts, mainly in Risk, where revenue is recognised on the achievement of delivery milestones or other specified performance obligations. As at 31 December 2022, the aggregate amount of the transaction price of such contracts which relates to performance obligations which have not yet been delivered was approximately £100m (2021: £95m). It is expected that revenue will be recognised in relation to this amount over the next six years. ​ ​ ​ ​ ​ ​ ​ ​ ANALYSIS OF REVENUE BY GEOGRAPHICAL ORIGIN ​ 2020 2021 2022 ​ £m £m £m North America ​ 4,192 4,204 5,002 Europe ​ 2,436 2,547 2,974 Rest of world ​ 482 493 577 Total ​ 7,110 7,244 8,553 ​ Revenue by geographical origin from the United Kingdom in 2022 was £1,481m (2021: £1,248m; 2020: £1,176m). ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ANALYSIS BY BUSINESS SEGMENT Expenditure on ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ acquired goodwill and ​ Capital expenditure ​ Amortisation of acquired ​ Total depreciation and ​ ​ intangible assets ​ additions ​ intangible assets ​ other amortisation ​ ​ 2020 2021 2022 ​ 2020 2021 2022 ​ 2020 2021 2022 ​ 2020 2021 2022 ​ ​ £m ​ £m ​ £m ​ £m ​ £m ​ £m ​ £m ​ £m ​ £m ​ £m ​ £m ​ £m Risk ​ 822 208 155 ​ 93 83 122 ​ 192 186 204 ​ 98 93 94 Scientific, Technical & Medical ​ 169 58 206 ​ 94 87 103 ​ 65 63 60 ​ 148 144 119 Legal ​ – 12 33 ​ 153 145 186 ​ 68 27 12 ​ 210 220 229 Exhibitions ​ 6 9 – ​ 24 24 28 ​ 51 22 20 ​ 73 30 49 Total ​ 997 287 394 ​ 364 339 439 ​ 376 298 296 ​ 529 487 491 ​ Capital expenditure comprises additions to property, plant and equipment and internally developed intangible assets. Amortisation of acquired intangible assets includes amounts in respect of joint ventures of £1m (2021: £1m; 2020: nil) in Exhibitions. Depreciation and other amortisation includes depreciation on property, plant and equipment and right-of-use assets and amortisation of internally developed intangible assets and pre-publication costs. In 2020, £38m of depreciation and other amortisation was classified as exceptional in Exhibitions. Excluding this amount gives total depreciation and other amortisation of £491m for 2020. ​ 2 Revenue, operating profit and segment analysis (continued) ​ ​ ​ ​ ​ ​ ​ ​ ANALYSIS OF NON-CURRENT ASSETS BY GEOGRAPHICAL LOCATION ​ 2021 2022 ​ ​ ​ ​ £m ​ £m North America ​ ​ 8,657 9,821 Europe ​ ​ 2,123 2,193 Rest of world ​ ​ 413 460 Total ​ ​ 11,193 12,474 ​ Non-current assets held in the United Kingdom totalled £1,253m (2021: £1,299m; 2020: £1,158m). Non-current assets by geographical location exclude amounts relating to deferred tax, pension assets and derivative financial instruments. ​ Operating profit is reconciled to adjusted operating profit as follows: ​ ​ ​ ​ ​ ​ ​ ​ RECONCILIATION OF OPERATING PROFIT TO ADJUSTED OPERATING PROFIT 2020 2021 2022 ​ ​ £m ​ £m ​ £m Operating profit ​ 1,525 1,884 2,323 Adjustments: ​ Amortisation of acquired intangible assets ​ 376 298 296 Acquisition-related items ​ (12) 21 62 Reclassification of tax in joint ventures ​ 5 7 4 Reclassification of finance income in joint ventures ​ (1) – (2) Exceptional costs in Exhibitions ​ 183 – – Adjusted operating profit ​ 2,076 2,210 2,683 ​ In 2020, Exhibitions incurred exceptional costs of £183m. Of the £183m exceptional costs, £135m were cash costs, of which £25m were paid in 2022 (2021: £52m; 2020: £51m). All costs were included within administration and other expenses in the income statement. Acquisition-related items in 2021 included a gain of £27 m from the revaluation of a put and call option arrangement relating to a non-controlling interest in a subsidiary within Legal. The share of post-tax results of joint ventures of £19m (2021: £29m; 2020: £15m) included in operating profit comprised £10m

Operating expenses

Operating expenses	12 Months Ended
	Dec. 31, 2022
Operating expenses
Operating expenses	3 Operating expenses Operating profit is stated after charging/(crediting) the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2021 2022 ​ ​ Note ​ £m ​ £m ​ £m Total staff costs 5 ​ 2,555 2,549 2,906 Depreciation and amortisation ​ Amortisation of acquired intangible assets 14 ​ 376 297 294 Share of joint ventures’ amortisation of acquired intangible assets ​ – 1 2 Amortisation of acquired intangible assets including joint ventures’ share ​ 376 298 296 Amortisation of internally developed intangible assets 14 ​ 319 295 309 Depreciation of property, plant and equipment 16 ​ 60 52 47 Depreciation of right-of-use assets ​ 88 80 63 Pre-publication amortisation ​ 62 60 72 Total depreciation and other amortisation 2 ​ 529 487 491 Total depreciation and amortisation (including amortisation of acquired intangibles) ​ ​ ​ 905 785 787 Other expenses and income ​ Cost of sales including pre-publication costs and inventory expenses ​ 2,487 2,562 3,045 Short-term and low value lease expenses ​ 21 21 19 Operating lease rentals income ​ (1) (1) (1) ​ The amortisation of acquired intangible assets is included within administration and other expenses. In 2020, £38m of depreciation and other amortisation was classified as exceptional in Exhibitions. Excluding this amount gives a total depreciation and other amortisation of £491m for 2020.

Auditor's remuneration

Auditor's remuneration	12 Months Ended
	Dec. 31, 2022
Auditor's remuneration.
Auditor's remuneration	4 Auditor’s remuneration ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2021 2022 ​ ​ £m ​ £m ​ £m Auditor’s remuneration Payable to the auditors of RELX PLC ​ 0.9 0.9 0.9 Payable to the auditors of the Group’s subsidiaries ​ 8.3 7.7 8.2 Audit services ​ 9.2 8.6 ​ 9.1 Audit-related assurance services ​ 0.8 0.5 ​ 0.6 Total auditor’s remuneration ​ 10.0 9.1 ​ 9.7 ​ Amounts payable to the auditors of the Group’s subsidiaries include amounts for the audit of internal controls over financial reporting in accordance with the US Sarbanes-Oxley Act. The increase in the 2022 audit fee is mainly due to foreign exchange movements. The previously reported 2021 fees paid to EY for audit services have been revised to include additional amounts for expenses incurred and final fees for statutory audits which took place subsequent to the audit of the RELX consolidated accounts.

Personnel

Personnel	12 Months Ended
	Dec. 31, 2022
Personnel
Personnel	5 Personnel ​ ​ ​ ​ Accounting policy Share based remuneration The fair value of share based remuneration is determined at the date of grant and recognised as an expense in the income statement on a straight-line basis over the vesting period, taking account of the estimated number of shares that are expected to vest. Market based performance criteria are taken into account when determining the fair value at the date of grant. Non-market based performance criteria are taken into account when estimating the number of shares expected to vest. The fair value of share based remuneration is determined by use of a binomial or Monte Carlo simulation model as appropriate. All of the Group’s share based remuneration is equity settled. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2021 2022 ​ Note £m ​ £m ​ £m Staff costs Wages and salaries ​ 2,173 2,157 2,453 Social security costs ​ 232 214 257 Pensions 6 ​ 125 133 150 Share based remuneration ​ 25 45 46 Total staff costs ​ 2,555 2,549 2,906 ​ The Group provides a number of share based remuneration schemes to directors and employees. The principal share based remuneration schemes are the Executive Share Option Schemes (ESOS), the Long-Term Incentive Plan (LTIP) and the Retention Share Plan (RSP). Share options granted under ESOS are exercisable after three years and up to ten years from the date of grant at a price equivalent to the market value of the respective shares at the date of grant. Conditional shares granted under LTIP and RSP are exercisable after three years for nil consideration if conditions are met. Other awards principally relate to all employee share based saving schemes in the UK and the Netherlands. Further details are provided in the Remuneration Report on pages 121 to 142. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ NUMBER OF PEOPLE EMPLOYED: FULL-TIME EQUIVALENTS* ​ At 31 December ​ Average during the year ​ 2020 2021 2022 2020 2021 2022 Business segment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk ​ 9,700 ​ 10,000 ​ 10,800 ​ 9,600 ​ 9,800 ​ 10,400 Scientific, Technical & Medical ​ 8,600 ​ 8,700 ​ 9,500 ​ 8,300 ​ 8,600 ​ 9,300 Legal ​ 10,400 ​ 10,500 ​ 11,300 ​ 10,500 ​ 10,300 ​ 10,900 Exhibitions ​ 3,700 ​ 3,500 ​ 3,300 ​ 4,200 ​ 3,600 ​ 3,300 Sub-total ​ 32,400 ​ 32,700 ​ 34,900 ​ 32,600 ​ 32,300 ​ 33,900 Corporate/shared functions ​ 800 ​ 800 ​ 800 ​ 800 ​ 800 ​ 800 Total ​ 33,200 ​ 33,500 ​ 35,700 ​ 33,400 ​ 33,100 ​ 34,700 Geographical location ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ North America ​ 14,200 ​ 14,000 ​ 14,900 ​ 14,200 ​ 13,900 ​ 14,500 Europe ​ 9,500 ​ 9,300 ​ 9,800 ​ 9,600 ​ 9,400 ​ 9,500 Rest of world ​ 9,500 ​ 10,200 ​ 11,000 ​ 9,600 ​ 9,800 ​ 10,700 Total ​ 33,200 ​ 33,500 ​ 35,700 ​ 33,400 ​ 33,100 ​ 34,700 ​ * Reported to the nearest 100. ​ The number of UK full-time equivalents as at 31 December 2022 was 5,800 (2021: 5,400; 2020: 5,400) and the average during the year was 5,600 (2021: 5,400; 2020: 5,400).

Pension schemes

Pension schemes	12 Months Ended
	Dec. 31, 2022
Pension schemes
Pension schemes	6 Pension schemes ​ ​ ​ ​ ​ ​ ​ ​ Accounting policy The expense of defined benefit pension schemes and other post-retirement employee benefits is determined using the projected unit credit method and charged in the income statement as an operating expense, based on actuarial assumptions reflecting market conditions at the beginning of the financial year. Actuarial gains and losses are recognised in full in the statement of comprehensive income in the period in which they occur. Past service costs and credits are recognised immediately at the earlier of when plan amendments or curtailments occur and when related restructuring costs or termination benefits are recognised. Settlements are recognised when they occur. Net pension obligations in respect of defined benefit schemes are included in the statement of financial position at the present value of scheme liabilities, less the fair value of scheme assets. Where schemes are in surplus, i.e. assets exceed liabilities, the net pension assets are separately included in the statement of financial position. Any net pension asset is limited to the extent that the asset is recoverable. The expense of defined contribution pension schemes and other employee benefits is charged in the income statement as incurred. At 31 December 2022, the Group operates defined benefit pension schemes in the UK and the US. These schemes require management to exercise judgement in: estimating the ultimate cost of providing post-employment benefits, especially given the length of each scheme’s liabilities and; for funded schemes in an accounting surplus position, whether the surplus can be recognised. Key source of estimation uncertainty Accounting for defined benefit pension schemes involves judgement and estimation about uncertain events, including the life expectancy of the members, inflation and the rate at which the future pension payments are discounted. Estimates for these factors are used in determining the pension cost and liabilities reported in the financial statements. The estimates made around future developments of each of the critical assumptions are made in conjunction with independent actuaries. Each scheme is subject to a periodic review by independent actuaries. The discount rate, inflation rate and mortality assumptions may have a material effect in determining the defined benefit pension obligation and costs which are reported in the financial statements. Information regarding the more significant assumptions used for valuation is provided below, together with a sensitivity analysis. ​ A number of pension schemes are operated around the world. The largest defined benefit schemes as at 31 December 2022 were in the UK and the US, and are summarised below. Major defined benefit schemes in place at 31 December 2022 The UK scheme is a final salary scheme and is closed to new hires. Members accrue a portion of their final pensionable earnings based on the number of years of service. The US scheme is a cash balance scheme and was closed to future accruals effective 1 January 2019. Each of the major defined benefit schemes is administered by a separate fund that is legally separated from the Group. The trustees of the pension funds in the UK and plan fiduciaries of the US scheme are required by law to act in the interest of the funds’ beneficiaries. In the UK, the level of funding is determined by statutory triennial actuarial valuations in accordance with pensions legislation. Where the scheme falls below 100% funded status, the Group and the scheme trustees must agree on how the deficit is to be remedied. The UK Pensions Regulator has significant powers and sets out in codes and guidance the parameters for scheme funding. As a result of the 2021 triennial valuation, the Group’s remaining deficit funding contributions to the scheme over the period 2023 to 2024 are £76m. The US scheme has an annual statutory valuation which forms the basis for establishing the employer contribution each year (subject to ERISA and IRS minimums). Should the statutory funded status fall to below 100%, the US Pension Protection Act requires the deficit to be rectified with additional contributions over a seven-year period. The US scheme’s funded status is in excess of 100%. Employer cash contributions to defined benefit pension schemes in respect of 2023 are expected to be approximately £63m including a £50m pension deficit funding contribution relating to the UK scheme recovery plan. The pension expense (excluding interest amounts) recognised in the income statement consists of: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2021 ​ 2022 ​ £m £m £m Defined benefit pension expense ​ 11 ​ 24 ​ 19 Defined contribution pension expense ​ 114 ​ 109 ​ 131 Total ​ 125 ​ 133 ​ 150 ​ £150m (2021: £133m; 2020: £125m) of the total pension cost is recognised within operating profit. ​ 6 Pension schemes (continued) The amounts recognised in the income statement in respect of defined benefit pension schemes during the year are presented by major scheme as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2021 ​ 2022 ​ ​ UK ​ US ​ Total ​ UK ​ US ​ Total ​ UK ​ US ​ Total ​ £m £m £m £m £m £m £m £m £m Service cost ​ 21 ​ 3 ​ 24 ​ 21 ​ 3 ​ 24 ​ 16 ​ 3 ​ 19 Settlement and past service credits ​ – ​ (13) ​ (13) ​ – ​ – ​ – ​ – ​ – ​ – Defined benefit pension expense ​ 21 ​ (10) ​ 11 ​ 21 ​ 3 ​ 24 ​ 16 ​ 3 ​ 19 Net interest on net defined benefit obligation ​ 9 ​ 1 ​ 10 ​ 8 ​ 1 ​ 9 ​ 4 ​ 1 ​ 5 Net defined benefit pension expense ​ 30 ​ (9) ​ 21 ​ 29 ​ 4 ​ 33 ​ 20 ​ 4 ​ 24 ​ In 2020, the past service credit relates to changes to the US scheme allowing in-service distributions to be made. Net interest on net defined benefit pension scheme liabilities is presented within net finance costs in the income statement. The significant valuation assumptions, determined for each major scheme in conjunction with the respective independent actuaries, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ AS AT 31 DECEMBER ​ 2020 ​ 2021 ​ 2022 ​ UK ​ US ​ UK ​ US ​ UK ​ US Discount rate ​ 1.45 % ​ 2.45 % ​ 1.95 % ​ 2.80 % ​ 4.90 % ​ 5.35 % Inflation ​ 2.80 % ​ 2.50 % ​ 3.30 % ​ 2.50 % ​ 3.20 % ​ 2.50 % ​ Discount rates are set by reference to high-quality corporate bond yields. Mortality assumptions make allowance for future improvements in longevity and have been determined by reference to applicable mortality statistics. The average life expectancy assumptions are set out below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ AS AT 31 DECEMBER 2022 ​ Male average life ​ Female average ​ ​ expectancy ​ life expectancy ​ UK ​ US UK ​ US Member currently aged 60 years 85 ​ 86 ​ 89 ​ 88 Member currently aged 45 years 87 ​ 86 ​ 90 ​ 89 ​ ​ 6 Pension schemes (continued) The amount recognised in the statement of financial position in respect of defined benefit pension schemes at the start and end of the year and the movements during the year were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2022 ​ ​ UK ​ US ​ Total ​ UK ​ US ​ Total ​ £m £m £m £m £m £m Defined benefit obligation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At start of year ​ (4,668) (1,062) (5,730) (4,629) (992) (5,621) Service cost (21) (3) (24) (16) (3) (19) Interest on pension scheme liabilities (67) (25) (92) (89) (29) (118) Actuarial gain on financial assumptions 155 38 193 1,809 224 2,033 Actuarial loss arising from experience assumptions (152) (1) (153) (81) (7) (88) Contributions by employees (9) – (9) (8) – (8) Benefits paid 133 69 202 127 54 181 Exchange translation differences – (8) (8) – (112) (112) At end of year (4,629) (992) ​ (5,621) ​ (2,887) ​ (865) ​ (3,752) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value of scheme assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At start of year ​ 4,076 ​ 1,077 ​ 5,153 ​ 4,390 ​ 1,007 ​ 5,397 Interest income on plan assets 59 24 83 85 ​ 28 113 Return on assets excluding amounts included in interest income 318 (39) 279 (1,573) (247) (1,820) Contributions by employer 61 6 67 69 6 75 Contributions by employees 9 – 9 8 – 8 Benefits paid (133) (69) (202) (127) (54) (181) Exchange translation differences – 8 8 – 114 114 At end of year 4,390 ​ 1,007 ​ 5,397 ​ 2,852 ​ 854 ​ 3,706 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Opening net balance (592) 15 (577) (239) 15 (224) Service cost (21) (3) (24) (16) (3) (19) Net interest on net defined benefit obligation (8) (1) (9) (4) (1) (5) Contributions by employer 61 6 67 69 6 75 Actuarial gains/(losses) 321 (2) 319 155 (30) 125 Exchange translation differences – – – – 2 2 Net pension balance (239) ​ 15 ​ (224) ​ (35) ​ (11) ​ (46) Impact of asset ceiling (3) (42) (45) (5) (4) (9) Overall net pension balance (242) (27) (269) (40) (15) (55) ​ As at 31 December 2022, the defined benefit obligations comprised £3,569m (2021: £5,360m) in relation to funded schemes and £183m (2021: £261m) in relation to unfunded schemes. The weighted average duration of defined benefit scheme liabilities is 15 years in the UK (2021: 19 years) and 9 years in the US A net pension asset has been recognised in relation to the UK and US funded scheme after considering the guidance in IAS 19 – Employee Benefits and IFRIC 14. The UK funded scheme moved into a surplus position for the first time at the interim reporting date of 30 June 2022. The split between net pension obligations and net pension assets is as follows: ​ ​ ​ ​ ​ ​ ​ 2021 2022 ​ ​ £m ​ £m Net pension asset recognised ​ 46 ​ 129 Net pension obligation (315) (184) Overall net pension balance (269) (55) ​ ​ ​ 6 Pension schemes (continued) Amounts recognised in the statement of comprehensive income are set out below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2021 2022 ​ ​ £m ​ £m ​ £m Gains and losses arising during the year: ​ Experience gains/(losses) on scheme liabilities ​ 47 (153) (88) Experience gains/(losses) on scheme assets ​ 426 279 (1,820) Actuarial (losses)/gains on the present value of scheme liabilities due to changes in: ​ – discount rates ​ (671) 463 2,000 – inflation ​ 127 (290) 32 – other actuarial assumptions ​ (47) 20 1 ​ ​ (118) 319 125 Net cumulative losses at start of year ​ (828) (946) (627) Net cumulative losses at end of year ​ (946) (627) (502) ​ In addition, a gain of £39m (2021: £2m) is recognised in the statement of comprehensive income in relation to the asset ceiling. As at 31 December 2022, the impact of the asset ceiling on the overall net pension obligation is £9m (2021: £45m). In 2022 there was a £4m (2021: nil) foreign exchange gain on the asset ceiling. The major categories and fair values of scheme assets at the end of the reporting period are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ FAIR VALUE OF SCHEME ASSETS 2021 2022 ​ UK ​ US Total UK US Total ​ ​ £m ​ £m ​ £m ​ £m ​ £m ​ £m Equities ​ 1,595 ​ 5 1,600 ​ 272 4 276 Liability matching assets ​ 1,704 ​ 977 2,681 ​ 899 802 1,701 Property funds and ground leases ​ 743 ​ – 743 ​ 651 – 651 Direct lending ​ 208 ​ – 208 ​ 241 – 241 Cash and cash equivalents ​ 127 ​ 25 152 ​ 788 17 805 Other ​ 13 ​ – 13 ​ 1 31 32 Total ​ 4,390 ​ 1,007 5,397 ​ 2,852 854 3,706 ​ Included within liability matching assets of the UK scheme are asset backed securities totalling £375m (2021: £593m), other credit assets of £199m (2021: £205m) and government bonds totalling £1,721m (2021: £1,715m) offset by interest rate swaps of £115m (2021: £2m) and short-term sale and repurchase agreements totalling £1,284m (2021: £808m) whereby the UK scheme funds the purchase of government bonds using existing bonds as security. Assets and obligations associated with the schemes are sensitive to changes in the market values of assets and the market-related assumptions used to value scheme liabilities. In particular, adverse changes to asset values, discount rates or inflation could increase future pension costs and funding requirements. Typically, the Group’s schemes are exposed to: investment risks, whereby actual rates of return on plan assets may be below those rates used to determine the defined benefit obligations; and interest rate risks, whereby scheme deficits may increase if bond yields in the UK and the US decline and are not offset by returns in liability matching and other assets. The schemes are also exposed to other risks, such as unanticipated future increases in member longevity patterns and inflation, all potentially leading to an increase in scheme liabilities. Investment policies of each scheme are intended to ensure continuous payment of defined benefit pensions in the short term and long term. Efforts are made to limit risks on marketable securities by adopting investment policies that diversify assets across geographies and among equities, liability matching assets, property funds, cash and other assets. Asset allocations are dependent on a variety of factors including the duration of scheme liabilities and the funded position of the plan. The primary UK scheme uses a liability driven investment (LDI) approach for part of the portfolio, investing primarily in government bonds so that the value of scheme assets change in the same way as the scheme’s liabilities and achieve a matching effect for the most significant plan liability assumptions of interest rates and inflation rates. All equities and bonds have quoted prices in active markets. ​ 6 Pension schemes (continued) Sensitivity analysis The valuation of the Group’s pension scheme liabilities involves significant actuarial assumptions, being the life expectancy of the members, inflation and the rate at which the future pension payments are discounted. Differences arising from actual experience or future changes in assumptions may materially affect future pension charges. In particular, changes in assumptions for discount rates, inflation and life expectancies that are reasonably possible would have the following approximate effects on the defined benefit pension obligations: ​ ​ ​ ​ ​ £m Increase/decrease of 0.5% in discount rate 225 Increase/decrease of 0.25% in the expected inflation rate 64 Increase/decrease of one year in assumed life expectancy 95 ​ The above analysis has been calculated on the same basis used to determine the defined benefit obligation recognised in the statement of financial position. There has been no change in the methods used to prepare the analysis compared with prior years. This sensitivity analysis may not be representative of the actual change in the defined benefit obligation as it is unlikely that changes in the above assumptions would occur in isolation as some of the assumptions may be correlated.

Net finance costs

Net finance costs	12 Months Ended
	Dec. 31, 2022
Net finance costs
Net finance costs	7 Net finance costs ​ ​ ​ Accounting policy Interest on borrowings is expensed as incurred. The cost of issuing borrowings is generally expensed over the period of borrowing so as to produce a constant periodic rate of charge. ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2021 2022 ​ ​ £m ​ £m ​ £m Interest on short-term bank loans, overdrafts and commercial paper ​ (17) (11) (19) Interest on term debt ​ (122) (106) (157) Interest on lease liabilities ​ (12) (8) (6) Total borrowing costs ​ (151) (125) (182) Losses on loans and derivatives not designated as hedges ​ (13) (16) (9) Fair value losses on designated fair value hedge relationships ​ – ​ – ​ (9) Net financing charge on defined benefit pension schemes and other ​ (11) (9) (5) Finance costs ​ (175) (150) (205) Interest on bank deposits ​ 2 1 4 Interest income on net finance lease receivables ​ 1 – – Fair value gains on designated fair value hedge relationships ​ – 7 – Finance income ​ 3 8 4 Net finance costs ​ (172) (142) (201) ​ Gains of £2m (2021: losses of £1m; 2020: gains of £3m) on derivatives designated as cash flow hedges were recognised in other comprehensive income and accumulated in the hedge reserve, and may be reclassified to the income statement in future periods. Losses of £1m (2021: nil; 2020: £4m) in total were transferred from the hedge reserve in the period.

Disposals and other non-operati

Disposals and other non-operating items	12 Months Ended
	Dec. 31, 2022
Disposals and other non-operating items
Disposals and other non-operating items	8 Disposals and other non-operating items ​ ​ ​ Accounting policy Assets of businesses that are available for immediate sale in their current condition and for which a sales process is considered highly probable to complete are classified as assets held for sale and are carried at the lower of carrying value and fair value less costs to sell. Fair value is based on anticipated disposal proceeds, typically derived from firm or indicative offers from potential acquirers. Non-current assets are not amortised or depreciated following their classification as held for sale. Liabilities of businesses held for sale are also separately classified on the statement of financial position. Fair value movements in the venture capital portfolio are reported within disposals and other items – see note 15. ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2021 2022 ​ ​ £m ​ £m ​ £m Revaluation of investments ​ 151 16 9 (Loss)/gain on disposal of businesses and assets held for sale ​ (21) 39 (18) Net gain/(loss) on disposals and other non-operating items ​ 130 55 (9) ​ The revaluation of investments relates mainly to venture fund investments, further details of which are provided in note 15. During the year, net proceeds of £9m were received on the disposal of venture fund investments. In 2021, an investment in Palantir Technologies Inc which was valued at £173m on 31 December 2020 was disposed of in February 2021 for gross proceeds of £187m.

Taxation

Taxation	12 Months Ended
	Dec. 31, 2022
Taxation
Taxation	9 Taxation ​ Accounting policy Tax expense comprises current and deferred tax. Current and deferred tax are charged or credited in the income statement except to the extent that the tax arises from a transaction or event which is recognised, in the same or a different period, outside the income statement (either in other comprehensive income, directly in equity, or through a business combination), in which case the tax appears in the same statement as the transaction that gave rise to it. Current tax is the amount of corporate income taxes expected to be payable or recoverable based on the profit for the period as adjusted for items that are not taxable or not deductible, and is calculated using tax rates and laws that were enacted or substantively enacted at the date of the statement of financial position. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. Provisions are established where appropriate on the basis of amounts expected to be paid to the tax authorities. Current tax includes amounts provided in respect of uncertain tax positions when management expects that, upon examination of the uncertainty by a tax authority in possession of all relevant knowledge, it is more likely than not that an economic outflow will occur. Changes in facts and circumstances underlying these provisions are reassessed at the date of each statement of financial position, and the provisions are remeasured as required to reflect current information. Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the statement of financial position. Deferred tax is calculated using tax rates and laws that have been enacted or substantively enacted at the end of the reporting period, and which are expected to apply when the related deferred tax asset is realised or the deferred tax liability is settled. Deferred tax liabilities are generally recognised for all taxable temporary differences but not recognised for taxable temporary differences arising on investments in subsidiaries, associates and joint ventures where the reversal of the temporary difference can be controlled and it is probable that the difference will not reverse in the foreseeable future. Deferred tax assets are recognised to the extent it is probable that taxable profits will be available against which the deductible temporary differences can be utilised, and are reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. The availability of suitable taxable profit is considered probable when an entity has taxable temporary differences (i.e. deferred tax liabilities) relating to the same taxation authority and the same taxable entity, that are expected to reverse in the same period as the deductible temporary difference or unused tax losses or credit. Deferred tax assets and liabilities are not recognised in respect of temporary differences that arise on initial recognition of assets and liabilities acquired other than in a business combination. Deferred tax is not discounted. When the acquisition of an asset qualifies to be accounted for as a business combination, deferred tax is generally required to be recognised on the difference between the tax base and the book base of the assets and liabilities acquired and assumed. The assets acquired often include identifiable intangible assets as well as goodwill. In many jurisdictions, the manner in which a business combination is effected will impact the tax deductibility and therefore the deferred tax recognised in relation to such intangibles and goodwill. In an ‘asset acquisition’, where the buyer acquires the trade and assets of a business, there is often a tax deduction available for the amortisation of the identifiable intangible assets and sometimes for the goodwill. In this situation, deferred tax is recognised on the difference between the tax base and the book base of the assets. In a ‘share acquisition’, where the buyer acquires the share capital of a legal entity that continues to own the trade and assets, tax deductions for amortisation are usually not available. Intangibles which do not qualify for tax deductions therefore give rise to a deferred tax liability. However, deferred tax liabilities are not recognised on temporary differences that arise from goodwill where that is not deductible for tax purposes. Key source of estimation uncertainty The Group is subject to tax in numerous jurisdictions, giving rise to complex tax issues. As a multinational enterprise, our tax returns in the countries in which we operate are subject to tax authority audits as a matter of routine. While the Group is confident that tax returns are appropriately prepared and filed, amounts are provided in respect of uncertain tax positions that reflect the risk with respect to tax matters under active discussion with tax authorities, or which are otherwise considered to involve uncertainty. The valuation of provisions required in relation to uncertain tax positions involves estimation. Provisions against uncertain tax positions are measured using one of the following methods, depending on which of the methods management expects will better predict the amount it will pay over to the tax authority: ■ The Single Best Estimate – where there is a single outcome that is more likely than not to occur. This will happen, for example, where the tax outcome is binary (such as whether an entity can deduct an item of expenditure) or the range of possible outcomes is narrow or concentrated on a single value. The most likely outcome may be that no tax is expected to be payable, in which case the provision is nil; or ■ A Probability-Weighted Expected Value – where, on the balance of probabilities, something will be paid to the tax authority but the possible outcomes are widely dispersed with low individual probabilities (i.e. there is no single outcome more likely than not to occur). In this case, the provision is the sum of the probability-weighted amounts in the range. 9 Taxation (continued) ​ In assessing provisions against uncertain tax positions, management uses in-house tax experts, professional firms and previous experience to inform the evaluation of risk. However, it remains possible that uncertainties will ultimately be resolved at amounts greater or smaller than the liabilities recorded. In particular, although we report cross-border transactions undertaken between Group subsidiaries on an arm’s-length basis in tax returns in accordance with OECD guidelines, transfer pricing relies on the exercise of judgement and it is frequently possible for there to be a range of legitimate and reasonable views. This means that it is impossible to be certain that the returns basis will be sustained on examination. Discussions with tax authorities relating to cross-border transactions and other matters are ongoing in a number of our major trading jurisdictions. Although the timing and amount of final resolution of these uncertain tax positions cannot be reliably predicted, no significant impact on the results of the Group is expected in the next year or foreseeable future. Estimation of income taxes also includes assessments of the recoverability of deferred tax assets, consistent with the Group’s forecasts and annual strategy plan used in the preparation of the annual report and accounts. Deferred tax assets are only recognised to the extent that they are considered recoverable based on existing tax laws and forecasts of future taxable profits against which the underlying tax deductions can be utilised. The recoverability of these assets is reassessed at the end of each reporting period, and changes in recognition of deferred tax assets will affect the tax liability in the period of that reassessment. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2021 2022 ​ ​ £m ​ £m ​ £m Current tax United Kingdom ​ (80) (46) (102) Rest of world ​ (184) (376) (432) Total current tax charge ​ (264) (422) (534) Deferred tax ​ (11) 96 53 Tax expense ​ (275) (326) (481) ​ Cash tax paid (net) in the year was £495m (2021: £342m; 2020: £496m), which is different to the tax expense for the year set out above. There are a number of reasons why the cash tax payments in a particular year will be different from the tax expense in the accounts: ■ Tax payments relating to a particular year’s profits are typically due partly in the year and partly in the following year. In 2020 there was an acceleration of instalment payments in the UK. ■ Tax expense includes deferred tax, an accounting adjustment where an item is included in the income statement in one year but is taxed in another year. The acquisition of intangible assets often results in deferred tax liabilities, the unwind of which does not result in tax payments. ■ Current tax expense is the best estimate at the end of the period of cash tax expected to be paid. To the extent the final tax liability is different, any cash tax impact will occur in a later period. ■ Some of the benefits of tax deductions related to share based payments, pensions and hedging are credited to equity or other comprehensive income rather than to tax expense. Set out below is a reconciliation of the difference between tax expense for the period and the theoretical expense calculated by multiplying accounting profit by the applicable tax rate. We believe the most meaningful applicable rate is that obtained by multiplying the accounting profits and losses of all consolidated entities by the applicable domestic rate in each of those entities’ jurisdictions. The net tax expense charged on profit before tax differs from the theoretical amount that would arise using the weighted average of tax rates applicable to accounting profits and losses of the consolidated entities, as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2021 ​ 2022 ​ £m % ​ £m % ​ £m % Profit before tax 1,483 ​ ​ ​ 1,797 ​ ​ ​ 2,113 ​ ​ ​ Tax at average applicable rates (331) 22.3 % ​ (418) 23.3 % ​ (498) 23.6 % Tax effect of share of results of joint ventures 3 (0.2) % ​ 6 (0.3) % ​ 3 (0.1) % Income not taxable and expenses not deductible 18 (1.2) % ​ 24 (1.4) % ​ 21 (1.0) % Non-deductible costs of share based remuneration (2) 0.1 % ​ (2) 0.1 % ​ (1) 0.0 % Non-deductible disposal-related gains and losses (2) 0.1 % ​ 1 (0.1) % ​ (2) 0.1 % Deferred tax assets of the period not recognised (19) 1.3 % ​ (8) 0.4 % ​ (17) 0.8 % Change in recognition and measurement of deferred tax 14 (0.9) % ​ 25 (1.4) % ​ 5 (0.2) % Movements in provisions and prior year items 44 (3.0) % ​ 46 (2.5) % ​ 8 (0.4) % Tax expense (275) 18.5 % ​ (326) 18.1 % ​ (481) 22.8 % ​ ​ 9 Taxation (continued) The weighted average applicable tax rate for the year was 23.6% (2021: 23.3%; 2020: 22.3%), reflecting the applicable rates in the countries where the Group operates. The Group’s future tax charge will be sensitive to the geographic mix of profits and losses and the tax rates and laws in force in the jurisdictions in which we operate. In the US, the Inflation Reduction Act enacted in August 2022 introduced a corporate alternative minimum tax. Based on initial guidance, this is not expected to have any material impact on the Group. We will continue to monitor developments. In the UK, an increase in the corporation tax rate from 19% to 25% from April 2023 was enacted in 2021. In the Netherlands, an increase in the corporation tax rate from 25% to 25.8% from 2022 and changes to loss recognition rules were also enacted in 2021. In total, the deferred tax effect of changes in tax rates for the year was a tax credit of £3 m (2021: £8 m; 2020: £14 m) in the income statement. The effective tax rate of 22.8% (2021: 18.1%; 2020: 18.5%) was lower than the weighted average applicable rate of 23.6%. Income not taxable and expenses not deductible include a credit of £13m (2021: £15m; 2020: £16m) relating to research and development and nil (2021: £7m; 2020: £19m) relating to the revaluation of a put and call option arrangement. In 2021, the change in recognition and measurement of deferred tax includes the deferred tax effect of tax rate increases in the UK and the Netherlands of £8m and changes to loss recognition rules in the Netherlands of £15m. In 2020 and 2021, there were tax credits arising from the substantial resolution of prior year tax matters. The following tax has been recognised in other comprehensive income or directly in equity during the year: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2021 2022 ​ ​ £m ​ £m ​ £m Tax on items that will not be reclassified to profit or loss Tax on actuarial movements on defined benefit pension schemes ​ 39 (48) (43) ​ ​ ​ ​ ​ ​ ​ Tax on items that may be reclassified to profit or loss ​ Tax on fair value movements on cash flow hedges ​ (4) (1) 8 ​ ​ ​ ​ ​ ​ ​ Net tax (charge)/credit recognised in other comprehensive income ​ 35 (49) (35) Tax credit on share based remuneration recognised directly in equity ​ 5 12 – ​ The £43m tax charge (2021: £48m) on actuarial movements on defined benefit pension schemes includes a £2m tax charge (2021: £13m tax credit) reflecting the revaluation of pension related deferred tax balances to the UK corporation tax rate of 25% (previously 19%) enacted in 2021. ​ ​ ​ ​ ​ ​ ​ 2021 2022 ​ ​ £m ​ £m Current tax assets 10 15 Current tax liabilities (192) (249) Total (182) (234) ​ Current tax assets and liabilities are net amounts in countries where there is a legally enforceable right to offset assets and liabilities on a net basis. The Group maintained provisions for uncertain tax positions. The total carrying amount of these provisions of £239m (2021: £228m) is comprised of a number of individually immaterial amounts. It is not expected that any resolution of the matters to which the provisions relate, or changes in assumptions relating to the provisions, will have a material impact on the Group’s financial results in the next year. ​ ​ ​ ​ ​ ​ ​ 2021 2022 ​ ​ £m ​ £m Deferred tax assets 210 146 Deferred tax liabilities (591) (590) Total (381) (444) ​ ​ 9 Taxation (continued) Movements in deferred tax liabilities and assets (before taking into consideration the offsetting of balances within the same jurisdiction) are summarised as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred tax liabilities ​ Deferred tax assets ​ ​ ​ ​ Acquired ​ Other ​ Acquired ​ Tax losses ​ ​ ​ Other ​ ​ ​ ​ intangible ​ temporary ​ intangible ​ carried ​ Pension ​ temporary ​ ​ ​ ​ assets ​ differences ​ assets ​ forward ​ balances ​ differences ​ Total ​ £m ​ £m £m ​ £m ​ £m ​ £m ​ £m Deferred tax (liability)/asset at 1 January 2021 (710) (283) 174 99 125 200 (395) Credit/(charge) to profit 53 86 (9) 4 (8) (30) 96 (Charge)/credit to equity/other comprehensive income – – – – (48) 7 (41) Acquisitions (33) – – 6 – – (27) Exchange translation differences (4) 1 (8) (2) (1) – (14) Deferred tax (liability)/asset at 1 January 2022 (694) (196) 157 107 68 177 (381) Credit/(charge) to profit 62 20 (30) (17) (10) 28 53 (Charge)/credit to equity/other comprehensive income – (32) – – (10) 3 (39) Acquisitions (32) – – 19 – – (13) Exchange translation differences (71) (23) 5 9 1 15 (64) Deferred tax (liability)/asset at 31 December 2022 (735) (231) 132 118 49 223 (444) ​ The closing deferred tax liability balance of other temporary differences includes those relating to capitalised development costs of £165m (2021: £161m) and pension surplus of £32m (2021: nil). The closing deferred tax asset balance of other temporary differences includes those relating to accruals and provisions of £118m (2021: £92m), share based remuneration provisions of £41m (2021: £41m) and intercompany interest of £14m (2021: £13m). As a result of exemptions on dividends from subsidiaries and capital gains on disposal there are no significant taxable temporary differences associated with investments in subsidiaries, branches, associates and interests in joint arrangements. While a number of entities in Exhibitions suffered losses due to the impact of Covid-19 over the last few years, in no individual country were they material. Following the return to profitability in the Exhibitions business, it is expected that the remaining trading losses will be substantially utilised in the next year. Other deferred tax assets have been recognised including for losses in the US and Netherlands, the majority of which are expected to have been utilised by 2031. Deferred tax assets in respect of tax losses and other deductible temporary differences have only been recognised to the extent that it is more likely than not that sufficient taxable profits will be available to allow the asset to be recovered. Tax losses and temporary differences for which no deferred tax asset was recognised: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2022 ​ £m £m ​ £m £m ​ ​ Gross amount Tax effected ​ Gross amount Tax effected Trading losses and temporary differences expiring ​ ​ ​ ​ ​ Within 10 years 100 29 ​ 123 35 More than 10 years – – ​ 1 – Available indefinitely 187 50 ​ 208 58 Total 287 79 ​ 332 93 State and local tax losses expiring ​ ​ ​ ​ ​ Within 10 years 27 2 ​ 19 1 More than 10 years 46 4 ​ 89 6 Available indefinitely – – ​ – – Total 73 6 ​ 108 7 Capital losses expiring ​ ​ ​ ​ ​ Within 10 years – – ​ – – More than 10 years – – ​ – – Available indefinitely 22 5 ​ 22 5 Total 22 5 ​ 22 5 ​

Earnings per share

Earnings per share	12 Months Ended
	Dec. 31, 2022
Earnings per share
Earnings per share	10 Earnings per share ​ ​ ​ ​ Accounting policy Earnings per share (EPS) is calculated by taking the reported net profit attributable to shareholders and dividing this by the total weighted average number of shares. The diluted figures are calculated after taking account of potential additional ordinary shares arising from share options and conditional shares. Adjusted earnings per share is calculated by dividing adjusted net profit attributable to RELX PLC shareholders by the total weighted average number of shares. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ EARNINGS PER SHARE – FOR THE YEAR 2020 ​ 2021 ​ 2022 ​ ENDED 31 DECEMBER ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Net profit ​ average ​ ​ ​ ​ Net profit ​ average ​ ​ ​ ​ Net profit ​ average ​ ​ ​ ​ attributable to ​ number ​ ​ ​ ​ attributable to ​ number ​ ​ ​ ​ attributable to ​ number ​ ​ ​ ​ shareholders ​ of shares ​ EPS ​ shareholders ​ of shares ​ EPS ​ shareholders ​ of shares ​ EPS ​ ​ £m ​ (millions) ​ (pence) ​ £m ​ (millions) ​ (pence) ​ £m ​ (millions) ​ (pence) Basic earnings per share 1,224 1,926.2 63.5 p ​ 1,471 1,928.0 76.3 p ​ 1,634 1,918.5 85.2 p Diluted earnings per share 1,224 1,937.8 63.2 p ​ 1,471 1,939.4 75.8 p ​ 1,634 1,929.3 84.7 p ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ADJUSTED EARNINGS PER SHARE 2020 ​ 2021 ​ 2022 ​ ​ Adjusted net ​ Weighted ​ ​ ​ ​ Adjusted net ​ Weighted ​ ​ ​ ​ Adjusted net ​ Weighted ​ ​ ​ ​ profit average ​ ​ profit average ​ ​ profit average ​ ​ ​ ​ attributable to ​ number ​ Adjusted ​ attributable to ​ number ​ Adjusted ​ attributable to ​ number ​ Adjusted ​ ​ shareholders ​ of shares ​ EPS ​ shareholders ​ of shares ​ EPS ​ shareholders ​ of shares ​ EPS ​ £m (millions) (pence) ​ £m (millions) (pence) ​ £m (millions) (pence) Adjusted earnings per share ​ 1,543 ​ 1,926.2 ​ 80.1 p ​ 1,689 ​ 1,928.0 ​ 87.6 p ​ 1,961 ​ 1,918.5 ​ 102.2 p ​ RECONCILIATION OF ADJUSTED NET PROFIT ATTRIBUTABLE TO RELX PLC SHAREHOLDERS ​ ​ ​ ​ ​ ​ ​ 2020 Pre-tax Tax on ​ ​ ​ adjustment ​ adjustment ​ Total ​ ​ £m ​ £m ​ £m Net profit attributable to shareholders ​ ​ 1,224 Adjustments: ​ Amortisation of acquired intangible assets 360 35 395 Other deferred tax credits from intangible assets* – (78) (78) Acquisition-related items (12) (6) (18) Net interest on net defined benefit pension obligation and other 11 (2) 9 Disposals and other non-operating items ​ (130) 3 (127) Exceptional costs in Exhibitions ​ 183 (45) 138 Adjusted net profit attributable to shareholders ​ ​ 1,543 ​ ​ ​ ​ ​ ​ ​ ​ 2021 Pre-tax Tax on ​ ​ ​ adjustment ​ adjustment ​ Total ​ ​ £m ​ £m ​ £m Net profit attributable to shareholders ​ 1,471 Adjustments: Amortisation of acquired intangible assets 294 22 316 Other deferred tax credits from intangible assets* – (61) (61) Acquisition-related items 21 (11) 10 Net interest on net defined benefit pension obligation and other 9 (2) 7 Disposals and other non-operating items (55) ​ 1 ​ (54) Adjusted net profit attributable to shareholders ​ 1,689 ​ ​ ​ ​ ​ ​ ​ ​ 2022 Pre-tax Tax on ​ ​ ​ adjustment ​ adjustment ​ Total ​ ​ £m ​ £m ​ £m Net profit attributable to shareholders ​ 1,634 Adjustments: Amortisation of acquired intangible assets 296 30 326 Other deferred tax credits from intangible assets* – (64) (64) Acquisition-related items 62 (13) 49 Net interest on net defined benefit pension obligation and other 5 (1) 4 Disposals and other non-operating items ​ 9 ​ 3 ​ 12 Adjusted net profit attributable to shareholders ​ 1,961 * Movements on deferred tax liabilities arising on acquired intangible assets that do not qualify for tax amortisation.

Statement of cash flows

Statement of cash flows	12 Months Ended
	Dec. 31, 2022
Statement of cash flow
Statement of cash flows	11 Statement of cash flows ​ ​ ​ Accounting policy Cash and cash equivalents comprise cash balances, call deposits and other short-term highly liquid investments and are held in the statement of financial position at fair value. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RECONCILIATION OF OPERATING PROFIT TO CASH GENERATED FROM OPERATIONS ​ ​ ​ 2020 2021 2022 ​ ​ £m £m £m Operating profit ​ 1,525 1,884 2,323 Share of results of joint ventures ​ (15) (29) (19) Amortisation of acquired intangible assets ​ 376 297 294 Amortisation of internally developed intangible assets ​ 319 295 309 Amortisation of pre-publication costs ​ ​ ​ 62 ​ 60 ​ 72 Depreciation of property, plant and equipment ​ 60 52 47 Depreciation of right-of-use assets ​ 88 80 63 Share based remuneration ​ 25 45 46 Total non-cash items ​ 930 829 831 Increase in inventories and pre-publication costs ​ (80) (73) (103) (Increase)/decrease in receivables ​ 149 (103) (251) (Decrease)/increase in payables ​ (245) (32) 280 Increase in working capital ​ (176) (208) (74) Cash generated from operations ​ 2,264 2,476 3,061 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CASH FLOW ON ACQUISITIONS ​ ​ ​ 2020 2021 2022 ​ Note £m £m £m Purchase of businesses 12 ​ (864) (235) (373) Deferred payments relating to prior year acquisitions ​ ​ (5) (19) (21) Total ​ ​ (869) (254) (394) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RECONCILIATION OF NET DEBT ​ ​ ​ ​ ​ ​ ​ ​ ​ Related ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and ​ ​ ​ derivative ​ Finance ​ ​ ​ ​ ​ ​ ​ ​ cash ​ ​ ​ financial ​ lease ​ ​ ​ ​ 2020 ​ 2021 ​ equivalents ​ Debt ​ instruments ​ receivable ​ 2022 ​ £m £m £m £m £m £m £m At start of year (6,191) (6,898) 113 (6,167) 35 2 (6,017) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Decrease)/increase in cash and cash equivalents (51) 26 208 – – – 208 Decrease in short-term bank loans, overdrafts and commercial paper 436 200 – 101 – – 101 Issuance of term debt (2,342) – – (397) – – (397) Repayment of term debt 1,233 431 – 35 – – 35 Repayment of leases 90 76 – 79 – (1) 78 Change in net debt resulting from cash flows (634) 733 208 (182) – (1) 25 Borrowings in acquired businesses (3) – – (3) – – (3) Remeasurement and derecognition of leases (8) (4) – (5) – – (5) Inception of leases (24) (24) – (34) – 5 (29) Fair value and other adjustments to debt and related derivatives (4) 2 – 230 (245) – (15) Exchange translation differences (34) 174 13 (569) (3) (1) (560) At end of year (6,898) (6,017) 334 (6,730) (213) 5 (6,604) ​ Net debt comprises cash and cash equivalents, loan capital, lease liabilities and receivables, promissory notes, bank and other loans and derivative financial instruments that are used to hedge certain borrowings. The Group monitors net debt as part of capital and liquidity management.

Acquisitions

Acquisitions	12 Months Ended
	Dec. 31, 2022
Acquisitions
Acquisitions	12 Acquisitions ​ Accounting policy Goodwill, being the excess of the consideration over the net tangible and intangible assets acquired, represents benefits which do not qualify for recognition as intangible assets, including: the ability of a business to generate higher returns than individual assets; skilled workforces; and acquisition synergies that are specific to the Group. In addition, goodwill arises on the recognition of deferred tax liabilities in respect of intangible assets for which amortisation does not qualify for tax deductions. ​ During the year, a number of acquisitions were made. The net assets of the businesses acquired are incorporated at their fair value to the Group. The fair values of the consideration given and of the assets and liabilities acquired are summarised below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value ​ Fair value ​ Fair value ​ ​ 2020 ​ 2021 ​ 2022 ​ £m £m £m Goodwill ​ 570 131 269 Intangible assets ​ 427 ​ 156 ​ 125 Property, plant and equipment ​ 3 1 1 Other non-current assets ​ 1 – 3 Current assets ​ 20 4 8 Current liabilities ​ (24) (16) (21) Borrowings ​ (3) – (3) Deferred tax ​ (90) (27) (13) Net assets acquired ​ 904 249 369 Consideration (after taking account of £6 m net cash acquired (2020: £29 m; 2021: £8 m)) ​ 904 249 369 Change in consideration deferred to future years and changes in contingent consideration relating to prior year acquisitions ​ (40) (14) 4 Net cash flow ​ 864 235 373 ​ During 2022, RELX completed several acquisitions for total consideration of £443m (2021: £255m), or £437m (2021: £249m) adjusted for cash acquired. This includes the acquisition of investments in joint ventures and associates of £61m. Refer to note 15 for further details. The businesses acquired in 2022 contributed £19m to revenue, decreased adjusted operating profit by £5m, decreased net profit by £24m (after charging £19m of integration costs and amortisation of acquired intangibles) and decreased net cash inflow from operating activities for the part year under the Group’s ownership and before taking account of acquisition financing costs by £4m. Had the businesses been acquired at the beginning of the year, on a pro forma basis the Group revenues, adjusted operating profit and net profit attributable to RELX PLC shareholders for the year would have been £8,567m, £2,679m and £1,626m respectively, before taking account of acquisition financing costs.

Equity dividends

Equity dividends	12 Months Ended
	Dec. 31, 2022
Equity dividends
Equity dividends	13 Equity dividends ​ ​ ​ ​ ​ ​ ​ ​ ORDINARY DIVIDENDS PAID IN THE YEAR ​ 2020 ​ 2021 ​ 2022 ​ £m £m £m RELX PLC 880 920 983 ​ Ordinary dividends declared and paid in the year ended 31 December 2022, in amounts per ordinary share, comprise: a 2021 final dividend of 35.5p (2021: 33.4p; 2020: 32.1p) and a 2022 interim dividend of 15.7p (2021: 14.3p; 2020: 13.6p), giving a total of 51.2p (2021: 47.7p; 2020: 45.7p;). The Directors of RELX PLC have proposed a final dividend of 38.9p (2021: 35.5p; 2020: 33.4p), giving a total for the financial year of 54.6p (2021: 49.8p; 2020: 47.0p). The total cost of funding the proposed final dividend is expected to be £743m, for which no liability has been recognised at the statement of financial position date. The Employee Benefit Trust has currently waived the right to receive dividends on RELX PLC shares. This waiver has been applied to dividends paid in 2020, 2021 and 2022.

Intangible assets

Intangible assets	12 Months Ended
	Dec. 31, 2022
Intangible assets
Intangible assets	14 Intangible assets ​ Accounting policy On acquisition of a subsidiary or business, the purchase consideration is allocated between the net tangible and intangible assets other than goodwill on a fair value basis, with any excess purchase consideration representing goodwill. Goodwill is carried at fair value as at the date of acquisition less impairment charges. Acquired intangible assets are carried at their fair value as at the date of acquisition less accumulated amortisation (including impairment). On disposal of a subsidiary or business, the attributable amount of goodwill is included in the determination of profit or loss recognised in the income statement. Management judgement is required to identify intangible assets acquired as part of business combinations which comprise: market-related assets (e.g. trademarks, imprints, brands); customer-related assets (e.g. subscription bases, customer lists, customer relationships); editorial content; software and systems (e.g. application infrastructure, product delivery platforms, in-process research and development); and other intangible assets mainly comprising contract and rights-related assets. The valuation of acquired intangible assets represents the estimated economic value in use, using standard valuation methodologies, including as appropriate, discounted cash flow and comparable market transactions. Judgements involved in estimating valuation of the intangible assets include growth in cash flows over the forecast period, the long-term growth rate assumed thereafter and the discount rate applied to the forecast cash flows. The selection of appropriate amortisation periods for acquired intangible assets requires management to assess the longevity of brands and imprints, the strength and stability of customer relationships, the market positions of the acquired intangible assets and the technological and competitive risks that they face. Certain intangible assets are in relation to acquired science and medical publishing businesses that have been determined to have indefinite lives. The longevity of these assets is evidenced by their long- established and well regarded journal titles, and their characteristically stable market positions. Intangible assets, other than journal titles determined to have indefinite lives, are amortised on a straight-line basis over their estimated useful lives. The estimated useful lives of intangible assets with finite lives are: ■ Market-related assets – 1 to 40 years ■ Customer-related assets – 1 to 20 years ■ Editorial content – 1 to 40 years ■ Software and systems – 1 to 10 years ■ Other – 3 to 20 years Journal titles determined to have indefinite lives are not amortised and are subject to impairment review at least annually, including a review of events and circumstances to ensure that they continue to support an indefinite useful life. Internally developed intangible assets typically comprise software and systems development where an identifiable asset is created that is probable to generate future economic benefits and are carried at cost less accumulated amortisation. Internally developed intangible assets are amortised on a straight line basis over their estimated useful lives of three Impairment reviews Goodwill and acquired intangible assets with an indefinite life are allocated to cash generating units (CGUs) and tested for impairment at least annually or when there is an indicator that the asset may be impaired. An impairment loss is recognised in the income statement in administration and other expenses to the extent the carrying value of goodwill exceeds its recoverable amount and not subsequently reversed. The recoverable amount is the higher of fair value less costs to sell and value in use. The carrying amounts of all other intangible assets are reviewed where there are indications of possible impairment. An impairment review involves a comparison of the carrying value of the asset with estimated values in use based on the latest management cash flow projections, approved by the Board. Key areas of judgement in estimating the values in use of businesses are the growth in cash flows over a forecast period of up to five years, the long-term growth rate assumed thereafter and the discount rate applied to the forecast cash flows. These calculations require the use of estimates in respect of forecast cash flows and discount rates. Where the asset does not generate cash flows that are independent from other assets, value in use estimates are made based on the cash flows of the CGU to which the asset belongs. Critical judgements and key sources of estimation uncertainty Acquired intangible assets In 2022, the identification of intangible assets was not considered to be a critical judgement and estimates used in determination of future cash flows and discount rate used in the valuation of intangible assets were not considered to be a key source of estimation uncertainty which could give rise to a risk of material adjustment in the next 12 months given the size and quantum of acquisitions completed during the year. Development spend Development spend encompasses investment in new products and other initiatives, ranging from the building of online delivery platforms, to launch costs of new services, to building new infrastructure and applications. Launch costs and other ongoing operating expenses of new products and services are expensed as incurred. The costs of building product applications, platforms and infrastructure are capitalised as internally generated intangible assets, where the investment they represent has demonstrable value and the technical and commercial feasibility is assured. Costs eligible for capitalisation must be incremental, clearly identified and directly attributable to a particular project. The resulting assets are amortised over their estimated useful lives. Judgement is required in the assessment of the potential value of a development project, the identification of costs eligible for capitalisation and the selection of appropriate asset lives. Where indicators of impairment are identified, estimates relating to the future cash flows and discount rates used in calculating the value in use of the intangible asset may have a material effect on the reported amounts of intangible assets. ​ ​ 14 Intangible assets (continued) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ internally ​ intangible ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Software ​ ​ ​ acquired ​ developed ​ assets ​ ​ ​ ​ Market ​ Customer ​ Editorial ​ and ​ ​ ​ intangible ​ intangible ​ excluding ​ ​ ​ ​ related ​ related ​ content ​ technology ​ Other ​ assets ​ assets ​ goodwill ​ ​ Goodwill ​ £m ​ £m ​ £m ​ £m ​ £m ​ £m ​ £m ​ £m COST ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at 1 January 2021 7,224 2,391 1,750 614 688 2,381 7,824 3,251 11,075 Acquisitions 131 11 78 11 51 5 156 – 156 Additions – – – – – – – 310 310 Disposals and other (3) (2) 2 (7) – (23) (30) (19) (49) Exchange translation differences 14 15 10 2 1 (13) 15 (31) (16) At 1 January 2022 7,366 2,415 1,840 620 740 2,350 7,965 3,511 11,476 Acquisitions 269 18 43 27 37 – 125 – 125 Additions – – – – – – – 402 402 Disposals and other – (2) ​ (4) – – (9) (15) (84) (99) Exchange translation differences 753 268 ​ 197 43 68 177 753 291 1,044 At 31 December 2022 8,388 2,699 2,076 690 845 2,518 8,828 4,120 12,948 ​ ​ ​ ACCUMULATED AMORTISATION ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at 1 January 2021 – 1,323 1,054 514 414 2,338 5,643 2,007 7,650 Charge for the year* – 109 79 39 54 16 297 295 592 Disposals and other – (2) (6) 1 – (23) (30) (19) (49) Exchange translation differences – 8 5 2 (1) (12) 2 (23) (21) At 1 January 2022 – 1,438 1,132 556 467 2,319 5,912 2,260 8,172 Charge for the year* – 121 78 29 53 13 294 309 603 Disposals and other – (2) (4) (5) 5 (9) (15) (78) (93) Exchange translation differences – 161 126 37 47 177 548 194 742 At 31 December 2022 – 1,718 1,332 617 572 2,500 6,739 2,685 9,424 ​ ​ ​ NET BOOK AMOUNT ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At 31 December 2021 7,366 977 708 64 273 31 2,053 1,251 3,304 At 31 December 2022 8,388 981 744 73 273 18 2,089 1,435 3,524 ​ * Includes impairments of acquired intangible assets of £ 1 m (2021: £ 13 m; 2020: £42 m in Legal and £23 m in Exhibitions) and an impairment of internally developed intangible assets of £ 13 m in Exhibitions (2021: nil ; 2020: £ 29 m). Refer to note 2 for further detail on the exceptional costs in Exhibitions in 2020. The carrying amount of goodwill is shown after cumulative amortisation of £1,253m (2021: £1,144m), which was charged prior to the adoption of IFRS, and £9m (2021: £8m) of subsequent impairment charges recorded in prior years. The Legal business has £735m (2021: £663m) of capitalised development costs associated with platforms and infrastructure. Included in market-related intangible assets are £125m (2021: £112m) of journal titles relating to Scientific, Technical & Medical determined to have indefinite lives based on an assessment of their historical longevity and stable market positions. Impairment review There were no charges for impairment of goodwill or indefinite lived intangible assets in 2022 (2021: nil). Goodwill and indefinite lived intangible assets are compiled and assessed among groups of CGUs, which represent the lowest level at which goodwill is monitored by management. Typically, acquisitions are integrated into existing business areas, and the goodwill arising is allocated to the groups of CGUs that are expected to benefit from the synergies of the acquisition. As the business areas have become increasingly integrated and globalised, the current CGU allocation reflects the global leverage of assets, skills, knowledge and technology platforms, and the monitoring of goodwill by management. ​ ​ ​ ​ ​ ​ GOODWILL 2021 2022 ​ ​ £m ​ £m Risk 3,675 4,167 Scientific, Technical & Medical 1,683 2,015 Legal 1,406 1,572 Exhibitions 602 634 Total 7,366 8,388 ​ ​ 14 Intangible assets (continued) The key assumptions used for each group of CGUs are disclosed below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ KEY ASSUMPTIONS ​ 2021 ​ 2022 ​ ​ ​ ​ ​ Nominal ​ ​ ​ Nominal ​ ​ Pre-tax ​ long-term ​ Pre-tax ​ long-term ​ ​ discount ​ market ​ discount ​ market ​ ​ rate ​ growth rate ​ rate ​ growth rate Risk 9.8 % ​ 3 % 11.2 % ​ 4 % Scientific, Technical & Medical 9.1 % ​ 3 % 10.5 % ​ 3 % Legal 9.9 % ​ 2 % 10.9 % ​ 3 % Exhibitions 11.7 % ​ 3 % 13.0 % ​ 4 % ​ The pre–tax discount rates used are based on the Group’s weighted average cost of capital, adjusted to reflect a risk premium specific to each business. A post-tax discount rate was applied to post-tax cash flows. The equivalent pre-tax discount rate has been estimated by grossing up the post-tax rate. The Group’s weighted average cost of capital is derived from a risk free rate, a market risk premium, therefore, take into account the impact of inflation. The Group’s weighted average cost of capital was calculated as at 30 September 2022 when the impairment review was performed, and there were no indicators of impairment in the intervening period to 31 December 2022. The key assumptions within the forecast growth in the cash flows over a forecast period of up to five years are revenue growth, operating margin and cash conversion. Revenue growth and operating profit margin forecasts for each CGU are derived from past results adjusted by management based on salient current and future considerations. Cash conversion rates for each CGU are based on historical cash conversion rates. Nominal long-term market growth rates, which are applied after the forecast period of up to five years, do not exceed the long-term average growth prospects for the sectors and territories in which the businesses operate. A sensitivity analysis has been performed based on changes in key assumptions considered to be reasonably possible by management: increases in the discount rate of 1.5%; a decrease in the compound annual growth rate for cash flow in the five-year forecast period of 2.0; a decrease in the nominal long-term market growth rates of 1%; and a combined increase in discount rate of 1% and a decrease in the nominal long-term market growth rates of 1%. These sensitivity analyses show that no impairment charges would result from these scenarios.

Investments

Investments	12 Months Ended
	Dec. 31, 2022
Investments
Investments	15 Investments ​ Accounting policy Investments, other than investments in joint arrangements and associates, are stated in the statement of financial position at fair value. Changes in the fair value of investments held as part of the venture capital portfolio are reported in disposals and other non-operating items in the income statement. All items recognised in the income statement relating to investments, other than investments in joint arrangements and associates, are reported as disposals and other non-operating items. Venture capital investments and equity investments represent interests in listed and unlisted securities. The fair value of listed securities is based on quoted prices in active markets. The fair value of unlisted securities is based on management’s estimate of fair value based on standard valuation techniques, including market comparisons and discounts of future cash flows, having regard to maximising the use of observable inputs and adjusting for risk. Advice from valuation experts is used as appropriate. All joint arrangements are classified as joint ventures because the Group shares joint control and has rights to the net assets of the arrangements. Investments in joint ventures and associates are accounted for under the equity method and stated in the statement of financial position at cost as adjusted for post-acquisition changes in the Group’s share of net assets, less any impairment in value. ​ ​ ​ ​ ​ ​ ​ 2021 2022 ​ ​ £m ​ £m Investments in joint ventures and associates 105 159 Venture capital investments 107 127 Total 212 286 ​ The value of venture capital investments and equity investments has been determined by reference to quoted prices in active markets, other observable market inputs or, when these are not available, by reference to inputs we believe would reflect the assumptions market participants would use. 15 Investments (continued) ​ An analysis of changes in the carrying value of investments in joint ventures and associates is set out below: ​ ​ ​ ​ ​ ​ ​ 2021 2022 ​ ​ £m ​ £m At start of year 103 105 Share of results of joint ventures 29 19 Dividends received from joint ventures (20) (33) Acquisitions ​ – ​ 62 Disposals and other (4) 1 Exchange translation differences (3) 5 At end of year 105 159 ​ Summarised aggregate information in respect of the Group’s share of joint ventures and associates is set out below: ​ ​ ​ ​ ​ ​ ​ RELX’s share ​ ​ 2021 ​ 2022 ​ ​ £m ​ £m Revenue 78 55 Net profit for the year 29 19 ​ ​ ​ ​ ​ Total assets 136 190 Total liabilities (70) (75) Net assets 66 115 Goodwill 39 44 Total 105 159 ​ The Group’s consolidated other comprehensive income includes no income or losses relating to joint ventures and associates in 2022 and 2021.

Property, plant and equipment

Property, plant and equipment	12 Months Ended
	Dec. 31, 2022
Property, plant and equipment.
Property, plant and equipment	16 Property, plant and equipment ​ Accounting policy Property, plant and equipment are stated in the statement of financial position at cost less accumulated depreciation. No depreciation is provided on freehold land. Freehold buildings and long leaseholds ■ land and buildings: land – not depreciated; leasehold improvements – shorter of life of lease and 10 years ■ fixtures and equipment: plant – 3 to 20 years; office furniture, fixtures and fittings – 5 to 10 years; computer systems, communication networks and equipment – 3 to 7 years ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2022 ​ ​ Land and ​ Fixtures and ​ ​ ​ Land and ​ Fixtures and ​ ​ ​ buildings ​ equipment ​ Total ​ buildings ​ equipment ​ Total ​ £m £m £m £m £m £m Cost At start of year 206 527 733 167 ​ 516 683 Acquisitions – 1 1 1 – 1 Capital expenditure 5 23 28 3 33 36 Disposals (43) (32) (75) (19) (140) (159) Exchange translation differences (1) (3) (4) 14 43 57 At end of year 167 516 683 166 452 618 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated depreciation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At start of year ​ 143 428 571 111 441 552 Charge for the year 6 46 52 6 41 47 Disposals (37) (31) (68) (12) (142) (154) Exchange translation differences (1) (2) (3) 10 37 47 At end of year 111 441 552 115 377 492 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net book amount 56 75 131 51 75 126 ​ Included in land and buildings is freehold land of £10m (2021: £10m). Amounts relating to right-of-use assets under IFRS 16 can be found in note 22.

Financial instruments

Financial instruments	12 Months Ended
	Dec. 31, 2022
Financial instruments
Financial instruments	17 Financial instruments ​ Accounting policy Financial instruments comprise investments (other than investments in joint ventures or associates), trade receivables, cash and cash equivalents, payables and accruals, borrowings and derivative financial instruments. Investments (other than investments in joint ventures and associates) are described in note 15. The fair value of such investments is based on standard valuation techniques, including market comparisons and discounts of future cash flows, having regard to maximising the use of observable inputs and adjusting for risk. (These investments are typically classified as either Level 2 or 3 in the IFRS 13 fair value hierarchy.) Trade receivables are carried in the statement of financial position at invoiced value less allowance for expected credit losses. Expected credit losses are based on the ageing of trade receivables, experience and circumstance. Borrowings and payables are recorded initially at fair value and subsequently carried at amortised cost (other than fixed rate borrowings in designated hedging relationships for which the carrying amount of the hedged portion of the borrowings is subsequently adjusted for the gain or loss attributable to the hedged risk). Derivative financial instruments are used to hedge interest rate and foreign exchange risks. Where an effective hedge is in place against changes in the fair value of fixed rate borrowings, the hedged borrowings are adjusted for changes in fair value attributable to the risk being hedged with a corresponding income or expense included in the income statement within finance costs. The offsetting gains or losses from remeasuring the fair value of the related derivatives are also recognised in the income statement within finance costs. When the related derivative expires, is sold or terminated, or no longer qualifies for hedge accounting, the cumulative change in fair value of the hedged borrowing is amortised in the income statement over the period to maturity of the borrowing using the effective interest method. Changes in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows are recognised (net of tax) in other comprehensive income and accumulated in the hedge reserve. The fair value amounts relating to foreign currency basis spreads are recorded in a separate component of equity in the cost of hedging reserve. If a hedged firm commitment or forecasted transaction results in the recognition of a non-financial asset or liability, then, at the time that the asset or liability is recognised, the associated gains or losses on the derivative that had previously been recognised in other comprehensive income are included in the initial measurement of the asset or liability. For hedges that do not result in the recognition of an asset or a liability, amounts deferred in the hedge reserve are recognised in the income statement in the same period in which the hedged item affects net profit or loss. Any ineffective portion of hedges is recognised immediately in the income statement. Cash flow hedge accounting is discontinued when a hedging instrument expires or is sold, terminated or exercised, or no longer qualifies for hedge accounting. At that time, any cumulative gain or loss on the hedging instrument recognised in other comprehensive income is either retained in the hedge reserve until the firm commitment or forecasted transaction occurs, or, where a hedged transaction is no longer expected to occur, is immediately credited or expensed in the income statement. Derivative financial instruments that are not designated as hedging instruments are recorded in the statement of financial position at fair value, with changes in fair value recognised in the income statement. The fair values of derivative financial instruments represent the replacement costs calculated using observable market rates of interest and exchange. The fair value of long-term borrowings is calculated by discounting expected future cash flows at observable market rates. (These instruments are accordingly classified as Level 2 in the IFRS 13 fair value hierarchy.) ​ The main financial risks faced by the Group are liquidity risk, market risk – comprising interest rate risk and foreign exchange risk – and credit risk. Financial instruments are used to finance the Group’s businesses and to manage interest rate and foreign exchange risks. The Group’s businesses do not enter into speculative derivative transactions. Details of financial instruments subject to liquidity, market and credit risks are described below. Liquidity risk The Group maintains a range of borrowing facilities and debt programmes to fund its requirements at competitive rates. The balance of long-term debt, short-term debt and committed bank facilities is managed to provide security of funding, taking into account the cash generation cycle of the business and the uncertain size and timing of acquisition spend. To accommodate the significant free cash flow generated by the Group and to capitalise on an inexpensive source of funding, a meaningful portion of the overall debt portfolio is typically kept short term as long as there exists acceptable liquidity in the commercial paper markets and sufficient capacity under committed credit lines. The Group’s treasury policies ensure adequate liquidity by requiring that (a) no more than $2bn of term debt matures in any 12-month period, (b) the sum of term debt maturing over the ensuing 12 months plus short-term borrowings is less than the sum of available cash plus committed facilities and (c) minimum levels of borrowing with maturities over three and five years are maintained. The treasury policies ensure debt efficiency by (a) targeting certain levels of short-term borrowings across a given year, (b) maintaining a weighted average maturity of the gross debt portfolio of approximately five years and (c) minimising surplus cash balances. From time to time, based on cash flow and market conditions, the Group may redeem term debt early or repurchase outstanding debt in the ​ 17 Financial instruments (continued) Debt is issued to meet the funding requirements of various jurisdictions and in the currencies that are needed. It is recognised that debt can act as a natural translation hedge of earnings, net assets and net cash flow in currencies other than the reporting currency. For this reason, the majority of the Group’s net debt is denominated in US dollars and euros, reflecting the Group’s largest geographical markets. There were no changes to the Group’s long-term approach to capital and liquidity management during the year. The remaining contractual maturities for borrowings and derivative financial instruments are shown in the table below. The table shows undiscounted principal and interest cash flows and includes contractual gross cash flows to be exchanged as part of cross-currency interest rate swaps and forward foreign exchange contracts where there is a legal right of set-off. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ AT 31 DECEMBER 2021 ​ ​ ​ Contractual cash flow (including interest) ​ ​ Carrying ​ Within ​ ​ ​ ​ ​ ​ ​ ​ ​ More than ​ ​ ​ ​ amount ​ 1 year ​ 1-2 years ​ 2-3 years ​ 3-4 years ​ 4-5 years ​ 5 years ​ Total ​ £m £m £m £m £m £m £m £m Borrowings ​ ​ ​ ​ ​ ​ ​ ​ Fixed rate borrowings (5,828) (156) (741) (1,106) (704) (709) (3,126) (6,542) Floating rate borrowings (131) (131) – – – – – (131) Lease liabilities (208) (75) (63) (43) (25) (4) (31) (241) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative financial liabilities Cash inflows ​ ​ ​ 371 ​ 86 ​ 103 ​ 2 ​ – ​ – ​ 562 Cash outflows ​ ​ ​ (374) ​ (88) ​ (105) ​ (2) ​ – ​ – ​ (569) Forward foreign exchange contracts (7) (3) (2) (2) – – – (7) Interest rate derivatives (5) – – (1) (2) (2) (7) (12) Cross-currency interest rate swaps (2) (32) (34) (14) (501) – – (581) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative financial assets Cash inflows ​ ​ ​ 1,399 ​ 312 ​ 107 ​ 26 ​ – ​ – ​ 1,844 Cash outflows ​ ​ ​ (1,367) ​ (294) ​ (102) ​ (25) ​ – ​ – ​ (1,788) Forward foreign exchange contracts 48 32 18 5 1 – – 56 Interest rate derivatives 19 22 10 4 – – – 36 Cross-currency interest rate swaps 16 29 26 7 511 – – 573 Total (6,098) (314) (786) (1,150) (720) (715) (3,164) (6,849) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ AT 31 DECEMBER 2022 ​ Contractual cash flow (including interest) ​ ​ Carrying ​ Within ​ ​ ​ ​ ​ ​ ​ ​ ​ More than ​ ​ ​ amount ​ 1 year ​ 1-2 years ​ 2-3 years ​ 3-4 years ​ 4-5 years ​ 5 years ​ Total ​ £m £m £m £m £m £m £m £m Borrowings ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed rate borrowings (6,446) (847) (1,188) (772) (769) (704) (3,212) (7,492) Floating rate borrowings (102) (102) – – – – – (102) Lease liabilities (182) (80) (58) (36) (17) (6) (34) (231) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative financial liabilities Cash inflows ​ ​ ​ 835 ​ 242 ​ 122 ​ 8 ​ – ​ – ​ 1,207 Cash outflows ​ ​ ​ (870) ​ (262) ​ (127) ​ (8) ​ – ​ – ​ (1,267) Forward foreign exchange contracts (53) (35) (20) (5) – – – (60) Interest rate derivatives (158) (48) (29) (20) (18) (17) (43) (175) Cross-currency interest rate swaps (58) (56) (31) (567) – – – (654) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative financial assets Cash inflows ​ ​ ​ 665 ​ 199 ​ 126 ​ 24 ​ ​ ​ ​ ​ 1,014 Cash outflows ​ ​ ​ (645) ​ (192) ​ (123) ​ (23) ​ ​ ​ ​ ​ (983) Forward foreign exchange contracts 32 20 7 3 1 – – 31 Interest rate derivatives – 2 – – – – – 2 Cross-currency interest rate swaps – 29 7 538 – – – 574 Total (6,967) (1,117) (1,312) (859) (803) (727) (3,289) (8,107) ​ The carrying amount of derivative financial liabilities comprises £215m (2021: £5m) in relation to fair value hedges, £32m (2021: £7m) in relation to cash flow hedges and £22m (2021: £2m) not designated as hedging instruments. The carrying amount of derivative financial assets comprises nil (2021: £35m) in relation to fair value hedges, £24m (2021: £36m) in relation to cash flow hedges and £8m (2021: £12m) not designated as hedging instruments. The Group has ample liquidity and access to debt capital markets, providing the ability to repay or refinance borrowings as they mature and to fund ongoing requirements. At 31 December 2022, the Group had access to a $3.0bn committed bank facility maturing in April 2025, which was undrawn. This facility backs up short-term borrowings, and has pricing linked to three ESG performance targets. All borrowings that mature within the next two years can be covered by the facility and by utilising available cash resources. The committed bank facility is not subject to a financial covenant and there are no financial covenants in any outstanding public bonds. 17 Financial instruments (continued) Market risk The Group’s primary market risks are interest rate fluctuations and exchange rate movements. Derivatives are used to manage the risks associated with interest rate and exchange rate movements and the Group does not enter into speculative derivatives. Where the impact of derivatives on the income statement and the statement of financial position could be significant, hedge accounting is applied (subject to satisfying the required criteria) as described in ‘Hedge accounting’ below. Derivatives used by the Group for hedging a particular risk are not specialised and are generally available from numerous sources. The Group is also exposed to changes in the market value of its venture capital investments as described in note 15. The impact of market risks on net post-employment benefit obligations and taxation is excluded from the following market risk sensitivity analysis. Interest rate exposure management The Group’s interest rate exposure management policy aims to minimise interest costs with an acceptable level of year-on-year volatility. To achieve this, the Group uses fixed rate term debt and interest rate swaps to give a target mix of fixed rate and floating rate borrowings. Interest rate derivatives are used only to hedge an underlying risk and no net market positions are held. At 31 December 2022, including the effect of interest rate swaps, 58% of gross bank and bond borrowings were at fixed rates. The impact on net equity of a theoretical change in interest rates as at 31 December 2022 is restricted to the change in carrying value of floating rate to fixed rate interest rate derivatives in a designated cash flow hedge relationship and undesignated interest rate derivatives. A 100 basis point reduction in interest rates would result in an estimated decrease in net equity of nil (2021: nil) and a 100 basis point increase in interest rates would increase net equity by an estimated amount of nil (2021: nil). The impact of a change in interest rates on the carrying value of fixed rate borrowings in a designated fair value hedge relationship would be offset by the change in carrying value of the related interest rate derivative. Fixed rate borrowings not in a designated hedging relationship are carried at amortised cost. The Group has assessed the impact of the Interbank Offered Rates (IBOR) reform and concluded that there will be no significant impact on the financial statements. The Group is primarily exposed to IBOR through its derivatives which swap fixed rate bond issuances to a floating rate of interest and which are designated in fair value hedge relationships. The table on page 192 details these interest rate derivatives which swap £1,917m of bonds with weighted average maturity of 3.3 years to a floating rate of interest referencing US dollar LIBOR (3 months) and swap £443m of bonds with weighted average maturity of 1.2 years to a floating rate of interest referencing Euribor (3 months). The Group has adopted the ISDA fallback protocol in respect of these derivatives and the fair value hedge designations are expected to remain highly effective throughout the transition to alternative risk free rates. Foreign currency exposure management Translation exposures arise on the earnings and net assets of individual businesses whose operational currencies are other than sterling. Some of these exposures are offset by denominating borrowings in US dollars, euros and other currencies. Currency exposures on transactions denominated in a foreign currency are generally hedged using forward contracts. In addition, recurring transactions and future investment exposures may be hedged, in advance of becoming contractual. The precise policy differs according to the specific circumstances of the individual businesses. Highly predictable future cash flows may be covered for transactions expected to occur during the next 24 months A theoretical weakening of all currencies by 10% against sterling at 31 December 2022 would decrease the carrying value of net assets, excluding net borrowings, by £892m (2021: £781m). This would be offset to a degree by a decrease in net borrowings of £671m (2021: £677m). A strengthening of all currencies by 10% against sterling at 31 December 2022 would increase the carrying value of net assets, excluding net borrowings, by £892m (2021: £781m) and increase net borrowings by £671m (2021: £677m). A retranslation of the Group’s net profit for the year, assuming a 10% weakening of all foreign currencies against sterling but excluding transactional exposures, would reduce net profit by £126m (2021: £112m). A 10% strengthening of all foreign currencies against sterling on this basis would increase net profit for the year by £126m (2021: £112m). Credit risk The Group seeks to manage interest rate risk and limit foreign exchange risks described above by the use of financial instruments and as a result has a credit risk from the potential non-performance by the counterparties to these financial instruments, which are unsecured. The amount of this credit risk is normally restricted to the amounts of any hedge gain and not the principal amount being hedged. The Group also has a credit exposure to counterparties for the full principal amount of cash and cash equivalents. Credit risks are controlled by monitoring the credit quality of these counterparties, principally licensed commercial banks and investment banks with strong long-term credit ratings, and the amounts outstanding with each of them. The Group has treasury policies in place which do not allow concentrations of risk with individual counterparties and do not allow significant treasury exposures with counterparties which are rated lower than A-/A3 by Standard & Poor’s, Moody’s and Fitch. ​ 17 Financial instruments (continued) The Group also has credit risk with respect to trade receivables due from its customers, which include national and state governments, academic institutions and large and small enterprises including insurance companies, law firms and life science companies. The concentration of credit risk from trade receivables is limited due to the large and broad customer base. Trade receivable exposures are managed locally in the business areas where they arise. Where appropriate, business areas seek to minimise this exposure by taking payment in advance and through management of credit terms. Expected credit losses are based on management’s assessment of the risk taking into account the ageing profile, experience and circumstance. The maximum exposure to credit risk is represented by the carrying amount of each financial asset, including derivative financial instruments, recorded in the statement of financial position. Included within trade receivables are the following amounts which are past due, after considering loss allowance: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2021 ​ 2022 ​ ​ £m ​ £m ​ £m Up to one month ​ 170 ​ 156 ​ 265 2 to 3 months ​ 83 ​ 96 ​ 115 4 to 6 months ​ 34 ​ 35 ​ 46 Greater than 6 months ​ 46 ​ 18 ​ 23 Total past due ​ 333 ​ 305 ​ 449 ​ Hedge accounting The hedging relationships that are designated under IFRS 9 – Financial Instruments are described below. Fair value hedges The Group has entered into interest rate swaps and cross-currency interest rate swaps to hedge the exposure to changes in the fair value of fixed rate borrowings due to interest rate and foreign currency movements which could affect the income statement. The table below details the designated fair value hedge relationships that were in place at 31 December 2022, swapping fixed rate term debt issues denominated in US dollars (USD) and euros to floating rate USD and euro debt respectively for the whole or part of their term, together with the related fixed and floating rates. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ FAIR VALUE HEDGE RELATIONSHIPS 31 December 31 December ​ ​ ​ 2021 ​ 2022 ​ ​ ​ ​ ​ ​ ​ Principal ​ Principal ​ ​ ​ ​ ​ ​ ​ amount ​ amount ​ ​ ​ ​ ​ ​ £m £m Fixed rate ​ Floating rate $700m bond and $700m interest rate swaps maturing 2023 (517) (579) 3.5 % ​ USD LIBOR+0.8% €500m bond and €500m interest rate swaps maturing 2024 (421) (443) 1.0 % ​ Euribor+0.7% €600m bond and €600m/$669.3m cross-currency interest rate swaps maturing 2025 (494) (553) 1.3 % ​ USD LIBOR+1.3% $200m bond and $200m interest rate swaps maturing 2027 (148) (165) 7.2 % ​ USD LIBOR+5.8% $750m bond and $750m interest rate swaps maturing 2030 (554) (620) 3.0 % ​ USD LIBOR+1.6% $500m bond and $500m interest rate swaps maturing 2032 ​ – ​ (413) ​ 4.75 % ​ USD SOFR+2.0% ​ (2,134) (2,773) ​ ​ ​ ​ ​ ​ The gains and losses on the borrowings and related derivatives designated as fair value hedges, which are included in the income statement as part of finance costs, together with the total carrying values of the borrowings and related derivatives included in the statement of financial position, for the three years ended 31 December 2020, 2021 and 2022 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ GAINS/(LOSSES) ON BORROWINGS AND RELATED DERIVATIVES AND CARRYING VALUES ​ Fair value ​ ​ ​ ​ ​ 1 January ​ movement ​ Exchange ​ 31 December ​ Carrying ​ ​ 2020 ​ gain/(loss) ​ gain/(loss) ​ 2020 ​ values ​ ​ £m ​ £m ​ £m ​ £m ​ £m USD debt (13) (25) 2 (36) (701) Related interest rate swaps 13 25 (2) 36 36 ​ – – – – (665) EUR debt (39) (47) 3 (83) (1,467) Related interest rate swaps 39 47 (3) 83 83 ​ – – – – (1,384) Total relating to USD and EUR debt (52) (72) 5 (119) (2,168) Total related interest rate swaps 52 72 (5) 119 119 Net gain on borrowings and related derivatives/total carrying value – – – – (2,049) ​ ​ 17 Financial instruments (continued) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ GAINS/(LOSSES) ON BORROWINGS AND RELATED DERIVATIVES AND CARRYING VALUES ​ Fair value ​ ​ ​ ​ ​ 1 January ​ movement ​ Exchange ​ 31 December ​ Carrying ​ ​ 2021 ​ gain/(loss) ​ gain/(loss) ​ 2021 ​ values ​ ​ £m ​ £m ​ £m ​ £m ​ £m USD debt (36) 35 – (1) (1,221) Related interest rate swaps 36 (28) – 8 8 ​ – 7 – 7 (1,213) EUR debt (83) 55 1 (27) (940) Related interest rate swaps 83 (55) (1) 27 27 ​ – – – – (913) Total relating to USD and EUR debt (119) 90 1 (28) (2,161) Total related interest rate swaps 119 (83) (1) 35 35 Net gain on borrowings and related derivatives/total carrying value – 7 – 7 (2,126) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ GAINS/(LOSSES) ON BORROWINGS AND RELATED DERIVATIVES AND CARRYING VALUES ​ Fair value ​ ​ ​ ​ 1 January ​ movement ​ Exchange ​ 31 December ​ Carrying ​ ​ 2022 ​ gain/(loss) ​ gain/(loss) ​ 2022 ​ values ​ ​ £m ​ £m ​ £m ​ £m ​ £m USD debt (1) 140 2 141 (1,630) Related interest rate swaps 8 (149) (2) (143) (143) ​ 7 (9) – (2) (1,773) EUR debt (27) 96 1 70 (924) Related interest rate swaps 27 (96) (1) (70) (70) ​ – – – – (994) Total relating to USD and EUR debt (28) 236 3 211 (2,554) Total related interest rate swaps 35 (245) (3) (213) (213) Net gain/(loss) on borrowings and related derivatives/total carrying value ​ 7 (9) – (2) (2,767) ​ All fair value hedges were highly effective throughout the three years ended 31 December 2022. Gross borrowings as at 31 December 2022 included £10m (2021: £12m) in relation to fair value adjustments to borrowings previously designated in a fair value hedge relationship which were de-designated in 2008. The related derivatives were closed out on de-designation with a cash inflow of £62m. £3m (2021: £3m) of these fair value adjustments were amortised in the year as a reduction to finance costs. Cash flow hedges As part of the Group’s interest rate exposure management, it has entered into certain cross-currency interest rate derivatives, individual components of which have been accounted for as cash flow hedges (with the remaining components accounted for as fair value hedges, as described above). These comprised interest rate derivatives which swapped a fixed rate €600m bond, issued in May 2015 and maturing in May 2025, to floating rate USD debt for the whole of its term. The component relating to the swap of the euro credit margin to USD is being accounted for as a cash flow hedge under IFRS 9, with the amount associated with foreign currency basis spreads recorded in the cost of hedging reserve. As part of the Group’s foreign currency exposure management, it has entered into forward foreign exchange contracts which fix the exchange rate on a portion of future foreign currency subscription revenues forecast by the businesses for up to 50 months. These have been accounted for as cash flow hedges under IFRS 9 of the forecast foreign currency revenues, with gains and losses on the forward contracts deferred in the hedge reserve until the related revenue is recognised, at which time the accumulated gains and losses are reclassified to the income statement. Movements in the hedge reserve and the cost of hedging reserve in 2021 and 2022, including gains and losses on cash flow hedging instruments, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost of Foreign ​ ​ Interest rate ​ hedging ​ currency ​ ​ ​ ​ hedge reserve ​ reserve ​ hedge reserve ​ Total ​ ​ £m ​ £m ​ £m ​ £m Hedge reserve at 31 December 2020: gains/(losses) deferred 4 (8) 27 23 (Losses)/gains arising in 2021 (3) 2 11 10 Amounts recognised in income statement – – (9) (9) Hedge reserve at 31 December 2021: gains/(losses) deferred 1 (6) 29 24 (Losses)/gains arising in 2022 (3) 5 (20) (18) Amounts recognised in income statement 1 – (18) (17) Exchange translation differences ​ (1) ​ – ​ 1 ​ – Hedge reserve at 31 December 2022: losses deferred (2) (1) (8) (11) ​ 17 Financial instruments (continued) All cash flow hedges were highly effective throughout the two years ended 31 December 2022. A deferred tax credit of £3m (2021: debit of £5m) in respect of the above gains and losses at 31 December 2022 was also deferred in the hedge reserve. Of the amounts recognised in the income statement in the year, gains of £18m (2021: £9m) were recognised in revenue, and losses of £1m (2021: nil) were recognised in finance costs. A tax debit of £4m (2021: £2m) was recognised in relation to these items. The deferred gains and losses on foreign currency cash flow hedges at 31 December 2022 are currently expected to be recognised in the income statement in future years as shown in the table below, together with the principal amount of hedges relating to each year and their total carrying values included within derivative assets and liabilities in the statement of financial position: ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign Principal ​ ​ currency ​ amount of ​ Carrying ​ ​ hedge reserve ​ hedges ​ values ​ ​ £m ​ £m ​ £m 2023 4 673 (11) 2024 (10) 459 (10) 2025 (2) 250 (2) 2026 – 36 – Total (8) 1,418 (23) ​ The cash flows for these hedges are expected to occur in line with the recognition of the gains and losses in the income statement, or in the preceding year. These cash flows are included in the table on page 190.

Inventories and pre-publication

Inventories and pre-publication costs	12 Months Ended
	Dec. 31, 2022
Inventories and pre-publication costs
Inventories and pre-publication costs	18 Inventories and pre-publication costs ​ Accounting policy Inventories and pre-publication costs are stated at the lower of cost, including appropriate attributable overhead, and estimated net realisable value. Such costs typically comprise direct internal labour costs and externally commissioned editorial and other fees. Pre-publication costs, representing costs incurred in the origination of content prior to publication, are expensed systematically reflecting the expected sales profile over the estimated economic lives of the related products, generally up to five years. Annual reviews are carried out to assess the recoverability of carrying amounts. ​ ​ ​ ​ ​ ​ ​ ​ 2021 2022 ​ ​ £m ​ £m Raw materials 2 3 Pre-publication costs 218 264 Finished goods 33 42 Total 253 309 ​ During the year, pre-publication costs of £94m (2021: £73m) were capitalised. The related amortisation charge was £72m (2021: £60m).

Trade and other receivables

Trade and other receivables	12 Months Ended
	Dec. 31, 2022
Trade and other receivables.
Trade and other receivables	19 Trade and other receivables ​ Accounting policy Trade receivables are stated net of a loss allowance for expected credit losses. ​ ​ ​ ​ ​ ​ ​ ​ 2021 2022 ​ ​ £m ​ £m Trade receivables 1,738 2,193 Loss allowance (106) (118) ​ 1,632 2,075 Prepayments and accrued income 316 310 Current tax receivable 10 15 Net finance lease receivable 2 5 Total 1,960 2,405 ​ Trade receivables are predominantly non-interest bearing and their carrying amounts approximate to their fair value. 19 Trade and other receivables (continued) ​ The movements in the loss allowance during the year were as follows: ​ ​ ​ ​ ​ ​ ​ 2021 2022 ​ ​ £m ​ £m At start of year 99 106 Charge for the year 17 11 Trade receivables written off (8) (7) Exchange translation differences (2) 8 At end of year 106 118 ​

Trade and other payables

Trade and other payables	12 Months Ended
	Dec. 31, 2022
Trade and other payables
Trade and other payables	20 Trade and other payables ​ Accounting policy Deferred income is recognised when either a customer has paid consideration, or RELX has an unconditional right to an amount of consideration, in advance of the goods and services being delivered. Trade payables, accruals and other payables are not interest-bearing and are stated at their nominal values. ​ ​ ​ ​ ​ ​ ​ ​ 2021 2022 ​ ​ £m ​ £m Trade payables 109 129 Accruals 718 844 Social security and other taxes 141 159 Other payables 351 517 Deferred income 1,956 2,368 Total 3,275 4,017 ​ Trade and other payables are predominantly non-interest bearing and their carrying amounts approximate to their fair value. Materially all of the opening deferred income balance has been recognised in the reporting period.

Debt

Debt	12 Months Ended
	Dec. 31, 2022
Debt
Debt	21 Debt ​ Accounting policy Borrowings are recorded initially at fair value and subsequently carried at amortised cost, other than fixed rate borrowings in designated hedging relationships for which the carrying amount of the hedged portion of the borrowings is subsequently adjusted for the gain or loss attributable to the hedged risk. When the related derivative in such a hedging relationship expires, is sold or terminated, or no longer qualifies for hedge accounting, the cumulative change in fair value of the hedged borrowing is amortised in the income statement over the period to maturity of the borrowing using the effective interest method. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2022 ​ Falling due Falling due ​ ​ Falling due Falling due in ​ ​ ​ ​ within ​ in more than ​ ​ ​ within ​ more than ​ ​ ​ ​ 1 year ​ 1 year ​ Total ​ 1 year ​ 1 year ​ Total ​ ​ £m ​ £m ​ £m ​ £m ​ £m ​ £m Financial liabilities measured at amortised cost: Short-term bank loans, overdrafts and commercial paper 131 – 131 102 – 102 Term debt 32 3,410 3,442 – 3,641 3,641 Lease liabilities 69 139 208 67 115 182 Term debt in fair value hedging relationships – 2,161 2,161 576 1,978 2,554 Term debt previously in fair value hedging relationships – 225 225 125 126 251 Total 232 5,935 6,167 870 5,860 6,730 ​ The total fair value of financial liabilities measured at amortised cost (excluding lease liabilities) is £3,451m (2021: £3,746m). The total fair value of term debt in fair value hedging relationships is £2,688m (2021: £2,268m). The total fair value of term debt previously in fair value hedging relationships is £257m (2021: £255m). RELX PLC has given guarantees in respect of certain long-term and short-term borrowings issued by subsidiaries. Included within term debt above are debt securities issued by RELX Capital Inc., a 100% indirectly owned finance subsidiary of RELX PLC, which have been registered with the US Securities and Exchange Commission. RELX PLC has fully and unconditionally guaranteed these securities, which are not guaranteed by any other subsidiary of RELX PLC. ​ 21 Debt (continued) Analysis by year of repayment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2022 ​ Short-term ​ ​ ​ Short-term ​ ​ ​ ​ ​ bank loans, ​ ​ ​ ​ ​ ​ ​ bank loans, ​ ​ ​ ​ ​ ​ ​ ​ overdrafts ​ ​ ​ ​ ​ ​ ​ overdrafts ​ ​ ​ ​ ​ ​ ​ ​ and ​ ​ ​ ​ ​ ​ ​ and ​ ​ ​ ​ ​ ​ ​ ​ commercial ​ ​ ​ Lease ​ ​ ​ commercial ​ ​ ​ Lease ​ ​ ​ ​ paper ​ Term debt ​ liabilities ​ Total ​ paper ​ Term debt ​ liabilities ​ Total ​ ​ £m ​ £m ​ £m ​ £m ​ £m ​ £m ​ £m ​ £m Within 1 year 131 32 69 232 102 701 67 870 Within 1 to 2 years – 641 40 681 – 1,045 24 1,069 Within 2 to 3 years – 1,012 37 1,049 – 623 25 648 Within 3 to 4 years – 628 29 657 – 660 24 684 Within 4 to 5 years – 626 17 643 – 595 17 612 After 5 years – 2,889 16 2,905 – 2,822 25 2,847 After 1 year – 5,796 139 5,935 – 5,745 115 5,860 Total 131 5,828 208 6,167 102 6,446 182 6,730 ​ Short-term bank loans, overdrafts and commercial paper were backed up at 31 December 2022 by a $3.0bn (£2.5bn) committed bank facility maturing in 2025. The committed bank facility was undrawn. Analysis by currency ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2022 ​ Short-term ​ ​ ​ Short-term ​ ​ ​ ​ ​ bank loans, ​ ​ ​ ​ ​ ​ ​ bank loans, ​ ​ ​ ​ ​ ​ ​ ​ overdrafts ​ ​ ​ ​ ​ ​ ​ overdrafts ​ ​ ​ ​ ​ ​ ​ ​ and ​ ​ ​ ​ ​ ​ ​ and ​ ​ ​ ​ ​ ​ ​ ​ commercial ​ ​ ​ Lease ​ ​ ​ commercial ​ ​ ​ Lease ​ ​ ​ ​ paper ​ Term debt ​ liabilities ​ Total ​ paper ​ Term debt ​ liabilities ​ Total ​ ​ £m ​ £m ​ £m ​ £m ​ £m ​ £m ​ £m ​ £m US dollar 68 2,691 79 2,838 2 3,160 65 3,227 Pound sterling – – 51 51 – – 40 40 Euro 15 3,137 47 3,199 – 3,286 57 3,343 Other currencies 48 – 31 79 100 – 20 120 Total 131 5,828 208 6,167 102 6,446 182 6,730 ​ Included in the US dollar amounts for term debt above is £498m (2021: £515m) of debt denominated in euros (€600m) (2021: €600m) that was swapped into US dollars on issuance and against which there are related derivative financial instruments, which, as at 31 December 2022, had a fair value of £55m (2021: £21m).

Lease arrangements

Lease arrangements	12 Months Ended
	Dec. 31, 2022
Lease arrangements
Lease arrangements	22 Lease arrangements ​ Accounting policy All leases where RELX is the lessee (with the exception of short-term and low-value leases) are recognised in the statement of financial position. A lease liability is recognised based on the present value of the future lease payments, and a corresponding right-of-use asset is recognised. The right-of-use asset is depreciated over the shorter of the lease term or the useful life of the asset. Lease payments are apportioned between finance charges and a reduction of the lease liability. Low-value items and short-term leases with a term of 12 months or less are not required to be recognised on the balance sheet and payments made in relation to these leases are recognised on a straight-line basis in the income statement. The leases held by the Group can be split into two categories: property and non-property. The Group leases various properties, principally offices, which have varying terms and renewal rights that are typical to the territory in which they are located. Non-property includes all other leases, such as cars and printers. ​ ​ 22 Lease arrangements (continued) Right-of-use assets ​ ​ ​ ​ ​ ​ 2021 2022 ​ ​ £m ​ £m At start of year 216 161 Additions 25 34 Acquisitions – 3 Remeasurement 9 8 Disposals (5) (8) Depreciation (66) (63) Impairment (14) – Exchange translation differences (4) 10 At end of year 161 145 ​ Lease liability ​ ​ ​ ​ ​ ​ 2021 2022 ​ ​ £m ​ £m Current Property (67) (65) Non-property (2) (2) Non-current Property (136) (113) Non-property (3) (2) Total (208) (182) ​ Interest expense on the lease liabilities recognised within finance costs was £6m (2021: £8m; 2020: £12m). As at 31 December 2022, RELX was committed to leases with future cash outflows totalling £32m (31 December 2021: £5m) which had not yet commenced and as such are not accounted for as a liability as at 31 December 2022. A liability and corresponding right-of-use asset will be recognised for these leases at the lease commencement date. RELX subleases vacant space available within its leased properties. IFRS 16 specifies conditions whereby a sublease is classed as a finance lease for the sub-lessor. The finance lease receivable balance held is as follows: ​ ​ ​ ​ ​ ​ 2021 2022 ​ ​ £m ​ £m Net finance lease receivable 2 5 ​ Short-term and low-value lease expenses have been included in note 3. Interest income recognised in relation to finance lease receivables is disclosed in note 7.

Share capital and shares held i

Share capital and shares held in treasury	12 Months Ended
	Dec. 31, 2022
Share capital and shares held in treasury
Share capital and shares held in treasury	23 Share capital and shares held in treasury ​ Accounting policy Shares of RELX PLC that are repurchased and not cancelled are classified as shares held in treasury. The consideration paid, including directly attributable costs, is recognised as a deduction from equity. Shares of RELX PLC that are purchased by the Employee Benefit Trust are also classified as shares held in treasury, with the cost recognised as a deduction from equity. ​ RELX PLC ​ ​ ​ ​ ​ ​ ​ ​ ​ CALLED UP SHARE CAPITAL – ISSUED AND FULLY PAID ​ 2021 ​ 2022 ​ ​ No. of shares ​ £m ​ No. of shares ​ £m At start of year 1,982,299,312 286 1,984,961,632 286 Issue of ordinary shares 2,662,320 – 1,918,456 – Cancellation of ordinary shares ​ – ​ – ​ (52,000,000) ​ (7) At end of year 1,984,961,632 286 1,934,880,088 ​ 279 ​ ​ 23 Share capital and shares held in treasury (continued) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ NUMBER OF ORDINARY SHARES ​ Year ended 31 December ​ ​ 2021 ​ ​ ​ 2022 ​ ​ Shares in ​ ​ ​ ​ ​ Shares in ​ ​ issue net of ​ ​ ​ ​ ​ issue net of ​ ​ treasury ​ Shares in ​ Treasury ​ treasury ​ ​ shares* ​ issue ​ shares ​ shares* ​ ​ (millions) ​ (millions) ​ (millions) ​ (millions) RELX PLC ​ At start of year ​ 1,926.0 1,985.0 (55.6) 1,929.4 Issue of ordinary shares ​ 2.7 1.9 – 1.9 Repurchase of ordinary shares ​ – – (21.7) (21.7) Net release/(purchase) of shares by the Employee Benefit Trust ​ 0.7 – (0.1) (0.1) Cancellation of ordinary shares ​ – ​ (52.0) ​ 52.0 ​ – At end of year ​ 1,929.4 1,934.9 ​ (25.4) ​ 1,909.5 ​ * At 31 December 2022 the total shares in issue net of treasury shares is 1,909,526,620 (2021: 1,929,425,389 ). During the year, RELX PLC repurchased 21.7 m (2021: nil ; 2020: 7.8 m) RELX PLC ordinary shares for an average price of 2,303 p; repurchased shares are held in treasury. In 2022 the total consideration for the RELX PLC repurchases was £ 500 m (2021: nil ; 2020: £150 m). The Employee Benefit Trust purchases RELX PLC shares which, at the trustees’ discretion, can be used in respect of the exercise of share options and to meet commitments under conditional share awards. During the year, the Employee Benefit Trust purchased 2.2m shares for a total cost of £50m (2021: £1m; 2020: £37m). At 31 December 2022, shares held by the Employee Benefit Trust were £101m (2021: £86m; 2020: £97m) at cost. The issue of ordinary shares in the year relates to the exercise of share options. All of the RELX PLC ordinary shares rank equally with respect to voting rights and rights to receive dividends, except for shares held in treasury, which do not attract voting or dividend rights. There are no restrictions on the rights to transfer shares. At 31 December 2022, RELX PLC shares held in treasury related to 5,553,401 (2021: 5,448,564; 2020: 6,192,953) RELX PLC ordinary shares held by the Employee Benefit Trust; and 19,800,067 (2021: 50,087,679; 2020: 50,087,679) RELX PLC ordinary shares held by the parent company. During 2022, 52m (2021: nil; 2020: nil) RELX PLC ordinary shares held in treasury were cancelled. ​ On 9 December 2022, RELX PLC announced a non-discretionary programme to repurchase further ordinary shares up to the value of £150m. At 31 December 2022, an accrual of £150m was recognised in respect of this non-discretionary commitment. A further 6.3m RELX PLC ordinary shares have been repurchased in January and February 2023 under this programme.

Other reserves and translation

Other reserves and translation reserve	12 Months Ended
	Dec. 31, 2022
Other reserves and translation reserve
Other reserves and translation reserve	24 Other reserves and translation reserve ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Translation ​ Hedge Other ​ ​ ​ ​ Total ​ reserve ​ reserve ​ reserves ​ Total ​ ​ 2021 ​ 2022 ​ 2022 ​ 2022 ​ 2022 ​ ​ £m ​ £m ​ £m ​ £m ​ £m At start of year ​ 1,241 250 ​ 19 2,062 ​ 2,331 Profit attributable to shareholders ​ 1,471 – ​ – 1,634 ​ 1,634 Dividends paid ​ (920) – ​ – (983) ​ (983) Actuarial gains on defined benefit pension schemes ​ 321 – ​ – 164 ​ 164 Fair value movements on cash flow hedges ​ 10 – ​ (18) – ​ (18) Transfer to profit from cash flow hedge reserve ​ (9) – ​ (17) – ​ (17) Tax recognised in other comprehensive income ​ (49) – ​ 8 (43) ​ (35) Exchange differences on translation of foreign operations ​ 223 427 ​ – ​ – ​ 427 Cancellation of shares ​ – ​ – ​ – ​ (1,120) ​ (1,120) Increase in share based remuneration reserve (net of tax) ​ 55 – ​ – 47 ​ 47 Settlement of share awards ​ (12) – ​ – (35) ​ (35) Disposal of non ‐ controlling interests ​ – – ​ – (1) ​ (1) At end of year ​ 2,331 677 ​ (8) 1,725 ​ 2,394 ​ Other reserves principally comprise retained earnings and the share based remuneration reserve. Movements in reserves during the period includes the effects of profits generated during the period, share repurchases, changes in exchange rates and other items. Dividends paid during 2022 were £983m (2021: £920m). Refer to note 13 for further details. ​ 52m (2021: nil) RELX PLC ordinary shares held in treasury were cancelled resulting in a transfer of £1.1 bn between other reserves and shares held in treasury. ​ The increase of £427m in the translation reserve is due to the net effect of changes in exchange rates during the period which increased net debt by £560m and assets (net of other liabilities) by £987m.

Related party transactions

Related party transactions	12 Months Ended
	Dec. 31, 2022
Related party transactions
Related party transactions	25 Related party transactions Transactions with related parties were made on normal market terms of trading. Transactions between RELX PLC and subsidiaries of the Group have been eliminated within the consolidated financial statements. Transactions with joint ventures comprise sales of goods and services of £0.4m (2020: nil; 2021: nil) and the rendering and receiving of goods and services of nil (2021: £0.2m; 2020: £0.1m). As at 31 December 2022, amounts owed by joint ventures were £4.2m (2021: £2.4m; 2020: £0.8m) and amounts due to joint ventures were £1.2m (2021: £1.4m; 2020: £0.4m). See note 6 for details of the Group’s participation in defined benefit pension schemes. Key management personnel are also related parties as defined by IAS 24 – Related Party Disclosures and comprise the Executive and Non-Executive Directors of RELX PLC. Key management personnel remuneration is set out below. For reporting purposes, salary, benefits and annual incentive payments are considered short-term employee benefits. ​ ​ ​ ​ ​ ​ ​ ​ KEY MANAGEMENT PERSONNEL REMUNERATION 2020 2021 2022 ​ ​ £m ​ £m ​ £m Salaries, other short-term employee benefits and non-executive fees ​ 6 ​ 7 ​ 7 Post-employment benefits ​ 1 1 – Share based remuneration* ​ 1 8 7 Total ​ 8 16 14 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ EXECUTIVE DIRECTORS ​ ​ ​ Annual Share based ​ ​ ​ ​ ​ ​ Salary ​ Benefits ​ incentive ​ remuneration* ​ Pension* ​ Total ​ ​ ​ ​ £’000 ​ £’000 ​ £’000 ​ £’000 ​ £’000 ​ £’000 Total Executive Directors 2020 2,034 99 2,623 595 687 6,038 ​ 2021 2,085 97 3,604 7,953 774 14,513 ​ 2022 2,137 97 3,251 6,857 268 12,610 ​ * The figures for share based awards are calculated in accordance with the methodology set out in the UK Regulations. The figure for performance-related share based awards includes share price appreciation since the date the award was granted. Please see page 124 for further details. Pension is calculated in accordance with the methodology set out in the UK Regulations. ​ ​ ​ ​ ​ ​ ​ ​ NON-EXECUTIVE DIRECTORS 2020 2021 2022 ​ ​ £’000 ​ £’000 ​ £’000 Fees and benefits ​ 1,558 ​ 1,598 ​ 1,566 ​ The remuneration of non-executive directors comprises fees for services, and benefits primarily relating to tax filing support in respect

Exchange rates

Exchange rates	12 Months Ended
	Dec. 31, 2022
Exchange rates
Exchange rates	26 Exchange rates The following exchange rates have been applied in preparing the consolidated financial statements: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Statement of ​ ​ Income statement ​ financial position ​ 2020 2021 2022 2021 2022 Euro to sterling ​ 1.12 1.16 1.17 1.19 1.13 US dollar to sterling ​ 1.28 1.38 1.24 1.35 1.21 ​

Approval of financial statement

Approval of financial statements	12 Months Ended
	Dec. 31, 2022
Approval of financial statements
Approval of financial statements	27 Approval of financial statements The consolidated financial statements were approved and authorised for issue by the Board of Directors on 15 February 2023.

Related undertakings

Related undertakings	12 Months Ended
	Dec. 31, 2022
Related party transactions
Related undertakings	28 Related undertakings A full list of related undertakings (comprising subsidiaries, joint ventures, associates and other significant holdings) is set out below. ​ ​ ​ ​ ​ Share Reg Company name class office Australia ​ ​ LNRS Data Services (Australia) Pty Ltd Ordinary AUS1 Reed Exhibitions Australia Pty Ltd Ordinary AUS2 Reed International Books Australia Pty Ltd Ordinary AUS2 RELX Australia Pty Ltd Ordinary AUS2 ThreatMetrix Pty Ltd Ordinary AUS2 ​ ​ ​ Austria ​ ​ LexisNexis Verlag ARD ORAC GmbH & Co KG Partnership Interest AUT2 ORAC GmbH Ordinary AUT2 RELX Austria GmbH Ordinary AUT3 RX CEE GmbH Ordinary AUT1 RX Salzburg GmbH Ordinary AUT3 RX Wien GmbH Ordinary AUT1 Standout GmbH Ordinary AUT4 ​ ​ ​ Belgium ​ ​ LexisNexis BV Ordinary BEL1 ​ ​ ​ Brazil ​ ​ Elsevier Editora Ltda Quotas BRA1 Fircosoft Brasil Consultoria e Servicos de Informatica Ltda Quotas BRA2 Gestora de Inteligência de Crédito S.A. (20%) Common, Preferred BRA8 LexisNexis Informações e Sistemas Empresariais Ltda Quotas BRA6 LexisNexis Serviços de Análise de Risco Ltda Quotas BRA7 MLex Brasil Midia Mercadologica Ltda Quotas BRA4 Reed Exhibitions Alcântara Machado Ltda Quotas BRA3 SST Software do Brasil Ltda Quotas BRA5 ​ ​ ​ Canada ​ ​ Elsevier Canada Inc. Common CAN2 LexisNexis Canada Inc. Class B CAN1 RELX Canada Ltd Common CAN1 ​ ​ ​ China ​ ​ Bakery China Exhibitions Co., Ltd (25%) Ordinary CHN1 Beijing Medtime Elsevier Education Technology Co., Ltd (49%) Common CHN2 C-One Energy (Guangzhou) Co., Ltd Ordinary CHN5 ICIS Consulting (Beijing) Co., Ltd (Liquidation in progress) Ordinary CHN18 KeAi Communications Co., Ltd (49%) Ordinary CHN15 LexisNexis Information Technology Co. Ltd Ordinary CHN19 LexisNexis Risk Solutions (Shanghai) Information Technologies Co. Ltd Common CHN7 LNRS Data Services (Shanghai) Co Ltd Ordinary CHN13 Reed Elsevier Information Technology (Beijing) Co., Ltd Common CHN3 Reed Exhibitions (China) Co., Ltd Ordinary CHN4 Reed Exhibitions Hengjin Co., Ltd (51%) Ordinary CHN12 Reed Exhibitions (Shanghai) Co., Ltd Ordinary CHN10 Reed Huabai Exhibitions (Beijing) Co., Ltd (51%) Ordinary CHN4 Reed Huabo Exhibitions (Shenzhen) Co., Ltd (65%) Ordinary CHN16 Reed Huaqun Exhibitions Co., Ltd (52%) Ordinary CHN4 Reed Exhibitions Kuozhan (Shanghai) Co., Ltd (60%) Ordinary CHN8 Reed Sinopharm Exhibitions Co., Ltd (50%) Ordinary CHN4 RELX (China) Investment Co., Ltd Ordinary CHN9 RX (Shenzhen) Co., Ltd Ordinary CHN6 Shanghai Datong Medical Information Technology Co., Ltd Ordinary CHN17 Shanghai SinoReal Exhibitions Co., Ltd (27.5%) Ordinary CHN11 Z&R Exhibitions Co., Ltd (27.5%) Ordinary CHN14 ​ ​ ​ Colombia ​ ​ LexisNexis Risk Solutions SAS Ordinary COL1 ​ ​ ​ Denmark ​ ​ Elsevier A/S Ordinary DNK1 ​ ​ ​ Egypt ​ ​ Elsevier Egypt LLC Ordinary EGY1 ​ ​ ​ ​ ​ ​ ​ Share Reg Company name class office France ​ ​ Closd SAS Ordinary FRA9 Elsevier Holding France SAS Ordinary FRA1 Elsevier Masson SAS Ordinary FRA1 Evoluprint SAS Ordinary FRA2 Fircosoft SAS Ordinary FRA8 GIE EDI Data (83%) Ordinary FRA3 GIE Juris Data Ordinary FRA3 LexisNexis Business Information Solutions SA Ordinary FRA3 LexisNexis Business Information Solutions Holding SA Ordinary FRA5 LexisNexis International Development & Services SAS Ordinary FRA3 LexisNexis SA Ordinary FRA3 Reed Exhibitions ISG SARL Ordinary FRA6 RELX France SA Ordinary FRA6 RELX France Services SAS Ordinary FRA8 RX France SAS Ordinary FRA4 SAFI SA (50%) Ordinary FRA7 ​ ​ ​ Germany ​ ​ BehavioSec GmbH Ordinary DEU7 Elsevier GmbH Ordinary DEU3 Elsevier Information Systems GmbH Ordinary DEU2 IPlytics GmbH Ordinary DEU8 LexisNexis GmbH Ordinary DEU4 PatentSight GmbH Ordinary DEU6 RELX Deutschland GmbH Ordinary DEU1 RX Deutschland GmbH Ordinary DEU1 Tschach Solutions GmbH Ordinary DEU5 ​ ​ ​ Greece ​ ​ Mack Brooks Hellas SA (87.36%) (Liquidation in progress) Ordinary GRE1 ​ ​ ​ Hong Kong ​ ​ Ascend China Holding Ltd Ordinary HNK4 JC Exhibition and Promotion Ltd (65%) Ordinary HNK4 JYLN Sager Ltd Ordinary HNK2 LNRS Data Services (China) Ltd Ordinary HNK1 Reed Exhibitions Ltd Ordinary HNK4 RELX (Greater China) Ltd Ordinary HNK3 ​ ​ ​ India ​ ​ FircoSoft India Private Ltd Ordinary IND2 Next Events Private Ltd Ordinary IND1 Parity Computing India Private Ltd Ordinary IND3 Reed Elsevier Publishing (India) Private Ltd Ordinary IND1 Reed Manch Exhibitions Private Ltd Ordinary IND1 Reed Triune Exhibitions Private Ltd (72%) Ordinary IND4 RELX India Private Ltd Ordinary IND1 ​ ​ ​ Indonesia ​ ​ PT Reed Exhibitions Indonesia (70%) Class A Preferred IDN1 ​ Class B Common ​ PT RELX Information Analytics Indonesia Ordinary IDN2 ​ ​ ​ Irish Republic ​ ​ Elsevier Services Ireland Ltd Ordinary IRL2 LexisNexis Risk Solutions (Europe) Ltd Ordinary IRL1 LexisNexis Risk Solutions (Ireland) Ltd Ordinary IRL1 3D4Medical Ltd Ordinary IRL3 ​ ​ ​ Israel ​ ​ LexisNexis Israel Ltd Ordinary ISR1 ​ ​ ​ Italy ​ ​ Elsevier SRL Registered Capital ITA1 ICIS Italia SRL Ordinary ITA2 RX Italy SRL Ordinary ITA1 ​ ​ 28 Related undertakings (continued) ​ ​ ​ ​ Share Reg Company name class office Japan ​ ​ Ascend Japan KK Ordinary JPN1 Elsevier Japan KK Ordinary JPN2 LexisNexis Japan KK Ordinary JPN2 PatentSight Japan Inc. Common JPN2 RX Japan KK Ordinary JPN3 ​ ​ ​ Korea (Republic of) ​ ​ Elsevier Korea LLC Ordinary KOR1 LexisNexis Legal and Professional Service Korea Ltd Ordinary KOR2 Reed Exhibitions Korea Ltd Ordinary KOR3 Reed Exporum Ltd (60%) Ordinary KOR4 Reed K. Fairs Ltd (70%) Ordinary KOR3 ​ ​ ​ Macau ​ ​ Reed Exhibitions Macau Ltd Ordinary MAC1 ​ ​ ​ Malaysia ​ ​ LexisNexis Malaysia Sdn Bhd Ordinary MYS1 ​ ​ ​ Mexico ​ ​ Masson-Doyma Mexico, S.A. Ordinary MEX1 Reed Exhibitions Mexico S.A. de C.V. Fixed MEX2 ​ ​ ​ Netherlands ​ ​ AGRM Solutions C.V. Partnership Interest NLD1 Caselex B.V. Ordinary NLD1 Elsevier B.V. Ordinary NLD1 ICIS Benchmarking Europe B.V. Ordinary NLD1 LexisNexis Business Information Solutions B.V. Ordinary NLD1 LNRS Data Services B.V. Ordinary NLD1 Misset Uitgeverij B.V. (49%) Ordinary NLD2 RELX Employment Company B.V. Ordinary NLD1 RELX Finance B.V. Ordinary NLD1 RELX Holdings B.V. Ordinary NLD1 RELX Nederland B.V. Ordinary NLD1 RELX Overseas B.V. Ordinary RE NLD1 ​ ​ ​ New Zealand ​ ​ LexisNexis NZ Ltd Ordinary NZL1 ​ ​ ​ Philippines ​ ​ Reed Elsevier Shared Services (Philippines) Inc. Common PHL1 ​ ​ ​ Poland ​ ​ AI Digital Contracts Sp. z.o.o. (75%) Ordinary POL1 Elsevier Sp. z.o.o. Ordinary POL2 ​ ​ ​ Russia ​ ​ Elsevier LLC (Liquidation in progress) Participation Shares RUS2 LexisNexis LLC (Liquidation in progress) Participation Shares RUS3 Real Estate Events Direct LLC (80%) (Liquidation in progress) Participation Shares RUS1 RELX LLC (Liquidation in progress) Participation Shares RUS1 ​ ​ ​ Singapore ​ ​ Elsevier (Singapore) Pte Ltd Ordinary SGP1 Lexis-Nexis Philippines Pte Ltd Ordinary-B, Preference SGP2 LNRS Data Services Pte Ltd Ordinary SGP3 RE (HAPL) Pte Ltd Ordinary SGP1 RELX (Singapore) Pte Ltd Ordinary SGP2 ​ ​ ​ South Africa ​ ​ Globalrange SA (Pty) Ltd Ordinary ZAF1 LexisNexis (Pty) Ltd (78%) A-Ordinary ZAF2 LexisNexis Risk Management (Pty) Ltd (78%) Ordinary ZAF2 LexisNexis South Africa Shared Services (Pty) Ltd Ordinary ZAF2 ​ ​ ​ ​ ​ ​ Share Reg Company name class office Reed Events Management (Pty) Ltd (90%) Ordinary ZAF2 Reed Exhibitions (Pty) Ltd (90%) Ordinary ZAF2 Reed Exhibitions Group (Pty) Ltd (90%) Ordinary ZAF2 Reed Venue Management (Pty) Ltd (90%) Ordinary ZAF2 RELX (Pty) Ltd Ordinary ZAF2 ​ ​ ​ Spain ​ ​ Elsevier Espana SL Participations ESP1 ​ ​ ​ Sweden ​ Behaviometrics AB Ordinary SWE1 ​ ​ ​ Switzerland ​ Fircosoft Schweiz GmbH (Liquidation in progress) Ordinary CHE1 ​ ​ ​ Taiwan ​ ​ Elsevier Taiwan LLC Ordinary TWN1 ​ ​ ​ Thailand ​ ​ Reed Tradex Company Ltd (49%) Ordinary, Preference THA1 RELX Holding (Thailand) Co., Ltd Ordinary THA2 RELX Information Analytics (Thailand) Co., Ltd Ordinary THA3 ​ ​ ​ Turkey ​ ​ Elsevier STM Bilgi Hizmetleri Limited Şirketi Ordinary TUR1 Mack Brooks Fuarcilik A.S. Registered Capital TUR3 Reed Tüyap Fuarcilik A.S. (50%) A Ordinary, B Ordinary TUR2 ​ ​ ​ United Arab Emirates ​ ​ Reed Exhibitions FZ-LLC Ordinary UAE1 RELX Middle East FZ-LLC Ordinary UAE2 ​ ​ ​ United Kingdom ​ ​ 3rd Street Group Ltd Ordinary GBR3 Butterworths Ltd Ordinary GBR4 Cordery Compliance Ltd (71%) Ordinary GBR4 Cordery Ltd (71%) Ordinary GBR4 Crediva Ltd Ordinary GBR5 Digital Foundry Network Ltd (50%) Ordinary GBR3 E & P Events LLP (50%) Membership Interest GBR3 Elsevier Ltd Ordinary GBR6 Emailage Ltd Ordinary GBR5 Gamer Network Ltd Ordinary GBR3 Gapsquare Ltd A Ordinary, B Ordinary GBR2 Hookshot Media Ltd (23.5%) Ordinary GBR8 Interfolio UK Ltd Ordinary GBR10 LexisNexis Risk Solutions UK Ltd Ordinary GBR5 LNRS Data Services Holdings Ltd Ordinary GBR1 LNRS Data Services Ltd Ordinary GBR2 Mack-Brooks Exhibitions Ltd Ordinary GBR3 MCM Expo Ltd Ordinary GBR3 Mendeley Ltd Ordinary GBR6 MLex Ltd Ordinary GBR4 Offshore Europe (Management) Ltd Ordinary GBR3 Offshore Europe Partnership (50%) Partnership Interest GBR3 Out There Gaming Ltd (70%) Ordinary GBR3 Oxford Spires Management Co; Ltd (55%) Ordinary GBR7 RE (HPL) Ltd Ordinary GBR1 RE (RCB) Ltd Ordinary GBR1 RE Secretaries Ltd Ordinary GBR1 RE (SOE) Ltd Ordinary GBR3 Reed Events Ltd Ordinary GBR3 Reed Exhibitions Ltd Ordinary GBR3 Reed Nominees Ltd Ordinary GBR1 RELX Finance Ltd Ordinary GBR1 RELX Group plc Ordinary GBR1 RELX (Holdings) Ltd Ordinary GBR1 ​ ​ 28 Related undertakings (continued) ​ ​ ​ ​ Share Reg Company name class office RELX (Investments) plc Ordinary GBR1 RELX Overseas Holdings Ltd Ordinary GBR1 RELX (UK) Ltd Ordinary GBR1 REV GP (UK) LLP Membership Interest GBR1 REV Venture Partners Ltd Ordinary GBR1 REV V LP Partnership Interest GBR1 SciBite Ltd A Ordinary, B Ordinary, C Ordinary GBR9 Tracesmart Ltd Ordinary GBR5 TruNarrative Ltd Ordinary GBR5 ​ ​ ​ United States ​ ​ Accuity Asset Verification Services Inc. Common Stock USA1 Accuity Inc. Common Stock USA1 American Textile Machinery Exhibition International Inc. (40%) Common Stock USA3 Aries Systems Corporation Common Stock USA3 BehavioSec Inc Common Stock USA2 Crop Data Management Systems, Inc. Common Stock USA2 Dunlap-Hanna Publishers (50%) Partnership Interest USA7 Elsevier Holdings Inc. Common Stock USA3 Elsevier Inc. Common Stock USA3 Elsevier Medical Information LLC Membership Interest USA3 Elsevier STM Inc. Common Stock USA3 Emailage Corp. Common Stock USA2 Enclarity, Inc. Common Stock USA2 Flyreel Inc. Common Stock USA2 Gaming Business Asia LLC (50%) Membership Interest USA3 Health Market Science, Inc. Common Stock USA2 ID Analytics LLC Membership Interest USA2 IDG-RBI China Publishers LLC (50%) Membership Interest USA3 Interfolio, Inc. Common Stock USA3 Interfolio Data 180, LLC Membership Interest USA3 Knovel Corporation Common Stock USA3 Knowable Inc (75%) Common Stock USA3 Legal InQuery Solutions Inc. Common Stock USA8 LexisNexis Claims Solutions Inc. Common Stock USA2 LexisNexis Coplogic Solutions Inc. Common Stock USA2 LexisNexis of Puerto Rico Inc. Common Stock USA8 LexisNexis Risk Data Management LLC Membership Interest USA2 LexisNexis Risk Holdings Inc. Common Stock USA2 LexisNexis Risk Solutions Inc. Common Stock USA2 LexisNexis Risk Solutions FL Inc. Common Stock USA2 LexisNexis Special Services Inc. Common Stock USA6 LexisNexis VitalChek Network Inc. Common Stock USA2 LNRS Data Services Inc. Common Stock USA5 Matthew Bender & Company, Inc. Common Stock USA3 MLex US, Inc. Common Stock USA3 Parley Pro Inc. Common Stock USA3 PCLaw Time Matters LLC (51%) Membership Interest USA3 Portfolio Media, Inc. Common Stock USA3 Reed Technology and Information Services LLC Membership Interest USA3 RELX Capital Inc. Common Stock USA4 RELX Inc. Common Stock USA3 RELX Risks Inc. Common Stock USA9 REV IV Partnership LP Partnership Interest USA4 SAFI Americas LLC (50%) Membership Interest USA3 SageStream LLC Membership Interest USA2 The Reed Elsevier Ventures 2005 Partnership LP Partnership Interest USA4 The Reed Elsevier Ventures 2011 Partnership LP Partnership Interest USA4 The Reed Elsevier Ventures 2013 Partnership LP Partnership Interest USA4 The Remick Publishers (50%) Partnership Interest USA7 ThreatMetrix, Inc. Common Stock USA2 World Compliance, Inc. Common Stock USA4 ​ ​ ​ Vietnam ​ ​ Reed Tradex Vietnam LLC (49%) Membership Interest VIE1 ​ ​ ​ ​ ​ ​ ​ Registered offices Australia ​ AUS1: Building B, Level 2, Unit 11, 1 Maitland Place, Baulkham Hills, NSW 2153 AUS2: Tower 2, Level 1, 475 Victoria Avenue, Chatswood NSW 2067 ​ ​ Austria ​ AUT1: Messeplatz 1, 1020, Vienna AUT2: Trabrennstrassee 2ª,1020, Vienna AUT3: Am Messezentrum 6, 5020, Salzburg AUT4: Am Messezentrum 7, 5020, Salzburg ​ ​ Belgium ​ BEL1: Oudenaardseheerweg 129, 9810 Nazareth ​ ​ Brazil ​ BRA1: Rua da Assembleia no 100, 6th Floor, RJ Centro, Rio de Janiero, 20011-904 BRA2: Rua Bela Cintra 2305, São Paulo, 01415-009 BRA3: Rua Bela Cintra no. 1200, 10th floor, São Paulo, 01415-001 BRA4: Avenida Paulista, 2300-Piso Pilotis room 28, São Paulo, 01310-300 BRA5: Rua Cel Fonseca, 203 A-Centro, Botucatu, São Paulo, 18600-200 BRA6: Rua Funchal, 538, conjunto 42, Vila Olímpia, São Paulo - CEP 04551-060 BRA7: Alameda Rio Negro, 161 Alphaville Industrial, Barueri, São Paulo 06.455-000 BRA8: Alphaville, Conjuntos 81-84, Centro Empresarial Araguaia, Barueri, São Paulo ​ 2104, 8-9 Andar ​ ​ Canada ​ CAN1: 111 Gordon Baker Road, Suite 900, Toronto, Ontario, M2H 3R1 CAN2: 26E-1501 av. McGill College, Montreal, Quebec, H3A 3N9 ​ ​ China ​ CHN1: Zhongkun Building, Room 612, Gaoliangqiaoxie Street, No. 59, Haidan District, Beijing, 100044 CHN2: Room 516, 5th Floor, Building 22, Area 11, No. 38, Xueyuan Road, Haidian District, Beijing CHN3: Oriental Plaza, No. 1 East Chang An Ave, Tower W1, 7th Floor, Unit 1-7, Dong Cheng District, Beijing, 100738 CHN4: Ping An International Finance Center, Room 1504, 15th Floor, Tower A-101, 3-24 floor, Xinyuan South Road, Chaoyang District, Beijing, 100027 CHN5: Unit B1303-1 & 1305, 13F Center Plaza, 161 Linhe Road West, Tianhe District Guangzhou CHN6: Unit 303, 3F, Tower 3 Kerry Plaza ,No.1 Zhong Xin Si Road, Fu Tian District, Fu Tian District, Shenzhen CHN7: Room 5106, Raffle City, 268 Middle Xizang Road, Huangpu District, Shanghai, 200001 CHN8: Intercontinental Center, 42F, 100 Yutong Road, Zhabei District, Shanghai, 200070 CHN9: Room 319, 238 Jiangchangsan Road, Jing’an District, Shanghai CHN10: Room 304, Sanlian Building, No.8, Huajing Road, Pudong District, Shanghai, 200070 CHN11: Building 2, Room No. 3895, Changjiang Avenue, No. 161, Changliang Farm, Chongming County, Shanghai CHN12: Floor 2, No.979, Yunhan Road, Nicheng Town, Pudong New District, Shanghai CHN13: 4/F Block 3, No 999 Jingzhong Road, Changning District, Shanghai CHN14: A0208, 1st floor, building 2, Yard 66, Yanfu Road, Yancun Tow, Fangshan District Beijing CHN15: 16 Donghuangchenggen North Street, Beijing, 100717 CHN16: Shenzhen International Chamber of Commerce Tower, Room 1801-1802, 1805, Fuhua 3rd Road, Futian District, Shenzhen, 518048 CHN17: 5/F Unit A, Digital China Centre No. 567 Tianshan West Road, ChangNing District, Shanghai, 200335 CHN18: Room 12B, 7th Floor, Oriental Plaza, 1 East Chang An Avenue, Beijing, 100738 CHN19: 404 F4, No.9 Shangdi 9th Street, Haidian District, Beijing, 100085 ​ ​ Colombia ​ COL1: Philippe Prietocarrizosa & Uria Abogados, Carrera 9 No. 74-08 Oficina 105, Bogota, d.c., 76600 ​ ​ Denmark ​ DNK1: Niels Jernes Vej 10, 9220, Aalborg East ​ ​ Egypt ​ EGY1: Land Mark Office Building, 2nd Floor, 90th Street, City Center, 5th Settlement, New Cairo, Cairo ​ ​ ​ ​ 28 Related undertakings (continued) ​ ​ Registered offices France ​ FRA1: 65, rue Camille Desmoulins, 92130, Issy les Moulineaux FRA2: Parc Euronord, 10 rue du Parc, 31150, Bruguieres FRA3: 141 rue de Javel, 75015, Paris FRA4: 52 Quai de Dion Bouton, 92800, Puteaux FRA5: Immeuble Technopolis, 350 rue Georges Besse, 30000, Nimes FRA6: 27-33 quai Alphonse Le Gallo, 92100, Boulogne-Billancourt FRA7: 6-8 Rue Chaptal, 75009, Paris FRA8: 151-155 Rue de Bercy, 75012, Paris FRA9: 168 Rue Saint-Denis, 75002, Paris ​ ​ Germany ​ DEU1: Volklinger Strasse 4, 40219, Dusseldorf DEU2: St. Martin Tower, Wing, 2nd floor, Franklinstrasse 61-63, 60486, Frankfurt am Main Hessen DEU3: Bernhard-Wicki-Strasse 5, 80636, Munich DEU4: Heerdter Sandberg 30, 40549, Dusseldorf DEU5: Steinhauserstrasse 9, 76135, Karlsruhe DEU6: Joseph-Schumpeter-Allee 33, 53227, Bonn DEU7: Fritz-Haber-Strasse 9 OG 13, 06217 Merseburg DEU8: Schopenhauer Strasse 93 e, 14129, Berlin ​ ​ Greece ​ GRE1: 188A, Filolaou Str., Athens. 11632 ​ ​ Hong Kong ​ HNK1: 5/F, Manulife Place, 348 Kwun Tong Road, Kowloon HNK2: Flat 1506, 15/F, Lucky Center, No. 165-171 Wan Chai Road, Wan Chai HNK3: 11/F Oxford House, Taikoo Place, 979 King’s Road, Quarry Bay HNK4: 17th Floor, One Island East, Taikoo Place, 18 Westlands Road, Quarry Bay ​ ​ India ​ IND1: 818, 8th Floor, Indraprakash Builing, 21 Barakhamba Road, New Delhi, Delhi, 110001 IND2: Ascendas International Tech Park, Crest Building 12th Floor, Taramani Road, Taramani, Chennai, 600113 IND3: 99/100, Prestige Towers Unit No. 505, Fifth Floor, Residency Road, Bangalore, Karnataka, 560025 IND4: 25, 3rd floor, 8th Main Road, Vasanthnager, Bangalore, Karnataka, 560052 ​ ​ Indonesia ​ IDN1: APL Tower Central Park 26th Floor Unit T3 Jl. S. Parman Kav., 28, Grogol, Pertamburan Jakarta Barat 11470 IDN2: Gedung World Trade Center, 3 LT 20 Spaces JL Jend Sudirman Kav 29-31 RT/RW 008/003, Karet Kuningan, Setiabudi, Jakarta Selatan, DKI Jakarta 12940 ​ ​ Irish Republic ​ IRL1: 80 Harcourt Street, Dublin 2, Dublin, D02 F449 IRL2: Suite 4320, Atlantic Avenue, Westpark Business Campus, Shannon, Clare, V14 YX01 IRL3: 1F Cedarhurst Building, Arkle Road, Sandyford Business Park, Dublin, D18 X6N2 ​ ​ Israel ​ ISR1: Meitar, Attorneys at Law, 16 Abba Hillel Rd. Ramat Gan 5250608 ​ ​ ​ Italy ​ ITA1: Via Marostica 1, 20146, Milan ITA2: Studio Colombo e Associati, Via Cino del Duca 5, 20122, Milan ​ ​ Japan ​ JPN1: Kyodo Tsushin Kaikam 2F, 2-2-5 Toronomon, Minato-ku, Tokyo, 105-0001 JPN2: 1-9-15, Higashi Azabu, Minato-ku Tokyo, 106-0044 JPN3: Shinjuku-Nomura Bldg., 1-26-2 Nishi-shinjuku, Shinjuku-ku, Tokyo, 163-0525 ​ ​ Korea (Republic of) ​ KOR1: Chunwoo Building, 4th floor, 534 Itaewon-dong, Yongsan-gu, Seoul, 140-861 KOR2: 206 Noksapyeong-daero, Yongsan-gu, Seoul, 140-861 KOR3: 1622-24 Block A Terra Tower 2, 201 Songpa-daero, Songpa-gu, Seoul KOR4: 4th floor at 195-6 Jamsil-dong, Songpagu, Seoul ​ ​ Macau ​ MAC1: Rua De Xangai, No. 175 Edif. Associacao Comercial de Macau, 11 Andar, Bloco K ​ ​ Malaysia ​ MYS1: Suite 29-1, Level 29, Vertical Corporate, Tower B, Avenue 10, The Vertical, 59200 Bangsar South City, Kuala Lumpur ​ ​ ​ Registered offices Mexico ​ MEX1: Masson-Doyma Mexico S.A., Av Insurgentes Sur 1388 Piso 8, Col Actipan Mixcoac Del. Benito Juarez, Mexico DF, CP 03230 MEX2: Avenida Paseo de la Reforma 243, Piso 15, Col. Cuauhtemoc, Mexico City, 06500 ​ ​ Netherlands ​ NLD1: Radarweg 29, 1043 NX Amsterdam NLD2: Hanzestraat 1, 7006RH Doetinchem ​ ​ New Zealand ​ NZL1: Level 1, 138 The Terrace, P.O. Box 472, Wellington 6011 ​ ​ Philippines ​ PHL1: Building H, 2nd Floor, U.P. Ayalaland TechnoHub, Commonwealth Avenue, Quezon City, Metro Manila, 1101 ​ ​ Poland ​ POL1: Plac Grunwaldzki 23-27, 50-365 Wroclaw POL2: Al. JJana Pawla II, 22, 00-133, Warszawa ​ ​ Russia ​ RUS1: 2nd Syromyatnichesky per, bld.1, Space I, Room 13, 105120, Moscow RUS2: Building 1, Facility 1, Room 80, 9/26 Shchipok St., Municipal District Zamoskvorechye, 115054, Moscow RUS3: Building 1, facility 1, Room 5, 9/26 Shchipok St., Municipal District Zamoskvorechye, 115054, Moscow ​ ​ Singapore ​ SGP1: 3 Killiney Road, #08-01 Winsland House 1, 239519 SGP2: 80 Robinson Road, #02-00, 068898 SGP3: 1 Changi Business Park Crescent, #06-01 Plaza 8 & CBP, 48602551 ​ ​ South Africa ​ ZAF1: Ground Floor, Pebble Beach, Fourways Golf Park, Roos Street, Fourways Sandton, Johannesburg, Gauteng 2068 ZAF2: Building 8, Country Club Estate Office Park, 21 Woodlands Drive, Woodmead, Gauteng, 2191 ​ ​ Spain ​ ESP1: C/ Josep Tarradellas 20-30, 1º / 20029, Barcelona ​ ​ Sweden ​ SWE1: Aurorum 8A 977 75 Lulea ​ ​ Switzerland ​ CHE1: Bahnhofstrasse 100, 8001 Zurich ​ ​ Taiwan ​ TWN1: Rm N818, 8F, Chia Hsin Building II, No. 9, Lane 3, Minsheng West Road, Taipei 10449 ​ ​ Thailand ​ THA1: Sathorn Nakorn Building, Floor 32, No. 100/68-69 North Sathon Road, Silom, Bangrak, Bangkok, 10500 THA2: 14th Floor, CTI Tower, 191/70-73 Ratchadapisek Road, Khwaeng Klongtoey, Khet, Klongtoey, Bangkok THA3: 2 Ploenchit Centre, Room 7, Floor G., Sukhumvit Road, Klongtoey, Bangkok, 10110 ​ ​ Turkey ​ TUR1: Maslak Mah. Bilim Sokak Sun Plaza Kat:13 Sisli-Maslak, Istanbul TUR2: Tuyap Fuar ve Kongre Merkezi, Cumhuriyet Mahallesi Eski Hadimkoy Yolu 9/4, 34500 Buyukcekmece, Istanbul TUR3: Esentepe Mah. Ali Kaya SK. Polat Plaza B Blok No: 1/1B Sisli, Istanbul ​ ​ United Arab Emirates ​ UAE1: Office 0225 Podium 2, Yas Creative Hub Tower 2, Abu Dhabi, PO BOX 77899 UAE2: Al Sufouh Complex, Office nos. 404, 405, 406 & 407, Dubai Media City, Dubai ​ ​ United Kingdom ​ GBR1: 1-3 Strand, London, WC2N 5JR GBR2: Quadrant House, The Quadrant, Sutton, Surrey, SM2 5AS GBR3: Gateway House, 28 The Quadrant, Richmond, Surrey, TW9 1DN GBR4: Lexis House, 30 Farringdon Street, London, EC4A 4HH GBR5: Global Reach, Dunleavy Drive, Cardiff, CF11 0SN GBR6: The Boulevard, Langford Lane, Kidlington, Oxford, OX5 1GB ​ ​ ​ ​ ​ ​ Registered offices GBR7: 40 Kimbolton Road, Bedford, MK40 2NR GBR8: 5 Oakwood Drive, Loughborough, LE11 3QF GBR9: Biodata Innovation Centre Wellcome Genome Campus, Hinxton, Cambridge, CB10 1DR GBR10: The Barn, Horningsea Road, Cambridge, CB5 8SZ ​ ​ United States ​ USA1: 1007 Church Street, Evanston IL 60201 USA2: 1000 Alderman Dr., Alpharetta, GA 30005 USA3: 230 Park Ave, New York, NY 10169 USA4: 1105 North Market St, Wilmington, DE 19801 USA5: 3355 West Alabama Street, Houston, TX 77098 USA6: 1150 18th St, NW, Washington, DC 20036 USA7: 313 Washington Street, Suite 400, Newton, MA 02458 USA8: 9443 Springboro Pike, Miamisburg, OH 45342 USA9: 76 St. Paul Street, Suite 500, Burlington, VT 05401-4477 ​ ​ Vietnam ​ VIE1: 2nd Floor, Kova Center, 92G-92H Nguyen Huu Canh Street, Ward no. 22, District. Binh Thanh, Ho Chi Minh City ​ ​ ​ ​ The following UK subsidiaries will take advantage of the audit exemption set out with in Section 479A of the Companies Act 2006 supported by guarantees issued by RELX PLC over their liabilities for the year ended 31 December 2022. ​ ​ ​ ​ Registration Company name number Butterworths Limited 2826955 Crediva Limited 6567484 E&P Events LLP OC328529 Emailage Limited 9282165 Interfolio UK Limited 7820803 Mack-Brooks Exhibitions Limited 967560 MCM Expo Limited 8421024 MLex Limited 5488651 Offshore Europe (Management) Limited 2318214 RE (SOE) Limited 2330299 Reed Events Limited 5893942 RELX (Holdings) Limited 5807690 RELX (Investments) plc 5810043 RELX Overseas Holding Limited 9489059 REV GP (UK) LLP OC437653 REV Venture Partners Limited 4226986 SciBite Limited 7778456 Tracesmart Limited 3827062 TruNarrative Limited 10241297 ​ ​ ​

5 year summary

5 year summary	12 Months Ended
	Dec. 31, 2022
5 year summary
5 year summary	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2018 ​ 2019 ​ 2020 ​ 2021 ​ 2022 ​ ​ ​ £m ​ £m ​ £m ​ £m ​ £m RELX consolidated financial information ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Growth rates ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Underlying revenue growth ​ ​ +4 % ​ +4 % ​ -9 % ​ +7 % ​ +9 % Underlying adjusted operating profit growth ​ ​ +6 % ​ +5 % ​ -18 % ​ +13 % ​ +15 % Adjusted earnings per share growth (at constant currency) ​ ​ +7 % ​ +7 % ​ -15 % ​ +17 % ​ +10 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjusted figures ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue ​ ​ 7,492 ​ 7,874 ​ 7,110 ​ 7,244 ​ 8,553 Operating profit ​ ​ 2,346 ​ 2,491 ​ 2,076 ​ 2,210 ​ 2,683 Operating margin ​ ​ 31.3 % ​ 31.6 % ​ 29.2 % ​ 30.5 % ​ 31.4 % Profit before tax ​ ​ 2,145 ​ 2,200 ​ 1,916 ​ 2,077 ​ 2,489 Net profit attributable to shareholders ​ ​ 1,674 ​ 1,808 ​ 1,543 ​ 1,689 ​ 1,961 Net margin ​ ​ 22.3 % ​ 23.0 % ​ 21.7 % ​ 23.3 % ​ 22.9 % Cash flow ​ ​ 2,243 ​ 2,402 ​ 2,009 ​ 2,230 ​ 2,709 Cash flow conversion ​ ​ 96 % ​ 96 % ​ 97 % ​ 101 % ​ 101 % Return on invested capital ​ ​ 13.2 % ​ 13.6 % ​ 10.8 % ​ 11.9 % ​ 12.5 % Earnings per share ​ ​ 84.7 p ​ 93.0 p ​ 80.1 p ​ 87.6 p ​ 102.2 p ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dividend ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ordinary dividend per share ​ ​ 42.1 p ​ 45.7 p ​ 47.0 p ​ 49.8 p ​ 54.6 p ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reported figures ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue ​ 7,492 ​ 7,874 ​ 7,110 ​ 7,244 ​ 8,553 Operating profit ​ 1,964 ​ 2,101 ​ 1,525 ​ 1,884 ​ 2,323 Profit before tax ​ ​ 1,720 ​ 1,847 ​ 1,483 ​ 1,797 ​ 2,113 Net profit attributable to shareholders ​ 1,422 ​ 1,505 ​ 1,224 ​ 1,471 ​ 1,634 Net margin ​ ​ 19.0 % ​ 19.1 % ​ 17.2 % ​ 20.3 % ​ 19.1 % Net debt ​ ​ 6,177 ​ 6,191 ​ 6,898 ​ 6,017 ​ 6,604 Earnings per share (pence) ​ 71.9 p ​ 77.4 p ​ 63.5 p ​ 76.3 p ​ 85.2 p ​ (1) Adjusted figures are presented as additional performance measures used by management. Further details on the adjusted measures can be found in the Alternative performance measures section on pages 216 to 224. (2) Dividend per ordinary share is based on the interim dividend and proposed final dividend for the relevant year.

Basis of preparation and acco_2

Basis of preparation and accounting policies (Policies)	12 Months Ended
	Dec. 31, 2022
Basis of preparation and accounting policies
Basis of preparation	Basis of preparation The shares of RELX PLC are traded on the London, Amsterdam and New York stock exchanges. RELX PLC and its subsidiaries, joint ventures and associates are together known as ‘RELX’. In preparing the consolidated financial statements, subsidiaries are accounted for under the acquisition method and investments in associates and joint ventures are accounted for under the equity method. All intra-group transactions and balances are eliminated. On acquisition of a subsidiary, or interest in an associate or joint venture, fair values, reflecting conditions at the date of acquisition, are attributed to the net assets, including identifiable intangible assets acquired. Adjustments are made to bring accounting policies into line with those of the Group. The results of subsidiaries sold or acquired are included in the consolidated financial statements up to or from the date that control passes from or to the Group. Non-controlling interests in the net assets of the Group are identified separately from shareholders’ equity. Non-controlling interests consist of the amount of those interests at the date of the original acquisition and the non-controlling share of changes in equity since the date of acquisition. The directors of RELX PLC, having made appropriate enquiries, consider that adequate resources exist for the Group to continue in operational existence for the foreseeable future and that, therefore, it is appropriate to adopt the going concern basis in preparing the consolidated financial information for the year ended 31 December 2022. As part of the going concern assessment the directors considered the sufficiency of the group’s liquidity resources, including committed credit facilities, over the 18 month period to 30 June 2024. Please refer to page 95 for further disclosure in respect of going concern. In preparing the Group financial statements management has considered the impact of climate change, taking into account the relevant disclosures in the Strategic Report, including those made in accordance with the recommendations of the Taskforce on Climate-related Financial Disclosure. This included an assessment of assets with indefinite and long lives and how they could be impacted by measures taken to address global warming. Recognising that the Group's operations, and the use of the Group's products, have a relatively low environmental impact, no issues were identified that would impact the carrying values of such assets or have any other material impact on the financial statements. The 2022 annual report and accounts presents multi-year data with the earliest period on the left and the latest period on the right. This aligns with the approach used in our other investor relations material and allows better understanding of multi-year trends.
Accounting policies	Accounting policies The Group’s consolidated financial statements are prepared in accordance with UK adopted International Accounting Standards in conformity with the requirements of the Companies Act 2006 and International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). The accounting policies under IFRS are included in the relevant notes to the consolidated financial statements. The accounting policies below are applied throughout the financial statements and are unchanged from those applied in preparing the consolidated financial statements for the year ended 31 December 2021.
Foreign exchange translation	Foreign exchange translation The consolidated financial statements are presented in sterling. Transactions in foreign currencies are recorded at the rate of exchange prevailing on the date of the transaction. Non-monetary assets and liabilities that are measured at historical cost in foreign currencies are translated using the exchange rate at the date of the transaction. At each statement of financial position date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rate prevailing on the statement of financial position date. Exchange differences arising are recorded in the income statement other than where hedge accounting applies, as set out on pages 189 to 194. Assets and liabilities of foreign operations are translated at exchange rates prevailing on the statement of financial position date. Income and expense items and cash flows of foreign operations are translated at the average exchange rate for the period. Significant individual items of income and expense and cash flows in foreign operations are translated at the rate prevailing on the date of transaction. Exchange differences arising are classified as equity and transferred to the translation reserve. When foreign operations are disposed of, the related cumulative translation differences are recognised within the income statement in the period. The Group uses derivative financial instruments, primarily forward contracts, to hedge its exposure to certain foreign exchange risks. Details of the Group’s accounting policies in respect of derivative financial instruments are set out on page 189.
Critical judgements and key sources of estimation uncertainty	Critical judgements and key sources of estimation uncertainty The preparation of financial statements requires management to make judgements and estimates in the application of accounting policies used to report the financial position, results and cash flows of the Group. The actual outcome may differ to these estimates. The critical judgements and key sources of estimation uncertainty are summarised below. Further detail is provided in the notes to the financial statements as referenced. Critical judgements ■ Capitalisation of development spend: assessing the potential value of a development project and determining the costs which are eligible for capitalisation (see note 14) Key sources of estimation uncertainty ■ Taxation: the valuation of provisions related to uncertain tax positions (see note 9) ■ Defined benefit pension obligation: determining an appropriate rate at which the future pension payments are discounted, mortality and inflation assumptions (see note 6) 1 Basis of preparation and accounting policies (continued) Other areas of judgement and accounting estimates The consolidated financial statements include other areas of judgement and accounting estimates. While these do not meet the definition under IAS 1 of critical judgements or significant accounting estimates, key areas of judgement in estimating the values in use of businesses are the growth in cash flows over a forecast period of up to five years, the long-term growth rate assumed thereafter and the discount rate applied to the forecast cash flows. These calculations require the use of estimates in respect of forecast cash flows and discount rates. ■ value in use of the businesses (see note 14). ■ Acquired intangible assets: Judgement is involved in identification of separate intangible assets on acquisition and estimation is required to determine future cashflows and discount rates used in valuation (see note 14).
Other significant accounting policies	Other significant accounting policies The accounting policy in respect of revenue recognition is also significant in determining the financial condition and results of the Group. The application of this policy is straightforward and is included in note 2.
Standards and amendments effective for the year	Standards and amendments effective for the year The interpretations and amendments to IFRS effective for 2022 have not had a significant impact on the Group’s accounting policies or reporting.
Standards, amendments and interpretations not yet effective	Standards, amendments and interpretations not yet effective A number of amendments and interpretations have been issued which are not expected to have any significant impact on the accounting policies and reporting.
Revenue, operating profit and segment analysis	​ Accounting policy The Group’s reported segments are based on the internal reporting structure and financial information provided to the Board. Adjusted operating profit is the key segmental profit measure used by the Group in assessing performance. Adjusted operating profit is reconciled to operating profit on page 171. Revenue arises from the provision of products and services under contracts with customers. In all cases, revenue is recognised to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services, and is recognised when the customer obtains control of the goods or service. Revenue is stated at the transaction price, which includes allowance for anticipated discounts and returns and excludes customer sales taxes and other amounts to be collected on behalf of third-parties. Where the goods or services promised within a contract are distinct, they are identified as separate performance obligations and are accounted for separately. Where separate performance obligations are identified, total revenue is allocated on the basis of relative standalone selling prices or management’s best estimate of relative value where standalone selling prices do not exist. Management estimates may include a cost-plus method or comparable product approach, but must be supported by objective evidence. A residual approach may be applied where it is not possible to derive a reliable management estimate for a specific component. Our subscription and exhibition related revenue streams generally require payment in advance of the service being provided. Payment terms offered to customers are in line with the standard in the markets and geographies we operate in, and contracts do not contain significant financing components. Contracts for our transactional electronic revenue streams generally have payments that vary with volume of usage. Other than that, our contracts do not involve variable consideration. Revenue is recognised for the various categories as follows: ■ Subscriptions – revenue comprises income derived from the periodic distribution or update of a product. Subscription revenue is generally invoiced in advance and recognised systematically over the period of the subscription. Recognition is either on a straight-line basis where the transaction involves the transfer of goods and services to the customer in a consistent manner over a specific period of time; or based on the value received by the customer where the goods and services are not delivered in a consistent manner ■ Transactional – revenue is recognised when control of the product is passed to the customer or the service has been performed. For exhibitions, revenue primarily comprises income from exhibitors and attendees at exhibitions. Exhibition revenue is recognised on occurrence of the exhibition ​
Share based remuneration	​ ​ ​ ​ Accounting policy Share based remuneration The fair value of share based remuneration is determined at the date of grant and recognised as an expense in the income statement on a straight-line basis over the vesting period, taking account of the estimated number of shares that are expected to vest. Market based performance criteria are taken into account when determining the fair value at the date of grant. Non-market based performance criteria are taken into account when estimating the number of shares expected to vest. The fair value of share based remuneration is determined by use of a binomial or Monte Carlo simulation model as appropriate. All of the Group’s share based remuneration is equity settled.
Pension schemes	​ ​ ​ ​ ​ ​ ​ ​ Accounting policy The expense of defined benefit pension schemes and other post-retirement employee benefits is determined using the projected unit credit method and charged in the income statement as an operating expense, based on actuarial assumptions reflecting market conditions at the beginning of the financial year. Actuarial gains and losses are recognised in full in the statement of comprehensive income in the period in which they occur. Past service costs and credits are recognised immediately at the earlier of when plan amendments or curtailments occur and when related restructuring costs or termination benefits are recognised. Settlements are recognised when they occur. Net pension obligations in respect of defined benefit schemes are included in the statement of financial position at the present value of scheme liabilities, less the fair value of scheme assets. Where schemes are in surplus, i.e. assets exceed liabilities, the net pension assets are separately included in the statement of financial position. Any net pension asset is limited to the extent that the asset is recoverable. The expense of defined contribution pension schemes and other employee benefits is charged in the income statement as incurred. At 31 December 2022, the Group operates defined benefit pension schemes in the UK and the US. These schemes require management to exercise judgement in: estimating the ultimate cost of providing post-employment benefits, especially given the length of each scheme’s liabilities and; for funded schemes in an accounting surplus position, whether the surplus can be recognised. Key source of estimation uncertainty Accounting for defined benefit pension schemes involves judgement and estimation about uncertain events, including the life expectancy of the members, inflation and the rate at which the future pension payments are discounted. Estimates for these factors are used in determining the pension cost and liabilities reported in the financial statements. The estimates made around future developments of each of the critical assumptions are made in conjunction with independent actuaries. Each scheme is subject to a periodic review by independent actuaries. The discount rate, inflation rate and mortality assumptions may have a material effect in determining the defined benefit pension obligation and costs which are reported in the financial statements. Information regarding the more significant assumptions used for valuation is provided below, together with a sensitivity analysis. ​
Borrowing costs	​ ​ ​ Accounting policy Interest on borrowings is expensed as incurred. The cost of issuing borrowings is generally expensed over the period of borrowing so as to produce a constant periodic rate of charge.
Assets and liabilities held for sale	​ ​ ​ Accounting policy Assets of businesses that are available for immediate sale in their current condition and for which a sales process is considered highly probable to complete are classified as assets held for sale and are carried at the lower of carrying value and fair value less costs to sell. Fair value is based on anticipated disposal proceeds, typically derived from firm or indicative offers from potential acquirers. Non-current assets are not amortised or depreciated following their classification as held for sale. Liabilities of businesses held for sale are also separately classified on the statement of financial position. Fair value movements in the venture capital portfolio are reported within disposals and other items – see note 15.
Taxation	​ Accounting policy Tax expense comprises current and deferred tax. Current and deferred tax are charged or credited in the income statement except to the extent that the tax arises from a transaction or event which is recognised, in the same or a different period, outside the income statement (either in other comprehensive income, directly in equity, or through a business combination), in which case the tax appears in the same statement as the transaction that gave rise to it. Current tax is the amount of corporate income taxes expected to be payable or recoverable based on the profit for the period as adjusted for items that are not taxable or not deductible, and is calculated using tax rates and laws that were enacted or substantively enacted at the date of the statement of financial position. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. Provisions are established where appropriate on the basis of amounts expected to be paid to the tax authorities. Current tax includes amounts provided in respect of uncertain tax positions when management expects that, upon examination of the uncertainty by a tax authority in possession of all relevant knowledge, it is more likely than not that an economic outflow will occur. Changes in facts and circumstances underlying these provisions are reassessed at the date of each statement of financial position, and the provisions are remeasured as required to reflect current information. Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the statement of financial position. Deferred tax is calculated using tax rates and laws that have been enacted or substantively enacted at the end of the reporting period, and which are expected to apply when the related deferred tax asset is realised or the deferred tax liability is settled. Deferred tax liabilities are generally recognised for all taxable temporary differences but not recognised for taxable temporary differences arising on investments in subsidiaries, associates and joint ventures where the reversal of the temporary difference can be controlled and it is probable that the difference will not reverse in the foreseeable future. Deferred tax assets are recognised to the extent it is probable that taxable profits will be available against which the deductible temporary differences can be utilised, and are reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. The availability of suitable taxable profit is considered probable when an entity has taxable temporary differences (i.e. deferred tax liabilities) relating to the same taxation authority and the same taxable entity, that are expected to reverse in the same period as the deductible temporary difference or unused tax losses or credit. Deferred tax assets and liabilities are not recognised in respect of temporary differences that arise on initial recognition of assets and liabilities acquired other than in a business combination. Deferred tax is not discounted. When the acquisition of an asset qualifies to be accounted for as a business combination, deferred tax is generally required to be recognised on the difference between the tax base and the book base of the assets and liabilities acquired and assumed. The assets acquired often include identifiable intangible assets as well as goodwill. In many jurisdictions, the manner in which a business combination is effected will impact the tax deductibility and therefore the deferred tax recognised in relation to such intangibles and goodwill. In an ‘asset acquisition’, where the buyer acquires the trade and assets of a business, there is often a tax deduction available for the amortisation of the identifiable intangible assets and sometimes for the goodwill. In this situation, deferred tax is recognised on the difference between the tax base and the book base of the assets. In a ‘share acquisition’, where the buyer acquires the share capital of a legal entity that continues to own the trade and assets, tax deductions for amortisation are usually not available. Intangibles which do not qualify for tax deductions therefore give rise to a deferred tax liability. However, deferred tax liabilities are not recognised on temporary differences that arise from goodwill where that is not deductible for tax purposes. Key source of estimation uncertainty The Group is subject to tax in numerous jurisdictions, giving rise to complex tax issues. As a multinational enterprise, our tax returns in the countries in which we operate are subject to tax authority audits as a matter of routine. While the Group is confident that tax returns are appropriately prepared and filed, amounts are provided in respect of uncertain tax positions that reflect the risk with respect to tax matters under active discussion with tax authorities, or which are otherwise considered to involve uncertainty. The valuation of provisions required in relation to uncertain tax positions involves estimation. Provisions against uncertain tax positions are measured using one of the following methods, depending on which of the methods management expects will better predict the amount it will pay over to the tax authority: ■ The Single Best Estimate – where there is a single outcome that is more likely than not to occur. This will happen, for example, where the tax outcome is binary (such as whether an entity can deduct an item of expenditure) or the range of possible outcomes is narrow or concentrated on a single value. The most likely outcome may be that no tax is expected to be payable, in which case the provision is nil; or ■ A Probability-Weighted Expected Value – where, on the balance of probabilities, something will be paid to the tax authority but the possible outcomes are widely dispersed with low individual probabilities (i.e. there is no single outcome more likely than not to occur). In this case, the provision is the sum of the probability-weighted amounts in the range. 9 Taxation (continued) ​ In assessing provisions against uncertain tax positions, management uses in-house tax experts, professional firms and previous experience to inform the evaluation of risk. However, it remains possible that uncertainties will ultimately be resolved at amounts greater or smaller than the liabilities recorded. In particular, although we report cross-border transactions undertaken between Group subsidiaries on an arm’s-length basis in tax returns in accordance with OECD guidelines, transfer pricing relies on the exercise of judgement and it is frequently possible for there to be a range of legitimate and reasonable views. This means that it is impossible to be certain that the returns basis will be sustained on examination. Discussions with tax authorities relating to cross-border transactions and other matters are ongoing in a number of our major trading jurisdictions. Although the timing and amount of final resolution of these uncertain tax positions cannot be reliably predicted, no significant impact on the results of the Group is expected in the next year or foreseeable future. Estimation of income taxes also includes assessments of the recoverability of deferred tax assets, consistent with the Group’s forecasts and annual strategy plan used in the preparation of the annual report and accounts. Deferred tax assets are only recognised to the extent that they are considered recoverable based on existing tax laws and forecasts of future taxable profits against which the underlying tax deductions can be utilised. The recoverability of these assets is reassessed at the end of each reporting period, and changes in recognition of deferred tax assets will affect the tax liability in the period of that reassessment.
Earnings per share	​ ​ ​ ​ Accounting policy Earnings per share (EPS) is calculated by taking the reported net profit attributable to shareholders and dividing this by the total weighted average number of shares. The diluted figures are calculated after taking account of potential additional ordinary shares arising from share options and conditional shares. Adjusted earnings per share is calculated by dividing adjusted net profit attributable to RELX PLC shareholders by the total weighted average number of shares. ​
Cash and cash equivalents	​ ​ ​ Accounting policy Cash and cash equivalents comprise cash balances, call deposits and other short-term highly liquid investments and are held in the statement of financial position at fair value. ​
Acquisitions	​ Accounting policy Goodwill, being the excess of the consideration over the net tangible and intangible assets acquired, represents benefits which do not qualify for recognition as intangible assets, including: the ability of a business to generate higher returns than individual assets; skilled workforces; and acquisition synergies that are specific to the Group. In addition, goodwill arises on the recognition of deferred tax liabilities in respect of intangible assets for which amortisation does not qualify for tax deductions. ​
Intangible assets	​ Accounting policy On acquisition of a subsidiary or business, the purchase consideration is allocated between the net tangible and intangible assets other than goodwill on a fair value basis, with any excess purchase consideration representing goodwill. Goodwill is carried at fair value as at the date of acquisition less impairment charges. Acquired intangible assets are carried at their fair value as at the date of acquisition less accumulated amortisation (including impairment). On disposal of a subsidiary or business, the attributable amount of goodwill is included in the determination of profit or loss recognised in the income statement. Management judgement is required to identify intangible assets acquired as part of business combinations which comprise: market-related assets (e.g. trademarks, imprints, brands); customer-related assets (e.g. subscription bases, customer lists, customer relationships); editorial content; software and systems (e.g. application infrastructure, product delivery platforms, in-process research and development); and other intangible assets mainly comprising contract and rights-related assets. The valuation of acquired intangible assets represents the estimated economic value in use, using standard valuation methodologies, including as appropriate, discounted cash flow and comparable market transactions. Judgements involved in estimating valuation of the intangible assets include growth in cash flows over the forecast period, the long-term growth rate assumed thereafter and the discount rate applied to the forecast cash flows. The selection of appropriate amortisation periods for acquired intangible assets requires management to assess the longevity of brands and imprints, the strength and stability of customer relationships, the market positions of the acquired intangible assets and the technological and competitive risks that they face. Certain intangible assets are in relation to acquired science and medical publishing businesses that have been determined to have indefinite lives. The longevity of these assets is evidenced by their long- established and well regarded journal titles, and their characteristically stable market positions. Intangible assets, other than journal titles determined to have indefinite lives, are amortised on a straight-line basis over their estimated useful lives. The estimated useful lives of intangible assets with finite lives are: ■ Market-related assets – 1 to 40 years ■ Customer-related assets – 1 to 20 years ■ Editorial content – 1 to 40 years ■ Software and systems – 1 to 10 years ■ Other – 3 to 20 years Journal titles determined to have indefinite lives are not amortised and are subject to impairment review at least annually, including a review of events and circumstances to ensure that they continue to support an indefinite useful life. Internally developed intangible assets typically comprise software and systems development where an identifiable asset is created that is probable to generate future economic benefits and are carried at cost less accumulated amortisation. Internally developed intangible assets are amortised on a straight line basis over their estimated useful lives of three Impairment reviews Goodwill and acquired intangible assets with an indefinite life are allocated to cash generating units (CGUs) and tested for impairment at least annually or when there is an indicator that the asset may be impaired. An impairment loss is recognised in the income statement in administration and other expenses to the extent the carrying value of goodwill exceeds its recoverable amount and not subsequently reversed. The recoverable amount is the higher of fair value less costs to sell and value in use. The carrying amounts of all other intangible assets are reviewed where there are indications of possible impairment. An impairment review involves a comparison of the carrying value of the asset with estimated values in use based on the latest management cash flow projections, approved by the Board. Key areas of judgement in estimating the values in use of businesses are the growth in cash flows over a forecast period of up to five years, the long-term growth rate assumed thereafter and the discount rate applied to the forecast cash flows. These calculations require the use of estimates in respect of forecast cash flows and discount rates. Where the asset does not generate cash flows that are independent from other assets, value in use estimates are made based on the cash flows of the CGU to which the asset belongs. Critical judgements and key sources of estimation uncertainty Acquired intangible assets In 2022, the identification of intangible assets was not considered to be a critical judgement and estimates used in determination of future cash flows and discount rate used in the valuation of intangible assets were not considered to be a key source of estimation uncertainty which could give rise to a risk of material adjustment in the next 12 months given the size and quantum of acquisitions completed during the year. Development spend Development spend encompasses investment in new products and other initiatives, ranging from the building of online delivery platforms, to launch costs of new services, to building new infrastructure and applications. Launch costs and other ongoing operating expenses of new products and services are expensed as incurred. The costs of building product applications, platforms and infrastructure are capitalised as internally generated intangible assets, where the investment they represent has demonstrable value and the technical and commercial feasibility is assured. Costs eligible for capitalisation must be incremental, clearly identified and directly attributable to a particular project. The resulting assets are amortised over their estimated useful lives. Judgement is required in the assessment of the potential value of a development project, the identification of costs eligible for capitalisation and the selection of appropriate asset lives. Where indicators of impairment are identified, estimates relating to the future cash flows and discount rates used in calculating the value in use of the intangible asset may have a material effect on the reported amounts of intangible assets. ​
Investments	​ Accounting policy Investments, other than investments in joint arrangements and associates, are stated in the statement of financial position at fair value. Changes in the fair value of investments held as part of the venture capital portfolio are reported in disposals and other non-operating items in the income statement. All items recognised in the income statement relating to investments, other than investments in joint arrangements and associates, are reported as disposals and other non-operating items. Venture capital investments and equity investments represent interests in listed and unlisted securities. The fair value of listed securities is based on quoted prices in active markets. The fair value of unlisted securities is based on management’s estimate of fair value based on standard valuation techniques, including market comparisons and discounts of future cash flows, having regard to maximising the use of observable inputs and adjusting for risk. Advice from valuation experts is used as appropriate. All joint arrangements are classified as joint ventures because the Group shares joint control and has rights to the net assets of the arrangements. Investments in joint ventures and associates are accounted for under the equity method and stated in the statement of financial position at cost as adjusted for post-acquisition changes in the Group’s share of net assets, less any impairment in value.
Property, plant and equipment	​ Accounting policy Property, plant and equipment are stated in the statement of financial position at cost less accumulated depreciation. No depreciation is provided on freehold land. Freehold buildings and long leaseholds ■ land and buildings: land – not depreciated; leasehold improvements – shorter of life of lease and 10 years ■ fixtures and equipment: plant – 3 to 20 years; office furniture, fixtures and fittings – 5 to 10 years; computer systems, communication networks and equipment – 3 to 7 years ​
Financial instruments	​ Accounting policy Financial instruments comprise investments (other than investments in joint ventures or associates), trade receivables, cash and cash equivalents, payables and accruals, borrowings and derivative financial instruments. Investments (other than investments in joint ventures and associates) are described in note 15. The fair value of such investments is based on standard valuation techniques, including market comparisons and discounts of future cash flows, having regard to maximising the use of observable inputs and adjusting for risk. (These investments are typically classified as either Level 2 or 3 in the IFRS 13 fair value hierarchy.) Trade receivables are carried in the statement of financial position at invoiced value less allowance for expected credit losses. Expected credit losses are based on the ageing of trade receivables, experience and circumstance. Borrowings and payables are recorded initially at fair value and subsequently carried at amortised cost (other than fixed rate borrowings in designated hedging relationships for which the carrying amount of the hedged portion of the borrowings is subsequently adjusted for the gain or loss attributable to the hedged risk). Derivative financial instruments are used to hedge interest rate and foreign exchange risks. Where an effective hedge is in place against changes in the fair value of fixed rate borrowings, the hedged borrowings are adjusted for changes in fair value attributable to the risk being hedged with a corresponding income or expense included in the income statement within finance costs. The offsetting gains or losses from remeasuring the fair value of the related derivatives are also recognised in the income statement within finance costs. When the related derivative expires, is sold or terminated, or no longer qualifies for hedge accounting, the cumulative change in fair value of the hedged borrowing is amortised in the income statement over the period to maturity of the borrowing using the effective interest method. Changes in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows are recognised (net of tax) in other comprehensive income and accumulated in the hedge reserve. The fair value amounts relating to foreign currency basis spreads are recorded in a separate component of equity in the cost of hedging reserve. If a hedged firm commitment or forecasted transaction results in the recognition of a non-financial asset or liability, then, at the time that the asset or liability is recognised, the associated gains or losses on the derivative that had previously been recognised in other comprehensive income are included in the initial measurement of the asset or liability. For hedges that do not result in the recognition of an asset or a liability, amounts deferred in the hedge reserve are recognised in the income statement in the same period in which the hedged item affects net profit or loss. Any ineffective portion of hedges is recognised immediately in the income statement. Cash flow hedge accounting is discontinued when a hedging instrument expires or is sold, terminated or exercised, or no longer qualifies for hedge accounting. At that time, any cumulative gain or loss on the hedging instrument recognised in other comprehensive income is either retained in the hedge reserve until the firm commitment or forecasted transaction occurs, or, where a hedged transaction is no longer expected to occur, is immediately credited or expensed in the income statement. Derivative financial instruments that are not designated as hedging instruments are recorded in the statement of financial position at fair value, with changes in fair value recognised in the income statement. The fair values of derivative financial instruments represent the replacement costs calculated using observable market rates of interest and exchange. The fair value of long-term borrowings is calculated by discounting expected future cash flows at observable market rates. (These instruments are accordingly classified as Level 2 in the IFRS 13 fair value hierarchy.) ​
Inventories and pre-publication costs	​ Accounting policy Inventories and pre-publication costs are stated at the lower of cost, including appropriate attributable overhead, and estimated net realisable value. Such costs typically comprise direct internal labour costs and externally commissioned editorial and other fees. Pre-publication costs, representing costs incurred in the origination of content prior to publication, are expensed systematically reflecting the expected sales profile over the estimated economic lives of the related products, generally up to five years. Annual reviews are carried out to assess the recoverability of carrying amounts. ​
Trade and other receivables	​ Accounting policy Trade receivables are stated net of a loss allowance for expected credit losses. ​
Trade and other payables	​ Accounting policy Deferred income is recognised when either a customer has paid consideration, or RELX has an unconditional right to an amount of consideration, in advance of the goods and services being delivered. Trade payables, accruals and other payables are not interest-bearing and are stated at their nominal values. ​
Debt	​ Accounting policy Borrowings are recorded initially at fair value and subsequently carried at amortised cost, other than fixed rate borrowings in designated hedging relationships for which the carrying amount of the hedged portion of the borrowings is subsequently adjusted for the gain or loss attributable to the hedged risk. When the related derivative in such a hedging relationship expires, is sold or terminated, or no longer qualifies for hedge accounting, the cumulative change in fair value of the hedged borrowing is amortised in the income statement over the period to maturity of the borrowing using the effective interest method.
Lease arrangements	​ Accounting policy All leases where RELX is the lessee (with the exception of short-term and low-value leases) are recognised in the statement of financial position. A lease liability is recognised based on the present value of the future lease payments, and a corresponding right-of-use asset is recognised. The right-of-use asset is depreciated over the shorter of the lease term or the useful life of the asset. Lease payments are apportioned between finance charges and a reduction of the lease liability. Low-value items and short-term leases with a term of 12 months or less are not required to be recognised on the balance sheet and payments made in relation to these leases are recognised on a straight-line basis in the income statement. The leases held by the Group can be split into two categories: property and non-property. The Group leases various properties, principally offices, which have varying terms and renewal rights that are typical to the territory in which they are located. Non-property includes all other leases, such as cars and printers. ​
Shares held in treasury	​ Accounting policy Shares of RELX PLC that are repurchased and not cancelled are classified as shares held in treasury. The consideration paid, including directly attributable costs, is recognised as a deduction from equity. Shares of RELX PLC that are purchased by the Employee Benefit Trust are also classified as shares held in treasury, with the cost recognised as a deduction from equity. ​

Revenue and segment analysis (T

Revenue and segment analysis (Tables)	12 Months Ended
	Dec. 31, 2022
Revenue, operating profit and segment analysis
Summary of analysis by business segments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ANALYSIS BY BUSINESS SEGMENT ​ Revenue Adjusted operating profit ​ ​ 2020 2021 2022 2020 2021 2022 ​ £m £m £m £m £m £m Risk ​ 2,417 2,474 2,909 ​ 894 915 1,078 Scientific, Technical & Medical ​ 2,692 2,649 2,909 ​ 1,021 1,001 1,100 Legal ​ 1,639 1,587 1,782 ​ 330 326 372 Exhibitions ​ 362 534 953 ​ (164) 10 162 Sub-total ​ 7,110 7,244 8,553 ​ 2,081 2,252 2,712 Unallocated central costs and other operating items ​ – – – ​ (5) (42) (29) Total ​ 7,110 7,244 8,553 ​ 2,076 2,210 2,683 ​
Summary of classification of revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ ​ Scientific, Technical ​ ​ ​ ​ ​ Risk & Medical Legal Exhibitions Total Revenue by geographical market ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ North America ​ 1,921 1,224 1,119 43 4,307 Europe ​ 327 621 338 83 1,369 Rest of world ​ 169 847 182 236 1,434 Total revenue ​ 2,417 ​ 2,692 ​ 1,639 ​ 362 ​ 7,110 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue by format ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Electronic ​ 2,387 ​ 2,326 ​ 1,422 ​ 44 ​ 6,179 Face-to-face ​ 19 ​ 1 ​ 7 ​ 318 ​ 345 Print ​ 11 ​ 365 ​ 210 ​ – ​ 586 Total revenue ​ 2,417 ​ 2,692 ​ 1,639 ​ 362 ​ 7,110 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue by type ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Subscriptions ​ 944 ​ 2,048 ​ 1,287 ​ – ​ 4,279 Transactional ​ 1,473 ​ 644 ​ 352 ​ 362 ​ 2,831 Total revenue ​ 2,417 ​ 2,692 ​ 1,639 ​ 362 ​ 7,110 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ ​ Scientific, Technical ​ ​ ​ ​ ​ Risk & Medical Legal Exhibitions Total Revenue by geographical market ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ North America ​ 1,957 1,215 1,049 100 4,321 Europe ​ 342 602 341 187 1,472 Rest of world ​ 175 832 197 247 1,451 Total revenue ​ 2,474 ​ 2,649 ​ 1,587 ​ 534 ​ 7,244 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue by format ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Electronic ​ 2,453 ​ 2,334 ​ 1,385 ​ 58 ​ 6,230 Face-to-face ​ 13 ​ 2 ​ 9 ​ 476 ​ 500 Print ​ 8 ​ 313 ​ 193 ​ – ​ 514 Total revenue ​ 2,474 ​ 2,649 ​ 1,587 ​ 534 ​ 7,244 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue by type ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Subscriptions ​ 989 ​ 1,970 ​ 1,255 ​ – ​ 4,214 Transactional ​ 1,485 ​ 679 ​ 332 ​ 534 ​ 3,030 Total revenue ​ 2,474 2,649 1,587 534 7,244 ​ 2 Revenue, operating profit and segment analysis (continued) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ ​ Scientific, Technical ​ ​ ​ ​ ​ Risk & Medical Legal Exhibitions Total Revenue by geographical market ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ North America ​ 2,317 1,391 1,213 180 5,101 Europe* ​ 384 614 357 445 1,800 Rest of world ​ 208 904 212 328 1,652 Total revenue ​ 2,909 ​ 2,909 ​ 1,782 ​ 953 ​ 8,553 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue by format ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Electronic ​ 2,890 ​ 2,573 ​ 1,582 ​ 67 ​ 7,112 Face-to-face ​ 11 ​ 5 ​ 10 ​ 886 ​ 912 Print ​ 8 ​ 331 ​ 190 ​ – ​ 529 Total revenue ​ 2,909 ​ 2,909 ​ 1,782 ​ 953 ​ 8,553 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue by type ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Subscriptions ​ 1,135 ​ 2,139 ​ 1,381 ​ – ​ 4,655 Transactional ​ 1,774 ​ 770 ​ 401 ​ 953 ​ 3,898 Total revenue ​ 2,909 2,909 1,782 953 8,553 ​ * Europe includes revenue of £ 544 m from the United Kingdom (2021: £ 476 m; 2020: £464 m).
Summary of analysis of revenue by geographical origin	​ ​ ​ ​ ​ ​ ​ ​ ANALYSIS OF REVENUE BY GEOGRAPHICAL ORIGIN ​ 2020 2021 2022 ​ £m £m £m North America ​ 4,192 4,204 5,002 Europe ​ 2,436 2,547 2,974 Rest of world ​ 482 493 577 Total ​ 7,110 7,244 8,553 ​
Summary of analysis by business segment expenditure	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ANALYSIS BY BUSINESS SEGMENT Expenditure on ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ acquired goodwill and ​ Capital expenditure ​ Amortisation of acquired ​ Total depreciation and ​ ​ intangible assets ​ additions ​ intangible assets ​ other amortisation ​ ​ 2020 2021 2022 ​ 2020 2021 2022 ​ 2020 2021 2022 ​ 2020 2021 2022 ​ ​ £m ​ £m ​ £m ​ £m ​ £m ​ £m ​ £m ​ £m ​ £m ​ £m ​ £m ​ £m Risk ​ 822 208 155 ​ 93 83 122 ​ 192 186 204 ​ 98 93 94 Scientific, Technical & Medical ​ 169 58 206 ​ 94 87 103 ​ 65 63 60 ​ 148 144 119 Legal ​ – 12 33 ​ 153 145 186 ​ 68 27 12 ​ 210 220 229 Exhibitions ​ 6 9 – ​ 24 24 28 ​ 51 22 20 ​ 73 30 49 Total ​ 997 287 394 ​ 364 339 439 ​ 376 298 296 ​ 529 487 491 ​
Summary of analysis of non-current assets by geographical location	​ ​ ​ ​ ​ ​ ​ ​ ANALYSIS OF NON-CURRENT ASSETS BY GEOGRAPHICAL LOCATION ​ 2021 2022 ​ ​ ​ ​ £m ​ £m North America ​ ​ 8,657 9,821 Europe ​ ​ 2,123 2,193 Rest of world ​ ​ 413 460 Total ​ ​ 11,193 12,474 ​
Summary of reconciliation of operating profit to adjusted operating profit	​ ​ ​ ​ ​ ​ ​ ​ RECONCILIATION OF OPERATING PROFIT TO ADJUSTED OPERATING PROFIT 2020 2021 2022 ​ ​ £m ​ £m ​ £m Operating profit ​ 1,525 1,884 2,323 Adjustments: ​ Amortisation of acquired intangible assets ​ 376 298 296 Acquisition-related items ​ (12) 21 62 Reclassification of tax in joint ventures ​ 5 7 4 Reclassification of finance income in joint ventures ​ (1) – (2) Exceptional costs in Exhibitions ​ 183 – – Adjusted operating profit ​ 2,076 2,210 2,683 ​

Operating expenses (Tables)

Operating expenses (Tables)	12 Months Ended
	Dec. 31, 2022
Operating expenses
Disclosure of detailed information about operating profit	Operating profit is stated after charging/(crediting) the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2021 2022 ​ ​ Note ​ £m ​ £m ​ £m Total staff costs 5 ​ 2,555 2,549 2,906 Depreciation and amortisation ​ Amortisation of acquired intangible assets 14 ​ 376 297 294 Share of joint ventures’ amortisation of acquired intangible assets ​ – 1 2 Amortisation of acquired intangible assets including joint ventures’ share ​ 376 298 296 Amortisation of internally developed intangible assets 14 ​ 319 295 309 Depreciation of property, plant and equipment 16 ​ 60 52 47 Depreciation of right-of-use assets ​ 88 80 63 Pre-publication amortisation ​ 62 60 72 Total depreciation and other amortisation 2 ​ 529 487 491 Total depreciation and amortisation (including amortisation of acquired intangibles) ​ ​ ​ 905 785 787 Other expenses and income ​ Cost of sales including pre-publication costs and inventory expenses ​ 2,487 2,562 3,045 Short-term and low value lease expenses ​ 21 21 19 Operating lease rentals income ​ (1) (1) (1) ​

Auditor's remuneration (Tables)

Auditor's remuneration (Tables)	12 Months Ended
	Dec. 31, 2022
Auditor's remuneration.
Disclosure of detailed information about auditors' remuneration	​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2021 2022 ​ ​ £m ​ £m ​ £m Auditor’s remuneration Payable to the auditors of RELX PLC ​ 0.9 0.9 0.9 Payable to the auditors of the Group’s subsidiaries ​ 8.3 7.7 8.2 Audit services ​ 9.2 8.6 ​ 9.1 Audit-related assurance services ​ 0.8 0.5 ​ 0.6 Total auditor’s remuneration ​ 10.0 9.1 ​ 9.7 ​

Personnel (Tables)

Personnel (Tables)	12 Months Ended
	Dec. 31, 2022
Personnel
Disclosure of information about staff cost	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2021 2022 ​ Note £m ​ £m ​ £m Staff costs Wages and salaries ​ 2,173 2,157 2,453 Social security costs ​ 232 214 257 Pensions 6 ​ 125 133 150 Share based remuneration ​ 25 45 46 Total staff costs ​ 2,555 2,549 2,906 ​
Disclosure of detailed information about number of people employed	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ NUMBER OF PEOPLE EMPLOYED: FULL-TIME EQUIVALENTS* ​ At 31 December ​ Average during the year ​ 2020 2021 2022 2020 2021 2022 Business segment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk ​ 9,700 ​ 10,000 ​ 10,800 ​ 9,600 ​ 9,800 ​ 10,400 Scientific, Technical & Medical ​ 8,600 ​ 8,700 ​ 9,500 ​ 8,300 ​ 8,600 ​ 9,300 Legal ​ 10,400 ​ 10,500 ​ 11,300 ​ 10,500 ​ 10,300 ​ 10,900 Exhibitions ​ 3,700 ​ 3,500 ​ 3,300 ​ 4,200 ​ 3,600 ​ 3,300 Sub-total ​ 32,400 ​ 32,700 ​ 34,900 ​ 32,600 ​ 32,300 ​ 33,900 Corporate/shared functions ​ 800 ​ 800 ​ 800 ​ 800 ​ 800 ​ 800 Total ​ 33,200 ​ 33,500 ​ 35,700 ​ 33,400 ​ 33,100 ​ 34,700 Geographical location ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ North America ​ 14,200 ​ 14,000 ​ 14,900 ​ 14,200 ​ 13,900 ​ 14,500 Europe ​ 9,500 ​ 9,300 ​ 9,800 ​ 9,600 ​ 9,400 ​ 9,500 Rest of world ​ 9,500 ​ 10,200 ​ 11,000 ​ 9,600 ​ 9,800 ​ 10,700 Total ​ 33,200 ​ 33,500 ​ 35,700 ​ 33,400 ​ 33,100 ​ 34,700 ​

Pension schemes (Tables)

Pension schemes (Tables)	12 Months Ended
	Dec. 31, 2022
Pension schemes
Schedule of pension expense excluding interest amounts	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2021 ​ 2022 ​ £m £m £m Defined benefit pension expense ​ 11 ​ 24 ​ 19 Defined contribution pension expense ​ 114 ​ 109 ​ 131 Total ​ 125 ​ 133 ​ 150 ​
Schedule of defined benefit pension schemes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2021 ​ 2022 ​ ​ UK ​ US ​ Total ​ UK ​ US ​ Total ​ UK ​ US ​ Total ​ £m £m £m £m £m £m £m £m £m Service cost ​ 21 ​ 3 ​ 24 ​ 21 ​ 3 ​ 24 ​ 16 ​ 3 ​ 19 Settlement and past service credits ​ – ​ (13) ​ (13) ​ – ​ – ​ – ​ – ​ – ​ – Defined benefit pension expense ​ 21 ​ (10) ​ 11 ​ 21 ​ 3 ​ 24 ​ 16 ​ 3 ​ 19 Net interest on net defined benefit obligation ​ 9 ​ 1 ​ 10 ​ 8 ​ 1 ​ 9 ​ 4 ​ 1 ​ 5 Net defined benefit pension expense ​ 30 ​ (9) ​ 21 ​ 29 ​ 4 ​ 33 ​ 20 ​ 4 ​ 24 ​
Summary of defined benefit pension assumptions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ AS AT 31 DECEMBER ​ 2020 ​ 2021 ​ 2022 ​ UK ​ US ​ UK ​ US ​ UK ​ US Discount rate ​ 1.45 % ​ 2.45 % ​ 1.95 % ​ 2.80 % ​ 4.90 % ​ 5.35 % Inflation ​ 2.80 % ​ 2.50 % ​ 3.30 % ​ 2.50 % ​ 3.20 % ​ 2.50 % ​
Summary of average life expectancy assumptions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ AS AT 31 DECEMBER 2022 ​ Male average life ​ Female average ​ ​ expectancy ​ life expectancy ​ UK ​ US UK ​ US Member currently aged 60 years 85 ​ 86 ​ 89 ​ 88 Member currently aged 45 years 87 ​ 86 ​ 90 ​ 89 ​
Amounts recognised in the statement of financial position in respect of defined	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2022 ​ ​ UK ​ US ​ Total ​ UK ​ US ​ Total ​ £m £m £m £m £m £m Defined benefit obligation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At start of year ​ (4,668) (1,062) (5,730) (4,629) (992) (5,621) Service cost (21) (3) (24) (16) (3) (19) Interest on pension scheme liabilities (67) (25) (92) (89) (29) (118) Actuarial gain on financial assumptions 155 38 193 1,809 224 2,033 Actuarial loss arising from experience assumptions (152) (1) (153) (81) (7) (88) Contributions by employees (9) – (9) (8) – (8) Benefits paid 133 69 202 127 54 181 Exchange translation differences – (8) (8) – (112) (112) At end of year (4,629) (992) ​ (5,621) ​ (2,887) ​ (865) ​ (3,752) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value of scheme assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At start of year ​ 4,076 ​ 1,077 ​ 5,153 ​ 4,390 ​ 1,007 ​ 5,397 Interest income on plan assets 59 24 83 85 ​ 28 113 Return on assets excluding amounts included in interest income 318 (39) 279 (1,573) (247) (1,820) Contributions by employer 61 6 67 69 6 75 Contributions by employees 9 – 9 8 – 8 Benefits paid (133) (69) (202) (127) (54) (181) Exchange translation differences – 8 8 – 114 114 At end of year 4,390 ​ 1,007 ​ 5,397 ​ 2,852 ​ 854 ​ 3,706 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Opening net balance (592) 15 (577) (239) 15 (224) Service cost (21) (3) (24) (16) (3) (19) Net interest on net defined benefit obligation (8) (1) (9) (4) (1) (5) Contributions by employer 61 6 67 69 6 75 Actuarial gains/(losses) 321 (2) 319 155 (30) 125 Exchange translation differences – – – – 2 2 Net pension balance (239) ​ 15 ​ (224) ​ (35) ​ (11) ​ (46) Impact of asset ceiling (3) (42) (45) (5) (4) (9) Overall net pension balance (242) (27) (269) (40) (15) (55) ​
Summary of net pension obligations and net pension assets	​ ​ ​ ​ ​ ​ ​ 2021 2022 ​ ​ £m ​ £m Net pension asset recognised ​ 46 ​ 129 Net pension obligation (315) (184) Overall net pension balance (269) (55) ​
Amounts recognized in statement of comprehensive income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2021 2022 ​ ​ £m ​ £m ​ £m Gains and losses arising during the year: ​ Experience gains/(losses) on scheme liabilities ​ 47 (153) (88) Experience gains/(losses) on scheme assets ​ 426 279 (1,820) Actuarial (losses)/gains on the present value of scheme liabilities due to changes in: ​ – discount rates ​ (671) 463 2,000 – inflation ​ 127 (290) 32 – other actuarial assumptions ​ (47) 20 1 ​ ​ (118) 319 125 Net cumulative losses at start of year ​ (828) (946) (627) Net cumulative losses at end of year ​ (946) (627) (502) ​
Summary of fair value of scheme assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ FAIR VALUE OF SCHEME ASSETS 2021 2022 ​ UK ​ US Total UK US Total ​ ​ £m ​ £m ​ £m ​ £m ​ £m ​ £m Equities ​ 1,595 ​ 5 1,600 ​ 272 4 276 Liability matching assets ​ 1,704 ​ 977 2,681 ​ 899 802 1,701 Property funds and ground leases ​ 743 ​ – 743 ​ 651 – 651 Direct lending ​ 208 ​ – 208 ​ 241 – 241 Cash and cash equivalents ​ 127 ​ 25 152 ​ 788 17 805 Other ​ 13 ​ – 13 ​ 1 31 32 Total ​ 4,390 ​ 1,007 5,397 ​ 2,852 854 3,706 ​
Sensitivity analysis of actuarial assumptions	​ ​ ​ ​ ​ £m Increase/decrease of 0.5% in discount rate 225 Increase/decrease of 0.25% in the expected inflation rate 64 Increase/decrease of one year in assumed life expectancy 95 ​

Net finance costs (Tables)

Net finance costs (Tables)	12 Months Ended
	Dec. 31, 2022
Net finance costs
Summary of net finance costs	​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2021 2022 ​ ​ £m ​ £m ​ £m Interest on short-term bank loans, overdrafts and commercial paper ​ (17) (11) (19) Interest on term debt ​ (122) (106) (157) Interest on lease liabilities ​ (12) (8) (6) Total borrowing costs ​ (151) (125) (182) Losses on loans and derivatives not designated as hedges ​ (13) (16) (9) Fair value losses on designated fair value hedge relationships ​ – ​ – ​ (9) Net financing charge on defined benefit pension schemes and other ​ (11) (9) (5) Finance costs ​ (175) (150) (205) Interest on bank deposits ​ 2 1 4 Interest income on net finance lease receivables ​ 1 – – Fair value gains on designated fair value hedge relationships ​ – 7 – Finance income ​ 3 8 4 Net finance costs ​ (172) (142) (201) ​

Disposals and other non-opera_2

Disposals and other non-operating items (Tables)	12 Months Ended
	Dec. 31, 2022
Disposals and other non-operating items
Summary of disposals and other non-operating items	​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2021 2022 ​ ​ £m ​ £m ​ £m Revaluation of investments ​ 151 16 9 (Loss)/gain on disposal of businesses and assets held for sale ​ (21) 39 (18) Net gain/(loss) on disposals and other non-operating items ​ 130 55 (9) ​

Taxation (Tables)

Taxation (Tables)	12 Months Ended
	Dec. 31, 2022
Taxation
Summary of tax expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2021 2022 ​ ​ £m ​ £m ​ £m Current tax United Kingdom ​ (80) (46) (102) Rest of world ​ (184) (376) (432) Total current tax charge ​ (264) (422) (534) Deferred tax ​ (11) 96 53 Tax expense ​ (275) (326) (481) ​
Summary of weighted average of tax rates applicable to accounting profits and losses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2021 ​ 2022 ​ £m % ​ £m % ​ £m % Profit before tax 1,483 ​ ​ ​ 1,797 ​ ​ ​ 2,113 ​ ​ ​ Tax at average applicable rates (331) 22.3 % ​ (418) 23.3 % ​ (498) 23.6 % Tax effect of share of results of joint ventures 3 (0.2) % ​ 6 (0.3) % ​ 3 (0.1) % Income not taxable and expenses not deductible 18 (1.2) % ​ 24 (1.4) % ​ 21 (1.0) % Non-deductible costs of share based remuneration (2) 0.1 % ​ (2) 0.1 % ​ (1) 0.0 % Non-deductible disposal-related gains and losses (2) 0.1 % ​ 1 (0.1) % ​ (2) 0.1 % Deferred tax assets of the period not recognised (19) 1.3 % ​ (8) 0.4 % ​ (17) 0.8 % Change in recognition and measurement of deferred tax 14 (0.9) % ​ 25 (1.4) % ​ 5 (0.2) % Movements in provisions and prior year items 44 (3.0) % ​ 46 (2.5) % ​ 8 (0.4) % Tax expense (275) 18.5 % ​ (326) 18.1 % ​ (481) 22.8 % ​
Summary of tax recognised in other comprehensive income or directly in equity	​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2021 2022 ​ ​ £m ​ £m ​ £m Tax on items that will not be reclassified to profit or loss Tax on actuarial movements on defined benefit pension schemes ​ 39 (48) (43) ​ ​ ​ ​ ​ ​ ​ Tax on items that may be reclassified to profit or loss ​ Tax on fair value movements on cash flow hedges ​ (4) (1) 8 ​ ​ ​ ​ ​ ​ ​ Net tax (charge)/credit recognised in other comprehensive income ​ 35 (49) (35) Tax credit on share based remuneration recognised directly in equity ​ 5 12 – ​
Summary of current tax assets and liabilities	​ ​ ​ ​ ​ ​ ​ 2021 2022 ​ ​ £m ​ £m Current tax assets 10 15 Current tax liabilities (192) (249) Total (182) (234) ​
Summary of deferred tax assets and liabilities	​ ​ ​ ​ ​ ​ ​ 2021 2022 ​ ​ £m ​ £m Deferred tax assets 210 146 Deferred tax liabilities (591) (590) Total (381) (444) ​
Summary of movements in deferred tax liabilities and assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred tax liabilities ​ Deferred tax assets ​ ​ ​ ​ Acquired ​ Other ​ Acquired ​ Tax losses ​ ​ ​ Other ​ ​ ​ ​ intangible ​ temporary ​ intangible ​ carried ​ Pension ​ temporary ​ ​ ​ ​ assets ​ differences ​ assets ​ forward ​ balances ​ differences ​ Total ​ £m ​ £m £m ​ £m ​ £m ​ £m ​ £m Deferred tax (liability)/asset at 1 January 2021 (710) (283) 174 99 125 200 (395) Credit/(charge) to profit 53 86 (9) 4 (8) (30) 96 (Charge)/credit to equity/other comprehensive income – – – – (48) 7 (41) Acquisitions (33) – – 6 – – (27) Exchange translation differences (4) 1 (8) (2) (1) – (14) Deferred tax (liability)/asset at 1 January 2022 (694) (196) 157 107 68 177 (381) Credit/(charge) to profit 62 20 (30) (17) (10) 28 53 (Charge)/credit to equity/other comprehensive income – (32) – – (10) 3 (39) Acquisitions (32) – – 19 – – (13) Exchange translation differences (71) (23) 5 9 1 15 (64) Deferred tax (liability)/asset at 31 December 2022 (735) (231) 132 118 49 223 (444) ​
Schedule of tax losses for which no deferred tax is recognised	​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2022 ​ £m £m ​ £m £m ​ ​ Gross amount Tax effected ​ Gross amount Tax effected Trading losses and temporary differences expiring ​ ​ ​ ​ ​ Within 10 years 100 29 ​ 123 35 More than 10 years – – ​ 1 – Available indefinitely 187 50 ​ 208 58 Total 287 79 ​ 332 93 State and local tax losses expiring ​ ​ ​ ​ ​ Within 10 years 27 2 ​ 19 1 More than 10 years 46 4 ​ 89 6 Available indefinitely – – ​ – – Total 73 6 ​ 108 7 Capital losses expiring ​ ​ ​ ​ ​ Within 10 years – – ​ – – More than 10 years – – ​ – – Available indefinitely 22 5 ​ 22 5 Total 22 5 ​ 22 5

Earnings per share (Tables)

Earnings per share (Tables)	12 Months Ended
	Dec. 31, 2022
Earnings per share
Summary of earnings per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ EARNINGS PER SHARE – FOR THE YEAR 2020 ​ 2021 ​ 2022 ​ ENDED 31 DECEMBER ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Net profit ​ average ​ ​ ​ ​ Net profit ​ average ​ ​ ​ ​ Net profit ​ average ​ ​ ​ ​ attributable to ​ number ​ ​ ​ ​ attributable to ​ number ​ ​ ​ ​ attributable to ​ number ​ ​ ​ ​ shareholders ​ of shares ​ EPS ​ shareholders ​ of shares ​ EPS ​ shareholders ​ of shares ​ EPS ​ ​ £m ​ (millions) ​ (pence) ​ £m ​ (millions) ​ (pence) ​ £m ​ (millions) ​ (pence) Basic earnings per share 1,224 1,926.2 63.5 p ​ 1,471 1,928.0 76.3 p ​ 1,634 1,918.5 85.2 p Diluted earnings per share 1,224 1,937.8 63.2 p ​ 1,471 1,939.4 75.8 p ​ 1,634 1,929.3 84.7 p ​
Summary of adjusted earnings per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ADJUSTED EARNINGS PER SHARE 2020 ​ 2021 ​ 2022 ​ ​ Adjusted net ​ Weighted ​ ​ ​ ​ Adjusted net ​ Weighted ​ ​ ​ ​ Adjusted net ​ Weighted ​ ​ ​ ​ profit average ​ ​ profit average ​ ​ profit average ​ ​ ​ ​ attributable to ​ number ​ Adjusted ​ attributable to ​ number ​ Adjusted ​ attributable to ​ number ​ Adjusted ​ ​ shareholders ​ of shares ​ EPS ​ shareholders ​ of shares ​ EPS ​ shareholders ​ of shares ​ EPS ​ £m (millions) (pence) ​ £m (millions) (pence) ​ £m (millions) (pence) Adjusted earnings per share ​ 1,543 ​ 1,926.2 ​ 80.1 p ​ 1,689 ​ 1,928.0 ​ 87.6 p ​ 1,961 ​ 1,918.5 ​ 102.2 p ​
Summary of reconciliation of adjusted net profit attributable to parent	RECONCILIATION OF ADJUSTED NET PROFIT ATTRIBUTABLE TO RELX PLC SHAREHOLDERS ​ ​ ​ ​ ​ ​ ​ 2020 Pre-tax Tax on ​ ​ ​ adjustment ​ adjustment ​ Total ​ ​ £m ​ £m ​ £m Net profit attributable to shareholders ​ ​ 1,224 Adjustments: ​ Amortisation of acquired intangible assets 360 35 395 Other deferred tax credits from intangible assets* – (78) (78) Acquisition-related items (12) (6) (18) Net interest on net defined benefit pension obligation and other 11 (2) 9 Disposals and other non-operating items ​ (130) 3 (127) Exceptional costs in Exhibitions ​ 183 (45) 138 Adjusted net profit attributable to shareholders ​ ​ 1,543 ​ ​ ​ ​ ​ ​ ​ ​ 2021 Pre-tax Tax on ​ ​ ​ adjustment ​ adjustment ​ Total ​ ​ £m ​ £m ​ £m Net profit attributable to shareholders ​ 1,471 Adjustments: Amortisation of acquired intangible assets 294 22 316 Other deferred tax credits from intangible assets* – (61) (61) Acquisition-related items 21 (11) 10 Net interest on net defined benefit pension obligation and other 9 (2) 7 Disposals and other non-operating items (55) ​ 1 ​ (54) Adjusted net profit attributable to shareholders ​ 1,689 ​ ​ ​ ​ ​ ​ ​ ​ 2022 Pre-tax Tax on ​ ​ ​ adjustment ​ adjustment ​ Total ​ ​ £m ​ £m ​ £m Net profit attributable to shareholders ​ 1,634 Adjustments: Amortisation of acquired intangible assets 296 30 326 Other deferred tax credits from intangible assets* – (64) (64) Acquisition-related items 62 (13) 49 Net interest on net defined benefit pension obligation and other 5 (1) 4 Disposals and other non-operating items ​ 9 ​ 3 ​ 12 Adjusted net profit attributable to shareholders ​ 1,961 * Movements on deferred tax liabilities arising on acquired intangible assets that do not qualify for tax amortisation.

Statement of cash flows (Tables

Statement of cash flows (Tables)	12 Months Ended
	Dec. 31, 2022
Statement of cash flow
Schedule of reconciliation of operating profit to cash generated from operations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RECONCILIATION OF OPERATING PROFIT TO CASH GENERATED FROM OPERATIONS ​ ​ ​ 2020 2021 2022 ​ ​ £m £m £m Operating profit ​ 1,525 1,884 2,323 Share of results of joint ventures ​ (15) (29) (19) Amortisation of acquired intangible assets ​ 376 297 294 Amortisation of internally developed intangible assets ​ 319 295 309 Amortisation of pre-publication costs ​ ​ ​ 62 ​ 60 ​ 72 Depreciation of property, plant and equipment ​ 60 52 47 Depreciation of right-of-use assets ​ 88 80 63 Share based remuneration ​ 25 45 46 Total non-cash items ​ 930 829 831 Increase in inventories and pre-publication costs ​ (80) (73) (103) (Increase)/decrease in receivables ​ 149 (103) (251) (Decrease)/increase in payables ​ (245) (32) 280 Increase in working capital ​ (176) (208) (74) Cash generated from operations ​ 2,264 2,476 3,061 ​
Schedule of cash flow on acquisitions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CASH FLOW ON ACQUISITIONS ​ ​ ​ 2020 2021 2022 ​ Note £m £m £m Purchase of businesses 12 ​ (864) (235) (373) Deferred payments relating to prior year acquisitions ​ ​ (5) (19) (21) Total ​ ​ (869) (254) (394)
Schedule of reconciliation of net debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RECONCILIATION OF NET DEBT ​ ​ ​ ​ ​ ​ ​ ​ ​ Related ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and ​ ​ ​ derivative ​ Finance ​ ​ ​ ​ ​ ​ ​ ​ cash ​ ​ ​ financial ​ lease ​ ​ ​ ​ 2020 ​ 2021 ​ equivalents ​ Debt ​ instruments ​ receivable ​ 2022 ​ £m £m £m £m £m £m £m At start of year (6,191) (6,898) 113 (6,167) 35 2 (6,017) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Decrease)/increase in cash and cash equivalents (51) 26 208 – – – 208 Decrease in short-term bank loans, overdrafts and commercial paper 436 200 – 101 – – 101 Issuance of term debt (2,342) – – (397) – – (397) Repayment of term debt 1,233 431 – 35 – – 35 Repayment of leases 90 76 – 79 – (1) 78 Change in net debt resulting from cash flows (634) 733 208 (182) – (1) 25 Borrowings in acquired businesses (3) – – (3) – – (3) Remeasurement and derecognition of leases (8) (4) – (5) – – (5) Inception of leases (24) (24) – (34) – 5 (29) Fair value and other adjustments to debt and related derivatives (4) 2 – 230 (245) – (15) Exchange translation differences (34) 174 13 (569) (3) (1) (560) At end of year (6,898) (6,017) 334 (6,730) (213) 5 (6,604) ​

Acquisitions (Tables)

Acquisitions (Tables)	12 Months Ended
	Dec. 31, 2022
Acquisitions
Summary of consideration paid for acquiring assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value ​ Fair value ​ Fair value ​ ​ 2020 ​ 2021 ​ 2022 ​ £m £m £m Goodwill ​ 570 131 269 Intangible assets ​ 427 ​ 156 ​ 125 Property, plant and equipment ​ 3 1 1 Other non-current assets ​ 1 – 3 Current assets ​ 20 4 8 Current liabilities ​ (24) (16) (21) Borrowings ​ (3) – (3) Deferred tax ​ (90) (27) (13) Net assets acquired ​ 904 249 369 Consideration (after taking account of £6 m net cash acquired (2020: £29 m; 2021: £8 m)) ​ 904 249 369 Change in consideration deferred to future years and changes in contingent consideration relating to prior year acquisitions ​ (40) (14) 4 Net cash flow ​ 864 235 373 ​

Equity dividends (Tables)

Equity dividends (Tables)	12 Months Ended
	Dec. 31, 2022
Equity dividends
Summary of ordinary dividends paid	​ ​ ​ ​ ​ ​ ​ ​ ORDINARY DIVIDENDS PAID IN THE YEAR ​ 2020 ​ 2021 ​ 2022 ​ £m £m £m RELX PLC 880 920 983 ​

Intangible assets (Tables)

Intangible assets (Tables)	12 Months Ended
	Dec. 31, 2022
Intangible assets
Schedule of intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ internally ​ intangible ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Software ​ ​ ​ acquired ​ developed ​ assets ​ ​ ​ ​ Market ​ Customer ​ Editorial ​ and ​ ​ ​ intangible ​ intangible ​ excluding ​ ​ ​ ​ related ​ related ​ content ​ technology ​ Other ​ assets ​ assets ​ goodwill ​ ​ Goodwill ​ £m ​ £m ​ £m ​ £m ​ £m ​ £m ​ £m ​ £m COST ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at 1 January 2021 7,224 2,391 1,750 614 688 2,381 7,824 3,251 11,075 Acquisitions 131 11 78 11 51 5 156 – 156 Additions – – – – – – – 310 310 Disposals and other (3) (2) 2 (7) – (23) (30) (19) (49) Exchange translation differences 14 15 10 2 1 (13) 15 (31) (16) At 1 January 2022 7,366 2,415 1,840 620 740 2,350 7,965 3,511 11,476 Acquisitions 269 18 43 27 37 – 125 – 125 Additions – – – – – – – 402 402 Disposals and other – (2) ​ (4) – – (9) (15) (84) (99) Exchange translation differences 753 268 ​ 197 43 68 177 753 291 1,044 At 31 December 2022 8,388 2,699 2,076 690 845 2,518 8,828 4,120 12,948 ​ ​ ​ ACCUMULATED AMORTISATION ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at 1 January 2021 – 1,323 1,054 514 414 2,338 5,643 2,007 7,650 Charge for the year* – 109 79 39 54 16 297 295 592 Disposals and other – (2) (6) 1 – (23) (30) (19) (49) Exchange translation differences – 8 5 2 (1) (12) 2 (23) (21) At 1 January 2022 – 1,438 1,132 556 467 2,319 5,912 2,260 8,172 Charge for the year* – 121 78 29 53 13 294 309 603 Disposals and other – (2) (4) (5) 5 (9) (15) (78) (93) Exchange translation differences – 161 126 37 47 177 548 194 742 At 31 December 2022 – 1,718 1,332 617 572 2,500 6,739 2,685 9,424 ​ ​ ​ NET BOOK AMOUNT ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At 31 December 2021 7,366 977 708 64 273 31 2,053 1,251 3,304 At 31 December 2022 8,388 981 744 73 273 18 2,089 1,435 3,524 ​ * Includes impairments of acquired intangible assets of £ 1 m (2021: £ 13 m; 2020: £42 m in Legal and £23 m in Exhibitions) and an impairment of internally developed intangible assets of £ 13 m in Exhibitions (2021: nil ; 2020: £ 29 m). Refer to note 2 for further detail on the exceptional costs in Exhibitions in 2020.
Schedule of breakdown of goodwill into cash generating units	​ ​ ​ ​ ​ ​ GOODWILL 2021 2022 ​ ​ £m ​ £m Risk 3,675 4,167 Scientific, Technical & Medical 1,683 2,015 Legal 1,406 1,572 Exhibitions 602 634 Total 7,366 8,388 ​
Schedule of key assumptions used for each group of cash generating units	The key assumptions used for each group of CGUs are disclosed below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ KEY ASSUMPTIONS ​ 2021 ​ 2022 ​ ​ ​ ​ ​ Nominal ​ ​ ​ Nominal ​ ​ Pre-tax ​ long-term ​ Pre-tax ​ long-term ​ ​ discount ​ market ​ discount ​ market ​ ​ rate ​ growth rate ​ rate ​ growth rate Risk 9.8 % ​ 3 % 11.2 % ​ 4 % Scientific, Technical & Medical 9.1 % ​ 3 % 10.5 % ​ 3 % Legal 9.9 % ​ 2 % 10.9 % ​ 3 % Exhibitions 11.7 % ​ 3 % 13.0 % ​ 4 % ​

Investments (Tables)

Investments (Tables)	12 Months Ended
	Dec. 31, 2022
Investments
Summary of investments	​ ​ ​ ​ ​ ​ ​ 2021 2022 ​ ​ £m ​ £m Investments in joint ventures and associates 105 159 Venture capital investments 107 127 Total 212 286 ​
Summary of information about joint ventures	​ ​ ​ ​ ​ ​ ​ 2021 2022 ​ ​ £m ​ £m At start of year 103 105 Share of results of joint ventures 29 19 Dividends received from joint ventures (20) (33) Acquisitions ​ – ​ 62 Disposals and other (4) 1 Exchange translation differences (3) 5 At end of year 105 159 ​ ​ ​ ​ ​ ​ ​ ​ RELX’s share ​ ​ 2021 ​ 2022 ​ ​ £m ​ £m Revenue 78 55 Net profit for the year 29 19 ​ ​ ​ ​ ​ Total assets 136 190 Total liabilities (70) (75) Net assets 66 115 Goodwill 39 44 Total 105 159 ​

Property, plant and equipment (

Property, plant and equipment (Tables)	12 Months Ended
	Dec. 31, 2022
Property, plant and equipment.
Summary of property, plant and equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2022 ​ ​ Land and ​ Fixtures and ​ ​ ​ Land and ​ Fixtures and ​ ​ ​ buildings ​ equipment ​ Total ​ buildings ​ equipment ​ Total ​ £m £m £m £m £m £m Cost At start of year 206 527 733 167 ​ 516 683 Acquisitions – 1 1 1 – 1 Capital expenditure 5 23 28 3 33 36 Disposals (43) (32) (75) (19) (140) (159) Exchange translation differences (1) (3) (4) 14 43 57 At end of year 167 516 683 166 452 618 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated depreciation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At start of year ​ 143 428 571 111 441 552 Charge for the year 6 46 52 6 41 47 Disposals (37) (31) (68) (12) (142) (154) Exchange translation differences (1) (2) (3) 10 37 47 At end of year 111 441 552 115 377 492 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net book amount 56 75 131 51 75 126 ​

Financial instruments (Tables)

Financial instruments (Tables)	12 Months Ended
	Dec. 31, 2022
Financial instruments
Summary of remaining contractual maturities for borrowings and derivative financial instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ AT 31 DECEMBER 2021 ​ ​ ​ Contractual cash flow (including interest) ​ ​ Carrying ​ Within ​ ​ ​ ​ ​ ​ ​ ​ ​ More than ​ ​ ​ ​ amount ​ 1 year ​ 1-2 years ​ 2-3 years ​ 3-4 years ​ 4-5 years ​ 5 years ​ Total ​ £m £m £m £m £m £m £m £m Borrowings ​ ​ ​ ​ ​ ​ ​ ​ Fixed rate borrowings (5,828) (156) (741) (1,106) (704) (709) (3,126) (6,542) Floating rate borrowings (131) (131) – – – – – (131) Lease liabilities (208) (75) (63) (43) (25) (4) (31) (241) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative financial liabilities Cash inflows ​ ​ ​ 371 ​ 86 ​ 103 ​ 2 ​ – ​ – ​ 562 Cash outflows ​ ​ ​ (374) ​ (88) ​ (105) ​ (2) ​ – ​ – ​ (569) Forward foreign exchange contracts (7) (3) (2) (2) – – – (7) Interest rate derivatives (5) – – (1) (2) (2) (7) (12) Cross-currency interest rate swaps (2) (32) (34) (14) (501) – – (581) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative financial assets Cash inflows ​ ​ ​ 1,399 ​ 312 ​ 107 ​ 26 ​ – ​ – ​ 1,844 Cash outflows ​ ​ ​ (1,367) ​ (294) ​ (102) ​ (25) ​ – ​ – ​ (1,788) Forward foreign exchange contracts 48 32 18 5 1 – – 56 Interest rate derivatives 19 22 10 4 – – – 36 Cross-currency interest rate swaps 16 29 26 7 511 – – 573 Total (6,098) (314) (786) (1,150) (720) (715) (3,164) (6,849) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ AT 31 DECEMBER 2022 ​ Contractual cash flow (including interest) ​ ​ Carrying ​ Within ​ ​ ​ ​ ​ ​ ​ ​ ​ More than ​ ​ ​ amount ​ 1 year ​ 1-2 years ​ 2-3 years ​ 3-4 years ​ 4-5 years ​ 5 years ​ Total ​ £m £m £m £m £m £m £m £m Borrowings ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed rate borrowings (6,446) (847) (1,188) (772) (769) (704) (3,212) (7,492) Floating rate borrowings (102) (102) – – – – – (102) Lease liabilities (182) (80) (58) (36) (17) (6) (34) (231) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative financial liabilities Cash inflows ​ ​ ​ 835 ​ 242 ​ 122 ​ 8 ​ – ​ – ​ 1,207 Cash outflows ​ ​ ​ (870) ​ (262) ​ (127) ​ (8) ​ – ​ – ​ (1,267) Forward foreign exchange contracts (53) (35) (20) (5) – – – (60) Interest rate derivatives (158) (48) (29) (20) (18) (17) (43) (175) Cross-currency interest rate swaps (58) (56) (31) (567) – – – (654) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative financial assets Cash inflows ​ ​ ​ 665 ​ 199 ​ 126 ​ 24 ​ ​ ​ ​ ​ 1,014 Cash outflows ​ ​ ​ (645) ​ (192) ​ (123) ​ (23) ​ ​ ​ ​ ​ (983) Forward foreign exchange contracts 32 20 7 3 1 – – 31 Interest rate derivatives – 2 – – – – – 2 Cross-currency interest rate swaps – 29 7 538 – – – 574 Total (6,967) (1,117) (1,312) (859) (803) (727) (3,289) (8,107) ​
Summary of trade receivables past due	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2021 ​ 2022 ​ ​ £m ​ £m ​ £m Up to one month ​ 170 ​ 156 ​ 265 2 to 3 months ​ 83 ​ 96 ​ 115 4 to 6 months ​ 34 ​ 35 ​ 46 Greater than 6 months ​ 46 ​ 18 ​ 23 Total past due ​ 333 ​ 305 ​ 449 ​
Summary of fair value hedges	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ FAIR VALUE HEDGE RELATIONSHIPS 31 December 31 December ​ ​ ​ 2021 ​ 2022 ​ ​ ​ ​ ​ ​ ​ Principal ​ Principal ​ ​ ​ ​ ​ ​ ​ amount ​ amount ​ ​ ​ ​ ​ ​ £m £m Fixed rate ​ Floating rate $700m bond and $700m interest rate swaps maturing 2023 (517) (579) 3.5 % ​ USD LIBOR+0.8% €500m bond and €500m interest rate swaps maturing 2024 (421) (443) 1.0 % ​ Euribor+0.7% €600m bond and €600m/$669.3m cross-currency interest rate swaps maturing 2025 (494) (553) 1.3 % ​ USD LIBOR+1.3% $200m bond and $200m interest rate swaps maturing 2027 (148) (165) 7.2 % ​ USD LIBOR+5.8% $750m bond and $750m interest rate swaps maturing 2030 (554) (620) 3.0 % ​ USD LIBOR+1.6% $500m bond and $500m interest rate swaps maturing 2032 ​ – ​ (413) ​ 4.75 % ​ USD SOFR+2.0% ​ (2,134) (2,773) ​ ​ ​ ​ ​ ​
Summary of gains and losses on borrowings and related derivatives designated as fair value hedges	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ GAINS/(LOSSES) ON BORROWINGS AND RELATED DERIVATIVES AND CARRYING VALUES ​ Fair value ​ ​ ​ ​ ​ 1 January ​ movement ​ Exchange ​ 31 December ​ Carrying ​ ​ 2020 ​ gain/(loss) ​ gain/(loss) ​ 2020 ​ values ​ ​ £m ​ £m ​ £m ​ £m ​ £m USD debt (13) (25) 2 (36) (701) Related interest rate swaps 13 25 (2) 36 36 ​ – – – – (665) EUR debt (39) (47) 3 (83) (1,467) Related interest rate swaps 39 47 (3) 83 83 ​ – – – – (1,384) Total relating to USD and EUR debt (52) (72) 5 (119) (2,168) Total related interest rate swaps 52 72 (5) 119 119 Net gain on borrowings and related derivatives/total carrying value – – – – (2,049) ​ ​ 17 Financial instruments (continued) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ GAINS/(LOSSES) ON BORROWINGS AND RELATED DERIVATIVES AND CARRYING VALUES ​ Fair value ​ ​ ​ ​ ​ 1 January ​ movement ​ Exchange ​ 31 December ​ Carrying ​ ​ 2021 ​ gain/(loss) ​ gain/(loss) ​ 2021 ​ values ​ ​ £m ​ £m ​ £m ​ £m ​ £m USD debt (36) 35 – (1) (1,221) Related interest rate swaps 36 (28) – 8 8 ​ – 7 – 7 (1,213) EUR debt (83) 55 1 (27) (940) Related interest rate swaps 83 (55) (1) 27 27 ​ – – – – (913) Total relating to USD and EUR debt (119) 90 1 (28) (2,161) Total related interest rate swaps 119 (83) (1) 35 35 Net gain on borrowings and related derivatives/total carrying value – 7 – 7 (2,126) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ GAINS/(LOSSES) ON BORROWINGS AND RELATED DERIVATIVES AND CARRYING VALUES ​ Fair value ​ ​ ​ ​ 1 January ​ movement ​ Exchange ​ 31 December ​ Carrying ​ ​ 2022 ​ gain/(loss) ​ gain/(loss) ​ 2022 ​ values ​ ​ £m ​ £m ​ £m ​ £m ​ £m USD debt (1) 140 2 141 (1,630) Related interest rate swaps 8 (149) (2) (143) (143) ​ 7 (9) – (2) (1,773) EUR debt (27) 96 1 70 (924) Related interest rate swaps 27 (96) (1) (70) (70) ​ – – – – (994) Total relating to USD and EUR debt (28) 236 3 211 (2,554) Total related interest rate swaps 35 (245) (3) (213) (213) Net gain/(loss) on borrowings and related derivatives/total carrying value ​ 7 (9) – (2) (2,767) ​
Summary of movements in the hedge reserve including gains and losses on cash flow hedging instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost of Foreign ​ ​ Interest rate ​ hedging ​ currency ​ ​ ​ ​ hedge reserve ​ reserve ​ hedge reserve ​ Total ​ ​ £m ​ £m ​ £m ​ £m Hedge reserve at 31 December 2020: gains/(losses) deferred 4 (8) 27 23 (Losses)/gains arising in 2021 (3) 2 11 10 Amounts recognised in income statement – – (9) (9) Hedge reserve at 31 December 2021: gains/(losses) deferred 1 (6) 29 24 (Losses)/gains arising in 2022 (3) 5 (20) (18) Amounts recognised in income statement 1 – (18) (17) Exchange translation differences ​ (1) ​ – ​ 1 ​ – Hedge reserve at 31 December 2022: losses deferred (2) (1) (8) (11)
Summary of deferred gains and losses on cash flow hedges currently expected to recognized in future period	​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign Principal ​ ​ currency ​ amount of ​ Carrying ​ ​ hedge reserve ​ hedges ​ values ​ ​ £m ​ £m ​ £m 2023 4 673 (11) 2024 (10) 459 (10) 2025 (2) 250 (2) 2026 – 36 – Total (8) 1,418 (23) ​

Inventories and pre-publicati_2

Inventories and pre-publication costs (Tables)	12 Months Ended
	Dec. 31, 2022
Inventories and pre-publication costs
Summary of inventories and pre-publication costs	​ ​ ​ ​ ​ ​ ​ 2021 2022 ​ ​ £m ​ £m Raw materials 2 3 Pre-publication costs 218 264 Finished goods 33 42 Total 253 309 ​

Trade and other receivables (Ta

Trade and other receivables (Tables)	12 Months Ended
	Dec. 31, 2022
Trade and other receivables.
Summary of trade and other receivables	​ ​ ​ ​ ​ ​ ​ 2021 2022 ​ ​ £m ​ £m Trade receivables 1,738 2,193 Loss allowance (106) (118) ​ 1,632 2,075 Prepayments and accrued income 316 310 Current tax receivable 10 15 Net finance lease receivable 2 5 Total 1,960 2,405 ​
Summary of movements in loss allowance	​ ​ ​ ​ ​ ​ ​ 2021 2022 ​ ​ £m ​ £m At start of year 99 106 Charge for the year 17 11 Trade receivables written off (8) (7) Exchange translation differences (2) 8 At end of year 106 118

Trade and other payables (Table

Trade and other payables (Tables)	12 Months Ended
	Dec. 31, 2022
Trade and other payables
Summary of trade and other payables	​ ​ ​ ​ ​ ​ ​ 2021 2022 ​ ​ £m ​ £m Trade payables 109 129 Accruals 718 844 Social security and other taxes 141 159 Other payables 351 517 Deferred income 1,956 2,368 Total 3,275 4,017 ​

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2022
Debt
Summary of types of borrowings both current and non-current	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2022 ​ Falling due Falling due ​ ​ Falling due Falling due in ​ ​ ​ ​ within ​ in more than ​ ​ ​ within ​ more than ​ ​ ​ ​ 1 year ​ 1 year ​ Total ​ 1 year ​ 1 year ​ Total ​ ​ £m ​ £m ​ £m ​ £m ​ £m ​ £m Financial liabilities measured at amortised cost: Short-term bank loans, overdrafts and commercial paper 131 – 131 102 – 102 Term debt 32 3,410 3,442 – 3,641 3,641 Lease liabilities 69 139 208 67 115 182 Term debt in fair value hedging relationships – 2,161 2,161 576 1,978 2,554 Term debt previously in fair value hedging relationships – 225 225 125 126 251 Total 232 5,935 6,167 870 5,860 6,730 ​
Summary of repayment years for borrowings	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2022 ​ Short-term ​ ​ ​ Short-term ​ ​ ​ ​ ​ bank loans, ​ ​ ​ ​ ​ ​ ​ bank loans, ​ ​ ​ ​ ​ ​ ​ ​ overdrafts ​ ​ ​ ​ ​ ​ ​ overdrafts ​ ​ ​ ​ ​ ​ ​ ​ and ​ ​ ​ ​ ​ ​ ​ and ​ ​ ​ ​ ​ ​ ​ ​ commercial ​ ​ ​ Lease ​ ​ ​ commercial ​ ​ ​ Lease ​ ​ ​ ​ paper ​ Term debt ​ liabilities ​ Total ​ paper ​ Term debt ​ liabilities ​ Total ​ ​ £m ​ £m ​ £m ​ £m ​ £m ​ £m ​ £m ​ £m Within 1 year 131 32 69 232 102 701 67 870 Within 1 to 2 years – 641 40 681 – 1,045 24 1,069 Within 2 to 3 years – 1,012 37 1,049 – 623 25 648 Within 3 to 4 years – 628 29 657 – 660 24 684 Within 4 to 5 years – 626 17 643 – 595 17 612 After 5 years – 2,889 16 2,905 – 2,822 25 2,847 After 1 year – 5,796 139 5,935 – 5,745 115 5,860 Total 131 5,828 208 6,167 102 6,446 182 6,730 ​
Analysis of borrowings by currency	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2022 ​ Short-term ​ ​ ​ Short-term ​ ​ ​ ​ ​ bank loans, ​ ​ ​ ​ ​ ​ ​ bank loans, ​ ​ ​ ​ ​ ​ ​ ​ overdrafts ​ ​ ​ ​ ​ ​ ​ overdrafts ​ ​ ​ ​ ​ ​ ​ ​ and ​ ​ ​ ​ ​ ​ ​ and ​ ​ ​ ​ ​ ​ ​ ​ commercial ​ ​ ​ Lease ​ ​ ​ commercial ​ ​ ​ Lease ​ ​ ​ ​ paper ​ Term debt ​ liabilities ​ Total ​ paper ​ Term debt ​ liabilities ​ Total ​ ​ £m ​ £m ​ £m ​ £m ​ £m ​ £m ​ £m ​ £m US dollar 68 2,691 79 2,838 2 3,160 65 3,227 Pound sterling – – 51 51 – – 40 40 Euro 15 3,137 47 3,199 – 3,286 57 3,343 Other currencies 48 – 31 79 100 – 20 120 Total 131 5,828 208 6,167 102 6,446 182 6,730 ​

Lease arrangements (Tables)

Lease arrangements (Tables)	12 Months Ended
	Dec. 31, 2022
Lease arrangements
Summary of right-of-use assets	Right-of-use assets ​ ​ ​ ​ ​ ​ 2021 2022 ​ ​ £m ​ £m At start of year 216 161 Additions 25 34 Acquisitions – 3 Remeasurement 9 8 Disposals (5) (8) Depreciation (66) (63) Impairment (14) – Exchange translation differences (4) 10 At end of year 161 145 ​
Summary of lease liability	Lease liability ​ ​ ​ ​ ​ ​ 2021 2022 ​ ​ £m ​ £m Current Property (67) (65) Non-property (2) (2) Non-current Property (136) (113) Non-property (3) (2) Total (208) (182) ​
Summary of net finance lease receivable	RELX subleases vacant space available within its leased properties. IFRS 16 specifies conditions whereby a sublease is classed as a finance lease for the sub-lessor. The finance lease receivable balance held is as follows: ​ ​ ​ ​ ​ ​ 2021 2022 ​ ​ £m ​ £m Net finance lease receivable 2 5 ​

Share capital, share premium an

Share capital, share premium and shares held in treasury (Tables)	12 Months Ended
	Dec. 31, 2022
Share capital and shares held in treasury
Summary of called up share capital issued and fully paid	RELX PLC ​ ​ ​ ​ ​ ​ ​ ​ ​ CALLED UP SHARE CAPITAL – ISSUED AND FULLY PAID ​ 2021 ​ 2022 ​ ​ No. of shares ​ £m ​ No. of shares ​ £m At start of year 1,982,299,312 286 1,984,961,632 286 Issue of ordinary shares 2,662,320 – 1,918,456 – Cancellation of ordinary shares ​ – ​ – ​ (52,000,000) ​ (7) At end of year 1,984,961,632 286 1,934,880,088 ​ 279 ​
Summary of share capital	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ NUMBER OF ORDINARY SHARES ​ Year ended 31 December ​ ​ 2021 ​ ​ ​ 2022 ​ ​ Shares in ​ ​ ​ ​ ​ Shares in ​ ​ issue net of ​ ​ ​ ​ ​ issue net of ​ ​ treasury ​ Shares in ​ Treasury ​ treasury ​ ​ shares* ​ issue ​ shares ​ shares* ​ ​ (millions) ​ (millions) ​ (millions) ​ (millions) RELX PLC ​ At start of year ​ 1,926.0 1,985.0 (55.6) 1,929.4 Issue of ordinary shares ​ 2.7 1.9 – 1.9 Repurchase of ordinary shares ​ – – (21.7) (21.7) Net release/(purchase) of shares by the Employee Benefit Trust ​ 0.7 – (0.1) (0.1) Cancellation of ordinary shares ​ – ​ (52.0) ​ 52.0 ​ – At end of year ​ 1,929.4 1,934.9 ​ (25.4) ​ 1,909.5 ​

Other reserves (Tables)

Other reserves (Tables)	12 Months Ended
	Dec. 31, 2022
Other reserves and translation reserve
Summary of other reserves and translation reserve	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Translation ​ Hedge Other ​ ​ ​ ​ Total ​ reserve ​ reserve ​ reserves ​ Total ​ ​ 2021 ​ 2022 ​ 2022 ​ 2022 ​ 2022 ​ ​ £m ​ £m ​ £m ​ £m ​ £m At start of year ​ 1,241 250 ​ 19 2,062 ​ 2,331 Profit attributable to shareholders ​ 1,471 – ​ – 1,634 ​ 1,634 Dividends paid ​ (920) – ​ – (983) ​ (983) Actuarial gains on defined benefit pension schemes ​ 321 – ​ – 164 ​ 164 Fair value movements on cash flow hedges ​ 10 – ​ (18) – ​ (18) Transfer to profit from cash flow hedge reserve ​ (9) – ​ (17) – ​ (17) Tax recognised in other comprehensive income ​ (49) – ​ 8 (43) ​ (35) Exchange differences on translation of foreign operations ​ 223 427 ​ – ​ – ​ 427 Cancellation of shares ​ – ​ – ​ – ​ (1,120) ​ (1,120) Increase in share based remuneration reserve (net of tax) ​ 55 – ​ – 47 ​ 47 Settlement of share awards ​ (12) – ​ – (35) ​ (35) Disposal of non ‐ controlling interests ​ – – ​ – (1) ​ (1) At end of year ​ 2,331 677 ​ (8) 1,725 ​ 2,394 ​

Related party transactions (Tab

Related party transactions (Tables)	12 Months Ended
	Dec. 31, 2022
Related party transactions
Summary of key management personnel remuneration	​ ​ ​ ​ ​ ​ ​ ​ KEY MANAGEMENT PERSONNEL REMUNERATION 2020 2021 2022 ​ ​ £m ​ £m ​ £m Salaries, other short-term employee benefits and non-executive fees ​ 6 ​ 7 ​ 7 Post-employment benefits ​ 1 1 – Share based remuneration* ​ 1 8 7 Total ​ 8 16 14 ​
Summary of executive directors remuneration	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ EXECUTIVE DIRECTORS ​ ​ ​ Annual Share based ​ ​ ​ ​ ​ ​ Salary ​ Benefits ​ incentive ​ remuneration* ​ Pension* ​ Total ​ ​ ​ ​ £’000 ​ £’000 ​ £’000 ​ £’000 ​ £’000 ​ £’000 Total Executive Directors 2020 2,034 99 2,623 595 687 6,038 ​ 2021 2,085 97 3,604 7,953 774 14,513 ​ 2022 2,137 97 3,251 6,857 268 12,610 ​ * The figures for share based awards are calculated in accordance with the methodology set out in the UK Regulations. The figure for performance-related share based awards includes share price appreciation since the date the award was granted. Please see page 124 for further details. Pension is calculated in accordance with the methodology set out in the UK Regulations.
Summary of non-executive directors remuneration	​ ​ ​ ​ ​ ​ ​ ​ NON-EXECUTIVE DIRECTORS 2020 2021 2022 ​ ​ £’000 ​ £’000 ​ £’000 Fees and benefits ​ 1,558 ​ 1,598 ​ 1,566 ​

Exchange rates (Tables)

Exchange rates (Tables)	12 Months Ended
	Dec. 31, 2022
Exchange rates
Summary of exchange rates in preparing consolidated financial statements	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Statement of ​ ​ Income statement ​ financial position ​ 2020 2021 2022 2021 2022 Euro to sterling ​ 1.12 1.16 1.17 1.19 1.13 US dollar to sterling ​ 1.28 1.38 1.24 1.35 1.21

Related undertakings (Tables)

Related undertakings (Tables)	12 Months Ended
	Dec. 31, 2022
Related party transactions
Summary of full list of related undertakings	​ ​ ​ ​ ​ Share Reg Company name class office Australia ​ ​ LNRS Data Services (Australia) Pty Ltd Ordinary AUS1 Reed Exhibitions Australia Pty Ltd Ordinary AUS2 Reed International Books Australia Pty Ltd Ordinary AUS2 RELX Australia Pty Ltd Ordinary AUS2 ThreatMetrix Pty Ltd Ordinary AUS2 ​ ​ ​ Austria ​ ​ LexisNexis Verlag ARD ORAC GmbH & Co KG Partnership Interest AUT2 ORAC GmbH Ordinary AUT2 RELX Austria GmbH Ordinary AUT3 RX CEE GmbH Ordinary AUT1 RX Salzburg GmbH Ordinary AUT3 RX Wien GmbH Ordinary AUT1 Standout GmbH Ordinary AUT4 ​ ​ ​ Belgium ​ ​ LexisNexis BV Ordinary BEL1 ​ ​ ​ Brazil ​ ​ Elsevier Editora Ltda Quotas BRA1 Fircosoft Brasil Consultoria e Servicos de Informatica Ltda Quotas BRA2 Gestora de Inteligência de Crédito S.A. (20%) Common, Preferred BRA8 LexisNexis Informações e Sistemas Empresariais Ltda Quotas BRA6 LexisNexis Serviços de Análise de Risco Ltda Quotas BRA7 MLex Brasil Midia Mercadologica Ltda Quotas BRA4 Reed Exhibitions Alcântara Machado Ltda Quotas BRA3 SST Software do Brasil Ltda Quotas BRA5 ​ ​ ​ Canada ​ ​ Elsevier Canada Inc. Common CAN2 LexisNexis Canada Inc. Class B CAN1 RELX Canada Ltd Common CAN1 ​ ​ ​ China ​ ​ Bakery China Exhibitions Co., Ltd (25%) Ordinary CHN1 Beijing Medtime Elsevier Education Technology Co., Ltd (49%) Common CHN2 C-One Energy (Guangzhou) Co., Ltd Ordinary CHN5 ICIS Consulting (Beijing) Co., Ltd (Liquidation in progress) Ordinary CHN18 KeAi Communications Co., Ltd (49%) Ordinary CHN15 LexisNexis Information Technology Co. Ltd Ordinary CHN19 LexisNexis Risk Solutions (Shanghai) Information Technologies Co. Ltd Common CHN7 LNRS Data Services (Shanghai) Co Ltd Ordinary CHN13 Reed Elsevier Information Technology (Beijing) Co., Ltd Common CHN3 Reed Exhibitions (China) Co., Ltd Ordinary CHN4 Reed Exhibitions Hengjin Co., Ltd (51%) Ordinary CHN12 Reed Exhibitions (Shanghai) Co., Ltd Ordinary CHN10 Reed Huabai Exhibitions (Beijing) Co., Ltd (51%) Ordinary CHN4 Reed Huabo Exhibitions (Shenzhen) Co., Ltd (65%) Ordinary CHN16 Reed Huaqun Exhibitions Co., Ltd (52%) Ordinary CHN4 Reed Exhibitions Kuozhan (Shanghai) Co., Ltd (60%) Ordinary CHN8 Reed Sinopharm Exhibitions Co., Ltd (50%) Ordinary CHN4 RELX (China) Investment Co., Ltd Ordinary CHN9 RX (Shenzhen) Co., Ltd Ordinary CHN6 Shanghai Datong Medical Information Technology Co., Ltd Ordinary CHN17 Shanghai SinoReal Exhibitions Co., Ltd (27.5%) Ordinary CHN11 Z&R Exhibitions Co., Ltd (27.5%) Ordinary CHN14 ​ ​ ​ Colombia ​ ​ LexisNexis Risk Solutions SAS Ordinary COL1 ​ ​ ​ Denmark ​ ​ Elsevier A/S Ordinary DNK1 ​ ​ ​ Egypt ​ ​ Elsevier Egypt LLC Ordinary EGY1 ​ ​ ​ ​ ​ ​ ​ Share Reg Company name class office France ​ ​ Closd SAS Ordinary FRA9 Elsevier Holding France SAS Ordinary FRA1 Elsevier Masson SAS Ordinary FRA1 Evoluprint SAS Ordinary FRA2 Fircosoft SAS Ordinary FRA8 GIE EDI Data (83%) Ordinary FRA3 GIE Juris Data Ordinary FRA3 LexisNexis Business Information Solutions SA Ordinary FRA3 LexisNexis Business Information Solutions Holding SA Ordinary FRA5 LexisNexis International Development & Services SAS Ordinary FRA3 LexisNexis SA Ordinary FRA3 Reed Exhibitions ISG SARL Ordinary FRA6 RELX France SA Ordinary FRA6 RELX France Services SAS Ordinary FRA8 RX France SAS Ordinary FRA4 SAFI SA (50%) Ordinary FRA7 ​ ​ ​ Germany ​ ​ BehavioSec GmbH Ordinary DEU7 Elsevier GmbH Ordinary DEU3 Elsevier Information Systems GmbH Ordinary DEU2 IPlytics GmbH Ordinary DEU8 LexisNexis GmbH Ordinary DEU4 PatentSight GmbH Ordinary DEU6 RELX Deutschland GmbH Ordinary DEU1 RX Deutschland GmbH Ordinary DEU1 Tschach Solutions GmbH Ordinary DEU5 ​ ​ ​ Greece ​ ​ Mack Brooks Hellas SA (87.36%) (Liquidation in progress) Ordinary GRE1 ​ ​ ​ Hong Kong ​ ​ Ascend China Holding Ltd Ordinary HNK4 JC Exhibition and Promotion Ltd (65%) Ordinary HNK4 JYLN Sager Ltd Ordinary HNK2 LNRS Data Services (China) Ltd Ordinary HNK1 Reed Exhibitions Ltd Ordinary HNK4 RELX (Greater China) Ltd Ordinary HNK3 ​ ​ ​ India ​ ​ FircoSoft India Private Ltd Ordinary IND2 Next Events Private Ltd Ordinary IND1 Parity Computing India Private Ltd Ordinary IND3 Reed Elsevier Publishing (India) Private Ltd Ordinary IND1 Reed Manch Exhibitions Private Ltd Ordinary IND1 Reed Triune Exhibitions Private Ltd (72%) Ordinary IND4 RELX India Private Ltd Ordinary IND1 ​ ​ ​ Indonesia ​ ​ PT Reed Exhibitions Indonesia (70%) Class A Preferred IDN1 ​ Class B Common ​ PT RELX Information Analytics Indonesia Ordinary IDN2 ​ ​ ​ Irish Republic ​ ​ Elsevier Services Ireland Ltd Ordinary IRL2 LexisNexis Risk Solutions (Europe) Ltd Ordinary IRL1 LexisNexis Risk Solutions (Ireland) Ltd Ordinary IRL1 3D4Medical Ltd Ordinary IRL3 ​ ​ ​ Israel ​ ​ LexisNexis Israel Ltd Ordinary ISR1 ​ ​ ​ Italy ​ ​ Elsevier SRL Registered Capital ITA1 ICIS Italia SRL Ordinary ITA2 RX Italy SRL Ordinary ITA1 ​ ​ 28 Related undertakings (continued) ​ ​ ​ ​ Share Reg Company name class office Japan ​ ​ Ascend Japan KK Ordinary JPN1 Elsevier Japan KK Ordinary JPN2 LexisNexis Japan KK Ordinary JPN2 PatentSight Japan Inc. Common JPN2 RX Japan KK Ordinary JPN3 ​ ​ ​ Korea (Republic of) ​ ​ Elsevier Korea LLC Ordinary KOR1 LexisNexis Legal and Professional Service Korea Ltd Ordinary KOR2 Reed Exhibitions Korea Ltd Ordinary KOR3 Reed Exporum Ltd (60%) Ordinary KOR4 Reed K. Fairs Ltd (70%) Ordinary KOR3 ​ ​ ​ Macau ​ ​ Reed Exhibitions Macau Ltd Ordinary MAC1 ​ ​ ​ Malaysia ​ ​ LexisNexis Malaysia Sdn Bhd Ordinary MYS1 ​ ​ ​ Mexico ​ ​ Masson-Doyma Mexico, S.A. Ordinary MEX1 Reed Exhibitions Mexico S.A. de C.V. Fixed MEX2 ​ ​ ​ Netherlands ​ ​ AGRM Solutions C.V. Partnership Interest NLD1 Caselex B.V. Ordinary NLD1 Elsevier B.V. Ordinary NLD1 ICIS Benchmarking Europe B.V. Ordinary NLD1 LexisNexis Business Information Solutions B.V. Ordinary NLD1 LNRS Data Services B.V. Ordinary NLD1 Misset Uitgeverij B.V. (49%) Ordinary NLD2 RELX Employment Company B.V. Ordinary NLD1 RELX Finance B.V. Ordinary NLD1 RELX Holdings B.V. Ordinary NLD1 RELX Nederland B.V. Ordinary NLD1 RELX Overseas B.V. Ordinary RE NLD1 ​ ​ ​ New Zealand ​ ​ LexisNexis NZ Ltd Ordinary NZL1 ​ ​ ​ Philippines ​ ​ Reed Elsevier Shared Services (Philippines) Inc. Common PHL1 ​ ​ ​ Poland ​ ​ AI Digital Contracts Sp. z.o.o. (75%) Ordinary POL1 Elsevier Sp. z.o.o. Ordinary POL2 ​ ​ ​ Russia ​ ​ Elsevier LLC (Liquidation in progress) Participation Shares RUS2 LexisNexis LLC (Liquidation in progress) Participation Shares RUS3 Real Estate Events Direct LLC (80%) (Liquidation in progress) Participation Shares RUS1 RELX LLC (Liquidation in progress) Participation Shares RUS1 ​ ​ ​ Singapore ​ ​ Elsevier (Singapore) Pte Ltd Ordinary SGP1 Lexis-Nexis Philippines Pte Ltd Ordinary-B, Preference SGP2 LNRS Data Services Pte Ltd Ordinary SGP3 RE (HAPL) Pte Ltd Ordinary SGP1 RELX (Singapore) Pte Ltd Ordinary SGP2 ​ ​ ​ South Africa ​ ​ Globalrange SA (Pty) Ltd Ordinary ZAF1 LexisNexis (Pty) Ltd (78%) A-Ordinary ZAF2 LexisNexis Risk Management (Pty) Ltd (78%) Ordinary ZAF2 LexisNexis South Africa Shared Services (Pty) Ltd Ordinary ZAF2 ​ ​ ​ ​ ​ ​ Share Reg Company name class office Reed Events Management (Pty) Ltd (90%) Ordinary ZAF2 Reed Exhibitions (Pty) Ltd (90%) Ordinary ZAF2 Reed Exhibitions Group (Pty) Ltd (90%) Ordinary ZAF2 Reed Venue Management (Pty) Ltd (90%) Ordinary ZAF2 RELX (Pty) Ltd Ordinary ZAF2 ​ ​ ​ Spain ​ ​ Elsevier Espana SL Participations ESP1 ​ ​ ​ Sweden ​ Behaviometrics AB Ordinary SWE1 ​ ​ ​ Switzerland ​ Fircosoft Schweiz GmbH (Liquidation in progress) Ordinary CHE1 ​ ​ ​ Taiwan ​ ​ Elsevier Taiwan LLC Ordinary TWN1 ​ ​ ​ Thailand ​ ​ Reed Tradex Company Ltd (49%) Ordinary, Preference THA1 RELX Holding (Thailand) Co., Ltd Ordinary THA2 RELX Information Analytics (Thailand) Co., Ltd Ordinary THA3 ​ ​ ​ Turkey ​ ​ Elsevier STM Bilgi Hizmetleri Limited Şirketi Ordinary TUR1 Mack Brooks Fuarcilik A.S. Registered Capital TUR3 Reed Tüyap Fuarcilik A.S. (50%) A Ordinary, B Ordinary TUR2 ​ ​ ​ United Arab Emirates ​ ​ Reed Exhibitions FZ-LLC Ordinary UAE1 RELX Middle East FZ-LLC Ordinary UAE2 ​ ​ ​ United Kingdom ​ ​ 3rd Street Group Ltd Ordinary GBR3 Butterworths Ltd Ordinary GBR4 Cordery Compliance Ltd (71%) Ordinary GBR4 Cordery Ltd (71%) Ordinary GBR4 Crediva Ltd Ordinary GBR5 Digital Foundry Network Ltd (50%) Ordinary GBR3 E & P Events LLP (50%) Membership Interest GBR3 Elsevier Ltd Ordinary GBR6 Emailage Ltd Ordinary GBR5 Gamer Network Ltd Ordinary GBR3 Gapsquare Ltd A Ordinary, B Ordinary GBR2 Hookshot Media Ltd (23.5%) Ordinary GBR8 Interfolio UK Ltd Ordinary GBR10 LexisNexis Risk Solutions UK Ltd Ordinary GBR5 LNRS Data Services Holdings Ltd Ordinary GBR1 LNRS Data Services Ltd Ordinary GBR2 Mack-Brooks Exhibitions Ltd Ordinary GBR3 MCM Expo Ltd Ordinary GBR3 Mendeley Ltd Ordinary GBR6 MLex Ltd Ordinary GBR4 Offshore Europe (Management) Ltd Ordinary GBR3 Offshore Europe Partnership (50%) Partnership Interest GBR3 Out There Gaming Ltd (70%) Ordinary GBR3 Oxford Spires Management Co; Ltd (55%) Ordinary GBR7 RE (HPL) Ltd Ordinary GBR1 RE (RCB) Ltd Ordinary GBR1 RE Secretaries Ltd Ordinary GBR1 RE (SOE) Ltd Ordinary GBR3 Reed Events Ltd Ordinary GBR3 Reed Exhibitions Ltd Ordinary GBR3 Reed Nominees Ltd Ordinary GBR1 RELX Finance Ltd Ordinary GBR1 RELX Group plc Ordinary GBR1 RELX (Holdings) Ltd Ordinary GBR1 ​ ​ 28 Related undertakings (continued) ​ ​ ​ ​ Share Reg Company name class office RELX (Investments) plc Ordinary GBR1 RELX Overseas Holdings Ltd Ordinary GBR1 RELX (UK) Ltd Ordinary GBR1 REV GP (UK) LLP Membership Interest GBR1 REV Venture Partners Ltd Ordinary GBR1 REV V LP Partnership Interest GBR1 SciBite Ltd A Ordinary, B Ordinary, C Ordinary GBR9 Tracesmart Ltd Ordinary GBR5 TruNarrative Ltd Ordinary GBR5 ​ ​ ​ United States ​ ​ Accuity Asset Verification Services Inc. Common Stock USA1 Accuity Inc. Common Stock USA1 American Textile Machinery Exhibition International Inc. (40%) Common Stock USA3 Aries Systems Corporation Common Stock USA3 BehavioSec Inc Common Stock USA2 Crop Data Management Systems, Inc. Common Stock USA2 Dunlap-Hanna Publishers (50%) Partnership Interest USA7 Elsevier Holdings Inc. Common Stock USA3 Elsevier Inc. Common Stock USA3 Elsevier Medical Information LLC Membership Interest USA3 Elsevier STM Inc. Common Stock USA3 Emailage Corp. Common Stock USA2 Enclarity, Inc. Common Stock USA2 Flyreel Inc. Common Stock USA2 Gaming Business Asia LLC (50%) Membership Interest USA3 Health Market Science, Inc. Common Stock USA2 ID Analytics LLC Membership Interest USA2 IDG-RBI China Publishers LLC (50%) Membership Interest USA3 Interfolio, Inc. Common Stock USA3 Interfolio Data 180, LLC Membership Interest USA3 Knovel Corporation Common Stock USA3 Knowable Inc (75%) Common Stock USA3 Legal InQuery Solutions Inc. Common Stock USA8 LexisNexis Claims Solutions Inc. Common Stock USA2 LexisNexis Coplogic Solutions Inc. Common Stock USA2 LexisNexis of Puerto Rico Inc. Common Stock USA8 LexisNexis Risk Data Management LLC Membership Interest USA2 LexisNexis Risk Holdings Inc. Common Stock USA2 LexisNexis Risk Solutions Inc. Common Stock USA2 LexisNexis Risk Solutions FL Inc. Common Stock USA2 LexisNexis Special Services Inc. Common Stock USA6 LexisNexis VitalChek Network Inc. Common Stock USA2 LNRS Data Services Inc. Common Stock USA5 Matthew Bender & Company, Inc. Common Stock USA3 MLex US, Inc. Common Stock USA3 Parley Pro Inc. Common Stock USA3 PCLaw Time Matters LLC (51%) Membership Interest USA3 Portfolio Media, Inc. Common Stock USA3 Reed Technology and Information Services LLC Membership Interest USA3 RELX Capital Inc. Common Stock USA4 RELX Inc. Common Stock USA3 RELX Risks Inc. Common Stock USA9 REV IV Partnership LP Partnership Interest USA4 SAFI Americas LLC (50%) Membership Interest USA3 SageStream LLC Membership Interest USA2 The Reed Elsevier Ventures 2005 Partnership LP Partnership Interest USA4 The Reed Elsevier Ventures 2011 Partnership LP Partnership Interest USA4 The Reed Elsevier Ventures 2013 Partnership LP Partnership Interest USA4 The Remick Publishers (50%) Partnership Interest USA7 ThreatMetrix, Inc. Common Stock USA2 World Compliance, Inc. Common Stock USA4 ​ ​ ​ Vietnam ​ ​ Reed Tradex Vietnam LLC (49%) Membership Interest VIE1 ​ ​ ​ ​ ​ ​ ​ Registered offices Australia ​ AUS1: Building B, Level 2, Unit 11, 1 Maitland Place, Baulkham Hills, NSW 2153 AUS2: Tower 2, Level 1, 475 Victoria Avenue, Chatswood NSW 2067 ​ ​ Austria ​ AUT1: Messeplatz 1, 1020, Vienna AUT2: Trabrennstrassee 2ª,1020, Vienna AUT3: Am Messezentrum 6, 5020, Salzburg AUT4: Am Messezentrum 7, 5020, Salzburg ​ ​ Belgium ​ BEL1: Oudenaardseheerweg 129, 9810 Nazareth ​ ​ Brazil ​ BRA1: Rua da Assembleia no 100, 6th Floor, RJ Centro, Rio de Janiero, 20011-904 BRA2: Rua Bela Cintra 2305, São Paulo, 01415-009 BRA3: Rua Bela Cintra no. 1200, 10th floor, São Paulo, 01415-001 BRA4: Avenida Paulista, 2300-Piso Pilotis room 28, São Paulo, 01310-300 BRA5: Rua Cel Fonseca, 203 A-Centro, Botucatu, São Paulo, 18600-200 BRA6: Rua Funchal, 538, conjunto 42, Vila Olímpia, São Paulo - CEP 04551-060 BRA7: Alameda Rio Negro, 161 Alphaville Industrial, Barueri, São Paulo 06.455-000 BRA8: Alphaville, Conjuntos 81-84, Centro Empresarial Araguaia, Barueri, São Paulo ​ 2104, 8-9 Andar ​ ​ Canada ​ CAN1: 111 Gordon Baker Road, Suite 900, Toronto, Ontario, M2H 3R1 CAN2: 26E-1501 av. McGill College, Montreal, Quebec, H3A 3N9 ​ ​ China ​ CHN1: Zhongkun Building, Room 612, Gaoliangqiaoxie Street, No. 59, Haidan District, Beijing, 100044 CHN2: Room 516, 5th Floor, Building 22, Area 11, No. 38, Xueyuan Road, Haidian District, Beijing CHN3: Oriental Plaza, No. 1 East Chang An Ave, Tower W1, 7th Floor, Unit 1-7, Dong Cheng District, Beijing, 100738 CHN4: Ping An International Finance Center, Room 1504, 15th Floor, Tower A-101, 3-24 floor, Xinyuan South Road, Chaoyang District, Beijing, 100027 CHN5: Unit B1303-1 & 1305, 13F Center Plaza, 161 Linhe Road West, Tianhe District Guangzhou CHN6: Unit 303, 3F, Tower 3 Kerry Plaza ,No.1 Zhong Xin Si Road, Fu Tian District, Fu Tian District, Shenzhen CHN7: Room 5106, Raffle City, 268 Middle Xizang Road, Huangpu District, Shanghai, 200001 CHN8: Intercontinental Center, 42F, 100 Yutong Road, Zhabei District, Shanghai, 200070 CHN9: Room 319, 238 Jiangchangsan Road, Jing’an District, Shanghai CHN10: Room 304, Sanlian Building, No.8, Huajing Road, Pudong District, Shanghai, 200070 CHN11: Building 2, Room No. 3895, Changjiang Avenue, No. 161, Changliang Farm, Chongming County, Shanghai CHN12: Floor 2, No.979, Yunhan Road, Nicheng Town, Pudong New District, Shanghai CHN13: 4/F Block 3, No 999 Jingzhong Road, Changning District, Shanghai CHN14: A0208, 1st floor, building 2, Yard 66, Yanfu Road, Yancun Tow, Fangshan District Beijing CHN15: 16 Donghuangchenggen North Street, Beijing, 100717 CHN16: Shenzhen International Chamber of Commerce Tower, Room 1801-1802, 1805, Fuhua 3rd Road, Futian District, Shenzhen, 518048 CHN17: 5/F Unit A, Digital China Centre No. 567 Tianshan West Road, ChangNing District, Shanghai, 200335 CHN18: Room 12B, 7th Floor, Oriental Plaza, 1 East Chang An Avenue, Beijing, 100738 CHN19: 404 F4, No.9 Shangdi 9th Street, Haidian District, Beijing, 100085 ​ ​ Colombia ​ COL1: Philippe Prietocarrizosa & Uria Abogados, Carrera 9 No. 74-08 Oficina 105, Bogota, d.c., 76600 ​ ​ Denmark ​ DNK1: Niels Jernes Vej 10, 9220, Aalborg East ​ ​ Egypt ​ EGY1: Land Mark Office Building, 2nd Floor, 90th Street, City Center, 5th Settlement, New Cairo, Cairo ​ ​ ​ ​ 28 Related undertakings (continued) ​ ​ Registered offices France ​ FRA1: 65, rue Camille Desmoulins, 92130, Issy les Moulineaux FRA2: Parc Euronord, 10 rue du Parc, 31150, Bruguieres FRA3: 141 rue de Javel, 75015, Paris FRA4: 52 Quai de Dion Bouton, 92800, Puteaux FRA5: Immeuble Technopolis, 350 rue Georges Besse, 30000, Nimes FRA6: 27-33 quai Alphonse Le Gallo, 92100, Boulogne-Billancourt FRA7: 6-8 Rue Chaptal, 75009, Paris FRA8: 151-155 Rue de Bercy, 75012, Paris FRA9: 168 Rue Saint-Denis, 75002, Paris ​ ​ Germany ​ DEU1: Volklinger Strasse 4, 40219, Dusseldorf DEU2: St. Martin Tower, Wing, 2nd floor, Franklinstrasse 61-63, 60486, Frankfurt am Main Hessen DEU3: Bernhard-Wicki-Strasse 5, 80636, Munich DEU4: Heerdter Sandberg 30, 40549, Dusseldorf DEU5: Steinhauserstrasse 9, 76135, Karlsruhe DEU6: Joseph-Schumpeter-Allee 33, 53227, Bonn DEU7: Fritz-Haber-Strasse 9 OG 13, 06217 Merseburg DEU8: Schopenhauer Strasse 93 e, 14129, Berlin ​ ​ Greece ​ GRE1: 188A, Filolaou Str., Athens. 11632 ​ ​ Hong Kong ​ HNK1: 5/F, Manulife Place, 348 Kwun Tong Road, Kowloon HNK2: Flat 1506, 15/F, Lucky Center, No. 165-171 Wan Chai Road, Wan Chai HNK3: 11/F Oxford House, Taikoo Place, 979 King’s Road, Quarry Bay HNK4: 17th Floor, One Island East, Taikoo Place, 18 Westlands Road, Quarry Bay ​ ​ India ​ IND1: 818, 8th Floor, Indraprakash Builing, 21 Barakhamba Road, New Delhi, Delhi, 110001 IND2: Ascendas International Tech Park, Crest Building 12th Floor, Taramani Road, Taramani, Chennai, 600113 IND3: 99/100, Prestige Towers Unit No. 505, Fifth Floor, Residency Road, Bangalore, Karnataka, 560025 IND4: 25, 3rd floor, 8th Main Road, Vasanthnager, Bangalore, Karnataka, 560052 ​ ​ Indonesia ​ IDN1: APL Tower Central Park 26th Floor Unit T3 Jl. S. Parman Kav., 28, Grogol, Pertamburan Jakarta Barat 11470 IDN2: Gedung World Trade Center, 3 LT 20 Spaces JL Jend Sudirman Kav 29-31 RT/RW 008/003, Karet Kuningan, Setiabudi, Jakarta Selatan, DKI Jakarta 12940 ​ ​ Irish Republic ​ IRL1: 80 Harcourt Street, Dublin 2, Dublin, D02 F449 IRL2: Suite 4320, Atlantic Avenue, Westpark Business Campus, Shannon, Clare, V14 YX01 IRL3: 1F Cedarhurst Building, Arkle Road, Sandyford Business Park, Dublin, D18 X6N2 ​ ​ Israel ​ ISR1: Meitar, Attorneys at Law, 16 Abba Hillel Rd. Ramat Gan 5250608 ​ ​ ​ Italy ​ ITA1: Via Marostica 1, 20146, Milan ITA2: Studio Colombo e Associati, Via Cino del Duca 5, 20122, Milan ​ ​ Japan ​ JPN1: Kyodo Tsushin Kaikam 2F, 2-2-5 Toronomon, Minato-ku, Tokyo, 105-0001 JPN2: 1-9-15, Higashi Azabu, Minato-ku Tokyo, 106-0044 JPN3: Shinjuku-Nomura Bldg., 1-26-2 Nishi-shinjuku, Shinjuku-ku, Tokyo, 163-0525 ​ ​ Korea (Republic of) ​ KOR1: Chunwoo Building, 4th floor, 534 Itaewon-dong, Yongsan-gu, Seoul, 140-861 KOR2: 206 Noksapyeong-daero, Yongsan-gu, Seoul, 140-861 KOR3: 1622-24 Block A Terra Tower 2, 201 Songpa-daero, Songpa-gu, Seoul KOR4: 4th floor at 195-6 Jamsil-dong, Songpagu, Seoul ​ ​ Macau ​ MAC1: Rua De Xangai, No. 175 Edif. Associacao Comercial de Macau, 11 Andar, Bloco K ​ ​ Malaysia ​ MYS1: Suite 29-1, Level 29, Vertical Corporate, Tower B, Avenue 10, The Vertical, 59200 Bangsar South City, Kuala Lumpur ​ ​ ​ Registered offices Mexico ​ MEX1: Masson-Doyma Mexico S.A., Av Insurgentes Sur 1388 Piso 8, Col Actipan Mixcoac Del. Benito Juarez, Mexico DF, CP 03230 MEX2: Avenida Paseo de la Reforma 243, Piso 15, Col. Cuauhtemoc, Mexico City, 06500 ​ ​ Netherlands ​ NLD1: Radarweg 29, 1043 NX Amsterdam NLD2: Hanzestraat 1, 7006RH Doetinchem ​ ​ New Zealand ​ NZL1: Level 1, 138 The Terrace, P.O. Box 472, Wellington 6011 ​ ​ Philippines ​ PHL1: Building H, 2nd Floor, U.P. Ayalaland TechnoHub, Commonwealth Avenue, Quezon City, Metro Manila, 1101 ​ ​ Poland ​ POL1: Plac Grunwaldzki 23-27, 50-365 Wroclaw POL2: Al. JJana Pawla II, 22, 00-133, Warszawa ​ ​ Russia ​ RUS1: 2nd Syromyatnichesky per, bld.1, Space I, Room 13, 105120, Moscow RUS2: Building 1, Facility 1, Room 80, 9/26 Shchipok St., Municipal District Zamoskvorechye, 115054, Moscow RUS3: Building 1, facility 1, Room 5, 9/26 Shchipok St., Municipal District Zamoskvorechye, 115054, Moscow ​ ​ Singapore ​ SGP1: 3 Killiney Road, #08-01 Winsland House 1, 239519 SGP2: 80 Robinson Road, #02-00, 068898 SGP3: 1 Changi Business Park Crescent, #06-01 Plaza 8 & CBP, 48602551 ​ ​ South Africa ​ ZAF1: Ground Floor, Pebble Beach, Fourways Golf Park, Roos Street, Fourways Sandton, Johannesburg, Gauteng 2068 ZAF2: Building 8, Country Club Estate Office Park, 21 Woodlands Drive, Woodmead, Gauteng, 2191 ​ ​ Spain ​ ESP1: C/ Josep Tarradellas 20-30, 1º / 20029, Barcelona ​ ​ Sweden ​ SWE1: Aurorum 8A 977 75 Lulea ​ ​ Switzerland ​ CHE1: Bahnhofstrasse 100, 8001 Zurich ​ ​ Taiwan ​ TWN1: Rm N818, 8F, Chia Hsin Building II, No. 9, Lane 3, Minsheng West Road, Taipei 10449 ​ ​ Thailand ​ THA1: Sathorn Nakorn Building, Floor 32, No. 100/68-69 North Sathon Road, Silom, Bangrak, Bangkok, 10500 THA2: 14th Floor, CTI Tower, 191/70-73 Ratchadapisek Road, Khwaeng Klongtoey, Khet, Klongtoey, Bangkok THA3: 2 Ploenchit Centre, Room 7, Floor G., Sukhumvit Road, Klongtoey, Bangkok, 10110 ​ ​ Turkey ​ TUR1: Maslak Mah. Bilim Sokak Sun Plaza Kat:13 Sisli-Maslak, Istanbul TUR2: Tuyap Fuar ve Kongre Merkezi, Cumhuriyet Mahallesi Eski Hadimkoy Yolu 9/4, 34500 Buyukcekmece, Istanbul TUR3: Esentepe Mah. Ali Kaya SK. Polat Plaza B Blok No: 1/1B Sisli, Istanbul ​ ​ United Arab Emirates ​ UAE1: Office 0225 Podium 2, Yas Creative Hub Tower 2, Abu Dhabi, PO BOX 77899 UAE2: Al Sufouh Complex, Office nos. 404, 405, 406 & 407, Dubai Media City, Dubai ​ ​ United Kingdom ​ GBR1: 1-3 Strand, London, WC2N 5JR GBR2: Quadrant House, The Quadrant, Sutton, Surrey, SM2 5AS GBR3: Gateway House, 28 The Quadrant, Richmond, Surrey, TW9 1DN GBR4: Lexis House, 30 Farringdon Street, London, EC4A 4HH GBR5: Global Reach, Dunleavy Drive, Cardiff, CF11 0SN GBR6: The Boulevard, Langford Lane, Kidlington, Oxford, OX5 1GB ​ ​ ​ ​ ​ ​ Registered offices GBR7: 40 Kimbolton Road, Bedford, MK40 2NR GBR8: 5 Oakwood Drive, Loughborough, LE11 3QF GBR9: Biodata Innovation Centre Wellcome Genome Campus, Hinxton, Cambridge, CB10 1DR GBR10: The Barn, Horningsea Road, Cambridge, CB5 8SZ ​ ​ United States ​ USA1: 1007 Church Street, Evanston IL 60201 USA2: 1000 Alderman Dr., Alpharetta, GA 30005 USA3: 230 Park Ave, New York, NY 10169 USA4: 1105 North Market St, Wilmington, DE 19801 USA5: 3355 West Alabama Street, Houston, TX 77098 USA6: 1150 18th St, NW, Washington, DC 20036 USA7: 313 Washington Street, Suite 400, Newton, MA 02458 USA8: 9443 Springboro Pike, Miamisburg, OH 45342 USA9: 76 St. Paul Street, Suite 500, Burlington, VT 05401-4477 ​ ​ Vietnam ​ VIE1: 2nd Floor, Kova Center, 92G-92H Nguyen Huu Canh Street, Ward no. 22, District. Binh Thanh, Ho Chi Minh City ​ ​ ​
Summary of subsidiaries taking advantage of audit exemption	​ ​ ​ ​ Registration Company name number Butterworths Limited 2826955 Crediva Limited 6567484 E&P Events LLP OC328529 Emailage Limited 9282165 Interfolio UK Limited 7820803 Mack-Brooks Exhibitions Limited 967560 MCM Expo Limited 8421024 MLex Limited 5488651 Offshore Europe (Management) Limited 2318214 RE (SOE) Limited 2330299 Reed Events Limited 5893942 RELX (Holdings) Limited 5807690 RELX (Investments) plc 5810043 RELX Overseas Holding Limited 9489059 REV GP (UK) LLP OC437653 REV Venture Partners Limited 4226986 SciBite Limited 7778456 Tracesmart Limited 3827062 TruNarrative Limited 10241297 ​ ​

5 year summary (Tables)

5 year summary (Tables)	12 Months Ended
	Dec. 31, 2022
5 year summary
Summary of 5 year summary	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2018 ​ 2019 ​ 2020 ​ 2021 ​ 2022 ​ ​ ​ £m ​ £m ​ £m ​ £m ​ £m RELX consolidated financial information ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Growth rates ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Underlying revenue growth ​ ​ +4 % ​ +4 % ​ -9 % ​ +7 % ​ +9 % Underlying adjusted operating profit growth ​ ​ +6 % ​ +5 % ​ -18 % ​ +13 % ​ +15 % Adjusted earnings per share growth (at constant currency) ​ ​ +7 % ​ +7 % ​ -15 % ​ +17 % ​ +10 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjusted figures ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue ​ ​ 7,492 ​ 7,874 ​ 7,110 ​ 7,244 ​ 8,553 Operating profit ​ ​ 2,346 ​ 2,491 ​ 2,076 ​ 2,210 ​ 2,683 Operating margin ​ ​ 31.3 % ​ 31.6 % ​ 29.2 % ​ 30.5 % ​ 31.4 % Profit before tax ​ ​ 2,145 ​ 2,200 ​ 1,916 ​ 2,077 ​ 2,489 Net profit attributable to shareholders ​ ​ 1,674 ​ 1,808 ​ 1,543 ​ 1,689 ​ 1,961 Net margin ​ ​ 22.3 % ​ 23.0 % ​ 21.7 % ​ 23.3 % ​ 22.9 % Cash flow ​ ​ 2,243 ​ 2,402 ​ 2,009 ​ 2,230 ​ 2,709 Cash flow conversion ​ ​ 96 % ​ 96 % ​ 97 % ​ 101 % ​ 101 % Return on invested capital ​ ​ 13.2 % ​ 13.6 % ​ 10.8 % ​ 11.9 % ​ 12.5 % Earnings per share ​ ​ 84.7 p ​ 93.0 p ​ 80.1 p ​ 87.6 p ​ 102.2 p ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dividend ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ordinary dividend per share ​ ​ 42.1 p ​ 45.7 p ​ 47.0 p ​ 49.8 p ​ 54.6 p ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reported figures ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue ​ 7,492 ​ 7,874 ​ 7,110 ​ 7,244 ​ 8,553 Operating profit ​ 1,964 ​ 2,101 ​ 1,525 ​ 1,884 ​ 2,323 Profit before tax ​ ​ 1,720 ​ 1,847 ​ 1,483 ​ 1,797 ​ 2,113 Net profit attributable to shareholders ​ 1,422 ​ 1,505 ​ 1,224 ​ 1,471 ​ 1,634 Net margin ​ ​ 19.0 % ​ 19.1 % ​ 17.2 % ​ 20.3 % ​ 19.1 % Net debt ​ ​ 6,177 ​ 6,191 ​ 6,898 ​ 6,017 ​ 6,604 Earnings per share (pence) ​ 71.9 p ​ 77.4 p ​ 63.5 p ​ 76.3 p ​ 85.2 p ​ (1) Adjusted figures are presented as additional performance measures used by management. Further details on the adjusted measures can be found in the Alternative performance measures section on pages 216 to 224. (2) Dividend per ordinary share is based on the interim dividend and proposed final dividend for the relevant year.

Revenue, operating profit and s

Revenue, operating profit and segment analysis - Additional information (Details) £ in Millions	12 Months Ended
	Dec. 31, 2022 GBP (£) segment	Dec. 31, 2021 GBP (£)	Dec. 31, 2020 GBP (£)
Disclosure of operating segments
Number of operating segments | segment	4
Aggregate amount of transaction price for performance obligations not yet delivered	£ 100	£ 95
Revenue recognition period	6 years
Depreciation and other amortisation, excluding exceptional			£ 491
Gain on the revaluation of a put and call option arrangement		27
Exceptional costs			183
Share of post-tax results of joint ventures	£ 19	29	15
Exhibitions
Disclosure of operating segments
Depreciation and other amortisation, exceptional			38
Exceptional costs			183
Exceptional cash costs			135
Exceptional cash costs paid during the period	25	52	51
Share of post-tax results of joint ventures	10	19	10
Legal
Disclosure of operating segments
Share of post-tax results of joint ventures	7	6	4
Risk
Disclosure of operating segments
Share of post-tax results of joint ventures	£ 2	£ 4	£ 1

Revenue, operating profit and_2

Revenue, operating profit and segment analysis - Summary of analysis by business segment (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of operating segments
Revenue	£ 8,553	£ 7,244	£ 7,110	£ 7,874	£ 7,492
Adjusted operating profit	2,683	2,210	2,076	£ 2,491	£ 2,346
Risk
Disclosure of operating segments
Revenue	2,909	2,474	2,417
Scientific, technical & medical
Disclosure of operating segments
Revenue	2,909	2,649	2,692
Legal
Disclosure of operating segments
Revenue	1,782	1,587	1,639
Exhibitions
Disclosure of operating segments
Revenue	953	534	362
Operating segments
Disclosure of operating segments
Revenue	8,553	7,244	7,110
Adjusted operating profit	2,712	2,252	2,081
Operating segments | Risk
Disclosure of operating segments
Revenue	2,909	2,474	2,417
Adjusted operating profit	1,078	915	894
Operating segments | Scientific, technical & medical
Disclosure of operating segments
Revenue	2,909	2,649	2,692
Adjusted operating profit	1,100	1,001	1,021
Operating segments | Legal
Disclosure of operating segments
Revenue	1,782	1,587	1,639
Adjusted operating profit	372	326	330
Operating segments | Exhibitions
Disclosure of operating segments
Revenue	953	534	362
Adjusted operating profit	162	10	(164)
Unallocated central costs and other operating items
Disclosure of operating segments
Adjusted operating profit	(29)	(42)	£ (5)
One-off charge related to reduction in the corporate real estate footprint		£ 35
Charge related to STM, incurred from exchange rate movements from translation of working capital items and outcome of hedging program	£ 24

Revenue, operating profit and_3

Revenue, operating profit and segment analysis - Summary of classification of revenue (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenue
Revenue	£ 8,553	£ 7,244	£ 7,110	£ 7,874	£ 7,492
Subscriptions
Revenue
Revenue	4,655	4,214	4,279
Transactional
Revenue
Revenue	3,898	3,030	2,831
Electronic
Revenue
Revenue	7,112	6,230	6,179
Face-to-face
Revenue
Revenue	912	500	345
Print
Revenue
Revenue	529	514	586
North America
Revenue
Revenue	5,101	4,321	4,307
Europe
Revenue
Revenue	1,800	1,472	1,369
United Kingdom
Revenue
Revenue	544	476	464
Rest of world
Revenue
Revenue	1,652	1,451	1,434
Risk
Revenue
Revenue	2,909	2,474	2,417
Risk | Subscriptions
Revenue
Revenue	1,135	989	944
Risk | Transactional
Revenue
Revenue	1,774	1,485	1,473
Risk | Electronic
Revenue
Revenue	2,890	2,453	2,387
Risk | Face-to-face
Revenue
Revenue	11	13	19
Risk | Print
Revenue
Revenue	8	8	11
Risk | North America
Revenue
Revenue	2,317	1,957	1,921
Risk | Europe
Revenue
Revenue	384	342	327
Risk | Rest of world
Revenue
Revenue	208	175	169
Scientific, technical & medical
Revenue
Revenue	2,909	2,649	2,692
Scientific, technical & medical | Subscriptions
Revenue
Revenue	2,139	1,970	2,048
Scientific, technical & medical | Transactional
Revenue
Revenue	770	679	644
Scientific, technical & medical | Electronic
Revenue
Revenue	2,573	2,334	2,326
Scientific, technical & medical | Face-to-face
Revenue
Revenue	5	2	1
Scientific, technical & medical | Print
Revenue
Revenue	331	313	365
Scientific, technical & medical | North America
Revenue
Revenue	1,391	1,215	1,224
Scientific, technical & medical | Europe
Revenue
Revenue	614	602	621
Scientific, technical & medical | Rest of world
Revenue
Revenue	904	832	847
Legal
Revenue
Revenue	1,782	1,587	1,639
Legal | Subscriptions
Revenue
Revenue	1,381	1,255	1,287
Legal | Transactional
Revenue
Revenue	401	332	352
Legal | Electronic
Revenue
Revenue	1,582	1,385	1,422
Legal | Face-to-face
Revenue
Revenue	10	9	7
Legal | Print
Revenue
Revenue	190	193	210
Legal | North America
Revenue
Revenue	1,213	1,049	1,119
Legal | Europe
Revenue
Revenue	357	341	338
Legal | Rest of world
Revenue
Revenue	212	197	182
Exhibitions
Revenue
Revenue	953	534	362
Exhibitions | Transactional
Revenue
Revenue	953	534	362
Exhibitions | Electronic
Revenue
Revenue	67	58	44
Exhibitions | Face-to-face
Revenue
Revenue	886	476	318
Exhibitions | North America
Revenue
Revenue	180	100	43
Exhibitions | Europe
Revenue
Revenue	445	187	83
Exhibitions | Rest of world
Revenue
Revenue	£ 328	£ 247	£ 236

Revenue, operating profit and_4

Revenue, operating profit and segment analysis - Summary of analysis of revenue by geographical origin (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Geographical Areas
Revenue	£ 8,553	£ 7,244	£ 7,110	£ 7,874	£ 7,492
North America
Disclosure Of Geographical Areas
Revenue	5,002	4,204	4,192
Europe
Disclosure Of Geographical Areas
Revenue	2,974	2,547	2,436
United Kingdom
Disclosure Of Geographical Areas
Revenue	1,481	1,248	1,176
Rest of world
Disclosure Of Geographical Areas
Revenue	£ 577	£ 493	£ 482

Revenue, operating profit and_5

Revenue, operating profit and segment analysis - Summary of analysis by business segment expenditure (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of operating segments
Expenditure on acquired goodwill and intangible assets	£ 394	£ 287	£ 997
Capital expenditure additions	439	339	364
Amortisation of acquired intangible assets	296	298	376
Total depreciation and other amortisation	491	487	529
Share of joint ventures' amortisation of acquired intangible assets	2	1	0
Risk
Disclosure of operating segments
Expenditure on acquired goodwill and intangible assets	155	208	822
Capital expenditure additions	122	83	93
Amortisation of acquired intangible assets	204	186	192
Total depreciation and other amortisation	94	93	98
Scientific, technical & medical
Disclosure of operating segments
Expenditure on acquired goodwill and intangible assets	206	58	169
Capital expenditure additions	103	87	94
Amortisation of acquired intangible assets	60	63	65
Total depreciation and other amortisation	119	144	148
Legal
Disclosure of operating segments
Expenditure on acquired goodwill and intangible assets	33	12
Capital expenditure additions	186	145	153
Amortisation of acquired intangible assets	12	27	68
Total depreciation and other amortisation	229	220	210
Exhibitions
Disclosure of operating segments
Expenditure on acquired goodwill and intangible assets		9	6
Capital expenditure additions	28	24	24
Amortisation of acquired intangible assets	20	22	51
Total depreciation and other amortisation	49	30	73
Share of joint ventures' amortisation of acquired intangible assets	£ 1	£ 1	£ 0

Revenue, operating profit and_6

Revenue, operating profit and segment analysis - Summary of analysis of non-current Assets by geographical location (Details) - GBP (£) £ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Geographical Areas
Non-current assets	£ 12,474	£ 11,193
North America
Disclosure Of Geographical Areas
Non-current assets	9,821	8,657
Europe
Disclosure Of Geographical Areas
Non-current assets	2,193	2,123
United Kingdom
Disclosure Of Geographical Areas
Non-current assets	1,253	1,299	£ 1,158
Rest of world
Disclosure Of Geographical Areas
Non-current assets	£ 460	£ 413

Revenue, operating profit and_7

Revenue, operating profit and segment analysis - Summary of reconciliation of operating profit to adjusted operating profit (Detail) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenue, operating profit and segment analysis
Operating profit	£ 2,323	£ 1,884	£ 1,525	£ 2,101	£ 1,964
Adjustments:
Amortisation of acquired intangible assets	296	298	376
Acquisition-related items	62	21	(12)
Reclassification of tax in joint ventures	4	7	5
Reclassification of finance income in joint ventures	(2)		(1)
Exceptional costs in Exhibitions			183
Adjusted operating profit	£ 2,683	£ 2,210	£ 2,076	£ 2,491	£ 2,346

Operating expenses - Disclosure

Operating expenses - Disclosure of detailed information about operating profit (Detail) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Staff costs
Total staff costs	£ 2,906	£ 2,549	£ 2,555
Depreciation and amortisation
Amortisation of acquired intangible assets	294	297	376
Share of joint ventures' amortisation of acquired intangible assets	2	1	0
Amortisation of acquired intangible assets including joint ventures' share	296	298	376
Amortisation of internally developed intangible assets	309	295	319
Depreciation, property, plant and equipment	47	52	60
Depreciation of right-of-use assets	63	80	88
Pre-publication amortisation	72	60	62
Total depreciation and other amortisation	491	487	529
Total depreciation and amortisation (including amortisation of acquired intangibles)	787	785	905
Other expenses and income
Cost of sales including pre-publication costs and inventory expenses	3,045	2,562	2,487
Short-term and low value lease expenses	19	21	21
Operating lease rentals income	£ (1)	£ (1)	£ (1)

Operating expenses - Additional

Operating expenses - Additional information (Details) £ in Millions	12 Months Ended
	Dec. 31, 2020 GBP (£)
Statement
Depreciation and other amortisation, excluding exceptional	£ 491
Exhibitions
Statement
Depreciation and other amortisation, exceptional	£ 38

Auditor's remuneration (Details

Auditor's remuneration (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Auditor's remuneration.
Payable to the auditors of RELX PLC	£ 0.9	£ 0.9	£ 0.9
Payable to the auditors of the Group's subsidiaries	8.2	7.7	8.3
Audit services	9.1	8.6	9.2
Audit-related assurance services	0.6	0.5	0.8
Total auditor's remuneration	£ 9.7	£ 9.1	£ 10

Personnel - Staff costs (Detail

Personnel - Staff costs (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Staff costs
Wages and salaries	£ 2,453	£ 2,157	£ 2,173
Social security costs	257	214	232
Pensions	150	133	125
Share based remuneration	46	45	25
Total staff costs	£ 2,906	£ 2,549	£ 2,555

Personnel - Disclosure of detai

Personnel - Disclosure of detailed information about number of people employed (Details) - employee	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Employees
Number of employees	35,700	33,500	33,200
Average number of employees during the year	34,700	33,100	33,400
North America
Employees
Number of employees	14,900	14,000	14,200
Average number of employees during the year	14,500	13,900	14,200
Europe
Employees
Number of employees	9,800	9,300	9,500
Average number of employees during the year	9,500	9,400	9,600
United Kingdom
Employees
Number of employees	5,800	5,400	5,400
Average number of employees during the year	5,600	5,400	5,400
Rest of world
Employees
Number of employees	11,000	10,200	9,500
Average number of employees during the year	10,700	9,800	9,600
Operating segments
Employees
Number of employees	34,900	32,700	32,400
Average number of employees during the year	33,900	32,300	32,600
Operating segments | Risk
Employees
Number of employees	10,800	10,000	9,700
Average number of employees during the year	10,400	9,800	9,600
Operating segments | Scientific, technical & medical
Employees
Number of employees	9,500	8,700	8,600
Average number of employees during the year	9,300	8,600	8,300
Operating segments | Legal
Employees
Number of employees	11,300	10,500	10,400
Average number of employees during the year	10,900	10,300	10,500
Operating segments | Exhibitions
Employees
Number of employees	3,300	3,500	3,700
Average number of employees during the year	3,300	3,600	4,200
Corporate/shared functions
Employees
Number of employees	800	800	800
Average number of employees during the year	800	800	800

Pension schemes - Additional in

Pension schemes - Additional information (Details) £ in Millions	12 Months Ended
	Dec. 31, 2022 GBP (£)
Disclosure of defined benefit plans
Estimate of contributions expected to be paid to plan for next annual reporting period	£ 63
United Kingdom
Disclosure of defined benefit plans
Percentage of funded status below which action needs to be taken to remedy deficit	100%
Estimate of contributions expected to be paid to plan for next annual reporting period, pension deficit funding	£ 50
United Kingdom | 2023-2024
Disclosure of defined benefit plans
Deficit funding contributions	£ 76
United States
Disclosure of defined benefit plans
Percentage of funded status below which action needs to be taken to remedy deficit	100%
Period for additional contributions	7 years
Percentage of funded status	100%

Pension schemes - Schedule of p

Pension schemes - Schedule of pension expense excluding interest amount (Detail) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Pension schemes
Defined benefit pension expense	£ 19	£ 24	£ 11
Defined contribution pension expense	131	109	114
Total	150	133	125
Pension cost recognised within operating profit	£ 150	£ 133	£ 125

Pension schemes - Schedule of d

Pension schemes - Schedule of defined benefit pension scheme (Detail) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of defined benefit plans
Service cost	£ 19	£ 24	£ 24
Settlement and past service credits			(13)
Defined benefit pension expense	19	24	11
Net interest on net defined benefit obligation	5	9	10
Net defined benefit pension expense	24	33	21
United Kingdom
Disclosure of defined benefit plans
Service cost	16	21	21
Defined benefit pension expense	16	21	21
Net interest on net defined benefit obligation	4	8	9
Net defined benefit pension expense	20	29	30
United States
Disclosure of defined benefit plans
Service cost	3	3	3
Settlement and past service credits			(13)
Defined benefit pension expense	3	3	(10)
Net interest on net defined benefit obligation	1	1	1
Net defined benefit pension expense	£ 4	£ 4	£ (9)

Pension schemes - Significant v

Pension schemes - Significant validation assumptions (Details)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
United Kingdom
Disclosure of defined benefit plans
Discount rate	4.90%	1.95%	1.45%
Inflation	3.20%	3.30%	2.80%
United States
Disclosure of defined benefit plans
Discount rate	5.35%	2.80%	2.45%
Inflation	2.50%	2.50%	2.50%

Pension schemes - Summary of av

Pension schemes - Summary of average life expectancy assumptions (Details)	12 Months Ended
	Dec. 31, 2022
Member currently aged sixty years average life expectancy | United Kingdom
Disclosure of defined benefit plans
Male average life expectancy	85 years
Female average life expectancy	89 years
Member currently aged sixty years average life expectancy | United States
Disclosure of defined benefit plans
Male average life expectancy	86 years
Female average life expectancy	88 years
Member currently aged forty five years average life expectancy | United Kingdom
Disclosure of defined benefit plans
Male average life expectancy	87 years
Female average life expectancy	90 years
Member currently aged forty five years average life expectancy | United States
Disclosure of defined benefit plans
Male average life expectancy	86 years
Female average life expectancy	89 years

Pension schemes - Amounts recog

Pension schemes - Amounts recognized in the statement of financial position in respect of defined benefit pension schemes (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disclosure of net defined benefit liability (asset)
At start of year	£ (269)
At end of year	(55)	£ (269)
Net deferred tax assets on net defined benefit pension balance	14	68
United Kingdom
Disclosure of net defined benefit liability (asset)
At start of year	(242)
At end of year	£ (40)	£ (242)
Weighted average duration of defined benefit obligation	15 years	19 years
United States
Disclosure of net defined benefit liability (asset)
At start of year	£ (27)
At end of year	£ (15)	£ (27)
Weighted average duration of defined benefit obligation	9 years	11 years
Present value of defined benefit obligation
Disclosure of net defined benefit liability (asset)
At start of year	£ (5,621)	£ (5,730)
Service cost	(19)	(24)
Net interest on net defined benefit obligation	(118)	(92)
Actuarial gain on financial assumptions	2,033	193
Actuarial loss arising from experience assumptions	(88)	(153)
Contributions by employees	(8)	(9)
Benefits paid	181	202
Exchange translation differences	(112)	(8)
At end of year	(3,752)	(5,621)
Present value of defined benefit obligation | Funded schemes
Disclosure of net defined benefit liability (asset)
At start of year	(5,360)
At end of year	(3,569)	(5,360)
Present value of defined benefit obligation | Unfunded schemes
Disclosure of net defined benefit liability (asset)
At start of year	(261)
At end of year	(183)	(261)
Present value of defined benefit obligation | United Kingdom
Disclosure of net defined benefit liability (asset)
At start of year	(4,629)	(4,668)
Service cost	(16)	(21)
Net interest on net defined benefit obligation	(89)	(67)
Actuarial gain on financial assumptions	1,809	155
Actuarial loss arising from experience assumptions	(81)	(152)
Contributions by employees	(8)	(9)
Benefits paid	127	133
At end of year	(2,887)	(4,629)
Present value of defined benefit obligation | United States
Disclosure of net defined benefit liability (asset)
At start of year	(992)	(1,062)
Service cost	(3)	(3)
Net interest on net defined benefit obligation	(29)	(25)
Actuarial gain on financial assumptions	224	38
Actuarial loss arising from experience assumptions	(7)	(1)
Benefits paid	54	69
Exchange translation differences	(112)	(8)
At end of year	(865)	(992)
Fair value of scheme assets
Disclosure of net defined benefit liability (asset)
At start of year	5,397	5,153
Net interest on net defined benefit obligation	113	83
Return on assets excluding amounts included in interest income	(1,820)	279
Contributions by employer	75	67
Contributions by employees	8	9
Benefits paid	(181)	(202)
Exchange translation differences	114	8
At end of year	3,706	5,397
Fair value of scheme assets | United Kingdom
Disclosure of net defined benefit liability (asset)
At start of year	4,390	4,076
Net interest on net defined benefit obligation	85	59
Return on assets excluding amounts included in interest income	(1,573)	318
Contributions by employer	69	61
Contributions by employees	8	9
Benefits paid	(127)	(133)
At end of year	2,852	4,390
Fair value of scheme assets | United States
Disclosure of net defined benefit liability (asset)
At start of year	1,007	1,077
Net interest on net defined benefit obligation	28	24
Return on assets excluding amounts included in interest income	(247)	(39)
Contributions by employer	6	6
Benefits paid	(54)	(69)
Exchange translation differences	114	8
At end of year	854	1,007
Net pension obligation, before impact of asset ceiling
Disclosure of net defined benefit liability (asset)
At start of year	(224)	(577)
Service cost	(19)	(24)
Net interest on net defined benefit obligation	(5)	(9)
Contributions by employer	75	67
Actuarial gains/(losses)	125	319
Exchange translation differences	2
At end of year	(46)	(224)
Net pension obligation, before impact of asset ceiling | United Kingdom
Disclosure of net defined benefit liability (asset)
At start of year	(239)	(592)
Service cost	(16)	(21)
Net interest on net defined benefit obligation	(4)	(8)
Contributions by employer	69	61
Actuarial gains/(losses)	155	321
At end of year	(35)	(239)
Net pension obligation, before impact of asset ceiling | United States
Disclosure of net defined benefit liability (asset)
At start of year	15	15
Service cost	(3)	(3)
Net interest on net defined benefit obligation	(1)	(1)
Contributions by employer	6	6
Actuarial gains/(losses)	(30)	(2)
Exchange translation differences	2
At end of year	(11)	15
Impact of asset ceiling
Disclosure of net defined benefit liability (asset)
At start of year	(45)
Exchange translation differences	(4)	0
At end of year	(9)	(45)
Impact of asset ceiling | United Kingdom
Disclosure of net defined benefit liability (asset)
At start of year	(3)
At end of year	(5)	(3)
Impact of asset ceiling | United States
Disclosure of net defined benefit liability (asset)
At start of year	(42)
At end of year	£ (4)	£ (42)

Pension schemes - Summary of ne

Pension schemes - Summary of net pension obligations and net pension assets (Details) - GBP (£) £ in Millions	Dec. 31, 2022	Dec. 31, 2021
Pension schemes
Net pension assets	£ 129	£ 46
Net pension obligation	(184)	(315)
Overall net pension balance	£ (55)	£ (269)

Pension schemes - Amounts rec_2

Pension schemes - Amounts recognized in statement of comprehensive income (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Gains and losses arising during the year:
Actuarial (losses)/gains on defined benefit pension schemes	£ 164	£ 321	£ (155)
Net defined benefit liability (asset)	55	269
Present value of defined benefit obligation
Gains and losses arising during the year:
Experience gains/(losses)	(88)	(153)	47
Net defined benefit liability (asset)	3,752	5,621	5,730
Exchange translation differences	112	8
Present value of defined benefit obligation | Discount rates
Gains and losses arising during the year:
Actuarial (losses)/gains	2,000	463	(671)
Present value of defined benefit obligation | Inflation
Gains and losses arising during the year:
Actuarial (losses)/gains	32	(290)	127
Present value of defined benefit obligation | Other actuarial assumptions
Gains and losses arising during the year:
Actuarial (losses)/gains	1	20	(47)
Fair value of scheme assets
Gains and losses arising during the year:
Experience gains/(losses)	(1,820)	279	426
Net defined benefit liability (asset)	(3,706)	(5,397)	(5,153)
Exchange translation differences	(114)	(8)
Net pension obligation, before impact of asset ceiling
Gains and losses arising during the year:
Actuarial (losses)/gains on defined benefit pension schemes	125	319	(118)
Net cumulative losses at start of year	(627)	(946)	(828)
Net cumulative losses at end of year	(502)	(627)	(946)
Net defined benefit liability (asset)	46	224	£ 577
Exchange translation differences	(2)
Impact of asset ceiling
Gains and losses arising during the year:
Actuarial (losses)/gains on defined benefit pension schemes	39	2
Net defined benefit liability (asset)	9	45
Exchange translation differences	£ 4	£ 0

Pension schemes - Summary of fa

Pension schemes - Summary of fair value of scheme asset (Detail) - GBP (£) £ in Millions	Dec. 31, 2022	Dec. 31, 2021
Disclosure of fair value of plan assets
Equities	£ 276	£ 1,600
Liability matching assets	1,701	2,681
Property funds and ground leases	651	743
Direct lending, amount contributed to fair value of plan assets	241	208
Cash and cash equivalents	805	152
Other	32	13
Total	3,706	5,397
United Kingdom
Disclosure of fair value of plan assets
Equities	272	1,595
Liability matching assets	899	1,704
Property funds and ground leases	651	743
Direct lending, amount contributed to fair value of plan assets	241	208
Cash and cash equivalents	788	127
Other	1	13
Total	2,852	4,390
Asset backed securities	375	593
Other credit assets	199	205
Government bonds	1,721	1,715
Interest rate swaps	115	2
Short-term sale and repurchase agreements	1,284	808
United States
Disclosure of fair value of plan assets
Equities	4	5
Liability matching assets	802	977
Cash and cash equivalents	17	25
Other	31
Total	£ 854	£ 1,007

Pension schemes - Sensitivity a

Pension schemes - Sensitivity analysis of actuarial assumption (Details) £ in Millions	12 Months Ended
	Dec. 31, 2022 GBP (£)
Discount rates
Disclosure Of Sensitivity Analysis For Actuarial Assumptions
Increase/decrease in actuarial assumption, percentage	0.50%
Effect of increase/decrease in actuarial assumption on defined benefit pension obligations	£ 225
Inflation
Disclosure Of Sensitivity Analysis For Actuarial Assumptions
Increase/decrease in actuarial assumption, percentage	0.25%
Effect of increase/decrease in actuarial assumption on defined benefit pension obligations	£ 64
Actuarial assumption of assumed life expectancy
Disclosure Of Sensitivity Analysis For Actuarial Assumptions
Increase/decrease in actuarial assumption, period	1 year
Effect of increase/decrease in actuarial assumption on defined benefit pension obligations	£ 95

Net finance costs - Summary of

Net finance costs - Summary of net finance cost (Detail) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Net finance costs
Interest on short-term bank loans, overdrafts and commercial paper	£ (19)	£ (11)	£ (17)
Interest on term debt	(157)	(106)	(122)
Interest on lease liabilities	(6)	(8)	(12)
Total borrowing costs	(182)	(125)	(151)
Losses on loans and derivatives not designated as hedges	(9)	(16)	(13)
Fair value losses on designated fair value hedge relationships	(9)
Net financing charge on defined benefit pension schemes and other	(5)	(9)	(11)
Finance costs	(205)	(150)	(175)
Interest on bank deposits	4	1	2
Interest income on net finance lease receivables			1
Fair value gains on designated fair value hedge relationships		7
Finance income	4	8	3
Net finance costs	£ (201)	£ (142)	£ (172)

Net finance costs - Additional

Net finance costs - Additional information (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Hedging instruments and bonds
Fair value movements on cash flow hedges	£ (18)	£ 10	£ (6)
Transfer to profit from cash flow hedge reserve	(17)	(9)	22
Derivatives
Hedging instruments and bonds
Fair value movements on cash flow hedges	2	(1)	3
Transfer to profit from cash flow hedge reserve	£ 1	£ 0	£ 4

Disposals and other non-opera_3

Disposals and other non-operating items - Summary of disposals and other non-operating item (Detail) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disposals and other non-operating items
Revaluation of investments	£ 9	£ 16	£ 151
(Loss)/gain on disposal of businesses and assets held for sale	(18)	39	(21)
Net gain/(loss) on disposals and other non-operating items	£ (9)	£ 55	£ 130

Disposals and other non-opera_4

Disposals and other non-operating items - Additional information (Details) - GBP (£) £ in Millions	1 Months Ended	12 Months Ended
	Feb. 28, 2021	Dec. 31, 2022	Dec. 31, 2020
Statement
Proceeds on the disposal of venture fund investment		£ 9
Palantir technologies
Statement
Investments			£ 173
Gross proceeds from disposal of venture fund investment	£ 187

Taxation - Summary of tax expen

Taxation - Summary of tax expense (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current tax
Total current tax charge	£ (534)	£ (422)	£ (264)
Deferred tax	53	96	(11)
Tax expense	(481)	(326)	(275)
United Kingdom
Current tax
Total current tax charge	(102)	(46)	(80)
Rest of world
Current tax
Total current tax charge	£ (432)	£ (376)	£ (184)

Taxation - Additional informati

Taxation - Additional information (Details) - GBP (£) £ in Millions	1 Months Ended	12 Months Ended
	Apr. 30, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Income Tax Expenses
Net tax paid		£ 495	£ 342	£ 496
Applicable tax rate		23.60%	23.30%	22.30%
Deferred tax credit on changes in tax rates		£ 3	£ 8	£ 14
Average effective tax rate		22.80%	18.10%	18.50%
Income not taxable and expenses not deductible, research and development		£ 13	£ 15	£ 16
Income not taxable and expenses not deductible, revaluation of put and call option		0	7	19
Change in recognition and measurement of deferred tax, effect of tax rate increase			8
Tax charge on actuarial movements on defined benefit		43	48	£ (39)
Uncertain tax provisions		239	£ 228
United Kingdom
Disclosure Of Income Tax Expenses
Applicable tax rate	25%		19%
Income tax charge reflecting the revaluation of pension defined benefit due to tax rate changes		£ 2	£ (13)
Netherlands
Disclosure Of Income Tax Expenses
Applicable tax rate		25.80%	25%
Change in recognition and measurement of deferred tax, loss recognition rule changes			£ 15

Taxation - Weighted average of

Taxation - Weighted average of tax rates applicable to accounting profits and loss (Detail) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Taxation
Profit before tax	£ 2,113	£ 1,797	£ 1,483	£ 1,847	£ 1,720
Tax at average applicable rates	(498)	(418)	(331)
Tax effect of share of results of joint ventures	3	6	3
Income not taxable and expenses not deductible	21	24	18
Non-deductible costs of share based remuneration	(1)	(2)	(2)
Non-deductible disposal-related gains and losses	(2)	1	(2)
Deferred tax assets of the period not recognised	(17)	(8)	(19)
Change in recognition and measurement of deferred tax	5	25	14
Movements in provisions and prior year items	8	46	44
Tax expense	£ (481)	£ (326)	£ (275)
Tax at average applicable rates	23.60%	23.30%	22.30%
Tax effect of share of results of joint ventures	(0.10%)	(0.30%)	(0.20%)
Income not taxable and expenses not deductible	(1.00%)	(1.40%)	(1.20%)
Non-deductible costs of share based remuneration	0%	0.10%	0.10%
Non-deductible disposal-related gains and losses	0.10%	(0.10%)	0.10%
Deferred tax assets of the period not recognised	0.80%	0.40%	1.30%
Change in recognition and measurement of deferred tax	(0.20%)	(1.40%)	(0.90%)
Movements in provisions and prior year items	(0.40%)	(2.50%)	(3.00%)
Tax expense	22.80%	18.10%	18.50%

Taxation - Tax recognised in ot

Taxation - Tax recognised in other comprehensive income or in equity and tax assets and liabilities (Detail) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Tax on items that may be reclassified to profit or loss
Tax on actuarial movements on defined benefit pension schemes	£ (43)	£ (48)	£ 39
Tax on fair value movements on cash flow hedges	8	(1)	(4)
Net tax (charge)/credit recognised in other comprehensive income	(35)	(49)	35
Tax credit on share based remuneration recognised directly in equity		12	5
Current tax assets	15	10
Current tax liabilities	(249)	(192)
Total	(234)	(182)
Deferred tax assets	146	210
Deferred tax liabilities	(590)	(591)
Total	£ (444)	£ (381)	£ (395)

Taxation - Movements in deferre

Taxation - Movements in deferred tax liabilities and assets (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits
Deferred tax (liability)/asset at start of year	£ (381)	£ (395)
Credit/(charge) to profit	53	96	£ (11)
Credit/(charge) to equity/other comprehensive income	(39)	(41)
Acquisitions	(13)	(27)
Exchange translation differences	(64)	(14)
Deferred tax (liability)/asset at end of year	(444)	(381)	(395)
Acquired intangible assets
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits
Deferred tax (liability)/asset at start of year	(694)	(710)
Credit/(charge) to profit	62	53
Acquisitions	(32)	(33)
Exchange translation differences	(71)	(4)
Deferred tax (liability)/asset at end of year	(735)	(694)	(710)
Other temporary differences liabilities
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits
Deferred tax (liability)/asset at start of year	(196)	(283)
Credit/(charge) to profit	20	86
Credit/(charge) to equity/other comprehensive income	(32)
Exchange translation differences	(23)	1
Deferred tax (liability)/asset at end of year	(231)	(196)	(283)
Capitalised development costs
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits
Deferred tax (liability)/asset at start of year	(161)
Deferred tax (liability)/asset at end of year	(165)	(161)
Pension surplus
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits
Deferred tax (liability)/asset at start of year	0
Deferred tax (liability)/asset at end of year	(32)	0
Acquired intangible assets
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits
Deferred tax (liability)/asset at start of year	157	174
Credit/(charge) to profit	(30)	(9)
Exchange translation differences	5	(8)
Deferred tax (liability)/asset at end of year	132	157	174
Tax losses carried forward
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits
Deferred tax (liability)/asset at start of year	107	99
Credit/(charge) to profit	(17)	4
Acquisitions	19	6
Exchange translation differences	9	(2)
Deferred tax (liability)/asset at end of year	118	107	99
Pension balances
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits
Deferred tax (liability)/asset at start of year	68	125
Credit/(charge) to profit	(10)	(8)
Credit/(charge) to equity/other comprehensive income	(10)	(48)
Exchange translation differences	1	(1)
Deferred tax (liability)/asset at end of year	49	68	125
Other temporary differences assets
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits
Deferred tax (liability)/asset at start of year	177	200
Credit/(charge) to profit	28	(30)
Credit/(charge) to equity/other comprehensive income	3	7
Exchange translation differences	15
Deferred tax (liability)/asset at end of year	223	177	£ 200
Accruals and provisions
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits
Deferred tax (liability)/asset at start of year	92
Deferred tax (liability)/asset at end of year	118	92
Share-based remuneration provision
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits
Deferred tax (liability)/asset at start of year	41
Deferred tax (liability)/asset at end of year	41	41
Intercompany interest
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits
Deferred tax (liability)/asset at start of year	13
Deferred tax (liability)/asset at end of year	£ 14	£ 13

Taxation - Tax losses for which

Taxation - Tax losses for which no deferred tax is recognised (Details) - GBP (£) £ in Millions	Dec. 31, 2022	Dec. 31, 2021
Unused trading losses and temporary differences
Disclosure Of Income Tax Expenses
Unused losses for which no deferred tax asset recognised - gross amount	£ 332	£ 287
Unused losses for which no deferred tax asset recognised - tax effected	93	79
Unused trading losses and temporary differences | Within 10 years
Disclosure Of Income Tax Expenses
Unused losses for which no deferred tax asset recognised - gross amount	123	100
Unused losses for which no deferred tax asset recognised - tax effected	35	29
Unused trading losses and temporary differences | After 10 years
Disclosure Of Income Tax Expenses
Unused losses for which no deferred tax asset recognised - gross amount	1
Unused trading losses and temporary differences | Available indefinitely
Disclosure Of Income Tax Expenses
Unused losses for which no deferred tax asset recognised - gross amount	208	187
Unused losses for which no deferred tax asset recognised - tax effected	58	50
Unused state and local tax losses
Disclosure Of Income Tax Expenses
Unused losses for which no deferred tax asset recognised - gross amount	108	73
Unused losses for which no deferred tax asset recognised - tax effected	7	6
Unused state and local tax losses | Within 10 years
Disclosure Of Income Tax Expenses
Unused losses for which no deferred tax asset recognised - gross amount	19	27
Unused losses for which no deferred tax asset recognised - tax effected	1	2
Unused state and local tax losses | After 10 years
Disclosure Of Income Tax Expenses
Unused losses for which no deferred tax asset recognised - gross amount	89	46
Unused losses for which no deferred tax asset recognised - tax effected	6	4
Unused capital losses
Disclosure Of Income Tax Expenses
Unused losses for which no deferred tax asset recognised - gross amount	22	22
Unused losses for which no deferred tax asset recognised - tax effected	5	5
Unused capital losses | Available indefinitely
Disclosure Of Income Tax Expenses
Unused losses for which no deferred tax asset recognised - gross amount	22	22
Unused losses for which no deferred tax asset recognised - tax effected	£ 5	£ 5

Earnings per share - Summary of

Earnings per share - Summary of earnings per share - 2022, 2021 and 2020 (Details) - GBP (£) £ / shares in Units, £ in Millions, shares in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Earnings per share
Net profit attributable to shareholders	£ 1,634	£ 1,471	£ 1,224	£ 1,505	£ 1,422
Weighted average number of shares, Basic	1,918.5	1,928	1,926.2
EPS, Basic	£ 0.852	£ 0.763	£ 0.635	£ 0.774	£ 0.719
Net profit attributable to shareholders	£ 1,634	£ 1,471	£ 1,224
Weighted average number of shares, Diluted	1,929.3	1,939.4	1,937.8
EPS, Diluted	£ 0.847	£ 0.758	£ 0.632

Earnings per share - Summary _2

Earnings per share - Summary of adjusted earnings per share (Detail) - GBP (£) £ / shares in Units, £ in Millions, shares in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Earnings per share
Adjusted net profit attributable to shareholders	£ 1,961	£ 1,689	£ 1,543	£ 1,808	£ 1,674
Weighted average number of shares	1,918.5	1,928	1,926.2
Adjusted EPS	£ 1.022	£ 0.876	£ 0.801	£ 0.930	£ 0.847

Earnings per share - Reconcilia

Earnings per share - Reconciliation of adjusted net profit attributable to parent (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Earnings per share
Net profit attributable to shareholders	£ 1,634	£ 1,471	£ 1,224	£ 1,505	£ 1,422
Amortisation of acquired intangible assets	326	316	395
Other deferred tax credits from intangible assets	(64)	(61)	(78)
Acquisition-related items	49	10	(18)
Net interest on net defined benefit pension obligation and other	4	7	9
Disposals and other non-operating items	12	(54)	(127)
Exceptional costs in Exhibitions			138
Adjusted net profit attributable to shareholders	1,961	1,689	1,543	£ 1,808	£ 1,674
Amortisation of acquired intangible assets, pre-tax	296	294	360
Acquisition-related items, pre-tax	62	21	(12)
Net interest on net defined benefit pension obligation and other. pre-tax	5	9	11
Disposals and other non-operating items, pre-tax	9	(55)	(130)
Exceptional costs in Exhibitions, pre-tax			183
Tax on amortisation of acquired intangible assets	30	22	35
Tax on other deferred tax credits from intangible assets	(64)	(61)	(78)
Tax on acquisition-related items	(13)	(11)	(6)
Tax on net interest on net defined benefit pension obligation and other	(1)	(2)	(2)
Tax on disposals and other non-operating items	£ 3	£ 1	3
Tax on exceptional costs in Exhibitions			£ (45)

Statement of cash flows - Sched

Statement of cash flows - Schedule of reconciliation of profit before tax to cash generated from operation (Detail) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of cash flow
Operating profit	£ 2,323	£ 1,884	£ 1,525	£ 2,101	£ 1,964
Share of results of joint ventures	(19)	(29)	(15)
Amortisation of acquired intangible assets	294	297	376
Amortisation of internally developed intangible assets	309	295	319
Amortisation of pre-publication cost	72	60	62
Depreciation of property, plant and equipment	47	52	60
Depreciation of right-of-use assets	63	80	88
Share based remuneration	46	45	25
Total non-cash items	831	829	930
Increase in inventories and pre-publication costs	(103)	(73)	(80)
(Increase)/decrease in receivables	(251)	(103)	149
(Decrease)/increase in payables	280	(32)	(245)
Increase in working capital	(74)	(208)	(176)
Cash generated from operations	£ 3,061	£ 2,476	£ 2,264

Statement of cash flows - Sch_2

Statement of cash flows - Schedule of cash flow on acquisition (Detail) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of cash flow
Purchase of businesses	£ (373)	£ (235)	£ (864)
Deferred payments relating to prior year acquisitions	(21)	(19)	(5)
Total	£ (394)	£ (254)	£ (869)

Statement of cash flows - Sch_3

Statement of cash flows - Schedule of reconciliation of net debt (Detail) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Cash Flow Statement
Net debt at start of year	£ (6,017)	£ (6,898)	£ (6,191)
(Decrease)/increase in cash and cash equivalents	208	26	(51)
Decrease in short-term bank loans, overdrafts and commercial paper	101	200	436
Issuance of term debt	(397)		(2,342)
Repayment of term debt	35	431	1,233
Repayment of leases	78	76	90
Change in net debt resulting from cash flows	25	733	(634)
Borrowings in acquired businesses	(3)		(3)
Remeasurement and derecognition of leases	(5)	(4)	(8)
Inception of leases	(29)	(24)	(24)
Fair value and other adjustments to debt and related derivatives	(15)	2	(4)
Exchange translation differences	(560)	174	(34)
Net debt at end of year	(6,604)	(6,017)	£ (6,898)
Cash and cash equivalents
Disclosure Of Cash Flow Statement
Net debt at start of year	113
(Decrease)/increase in cash and cash equivalents	208
Change in net debt resulting from cash flows	208
Exchange translation differences	13
Net debt at end of year	334	113
Debt
Disclosure Of Cash Flow Statement
Net debt at start of year	(6,167)
Decrease in short-term bank loans, overdrafts and commercial paper	101
Issuance of term debt	(397)
Repayment of term debt	35
Repayment of leases	79
Change in net debt resulting from cash flows	(182)
Borrowings in acquired businesses	(3)
Remeasurement and derecognition of leases	(5)
Inception of leases	(34)
Fair value and other adjustments to debt and related derivatives	230
Exchange translation differences	(569)
Net debt at end of year	(6,730)	(6,167)
Related derivative financial instruments
Disclosure Of Cash Flow Statement
Net debt at start of year	35
Fair value and other adjustments to debt and related derivatives	(245)
Exchange translation differences	(3)
Net debt at end of year	(213)	35
Finance lease receivable
Disclosure Of Cash Flow Statement
Net debt at start of year	2
Repayment of leases	(1)
Change in net debt resulting from cash flows	(1)
Inception of leases	5
Exchange translation differences	(1)
Net debt at end of year	£ 5	£ 2

Acquisitions - Consideration pa

Acquisitions - Consideration paid for acquiring asset and liabilities (Detail) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Acquisitions
Goodwill	£ 269	£ 131	£ 570
Intangible assets	125	156	427
Property, plant and equipment	1	1	3
Other non-current assets	3		1
Current assets	8	4	20
Current liabilities	(21)	(16)	(24)
Borrowings	(3)		(3)
Deferred tax	(13)	(27)	(90)
Net assets acquired	369	249	904
Consideration (after taking account of net cash acquired)	369	249	904
Change in consideration deferred to future years and changes in contingent consideration relating to prior year acquisitions	4	(14)	(40)
Net cash flow	373	235	864
Net cash acquired	6	8	£ 29
Total consideration for acquisitions	443	255
Total consideration for acquisitions adjusted for cash acquired	437	£ 249
Acquisition of investments in joint ventures and associates	£ 61

Acquisitions - Additional infor

Acquisitions - Additional information (Details) £ in Millions	12 Months Ended
	Dec. 31, 2022 GBP (£)
Disclosure of detailed information about business combination
Revenue contributed by business acquisition	£ 19
Adjusted operating profit contributed by business acquisition	(5)
Net profit contributed by business acquisition	(24)
Integration costs and amortisation of acquired intangibles	19
Net cash inflow from operating activities contributed by business acquisition	(4)
Group revenue, pro forma basis	8,567
Adjusted operating profit, pro forma basis	2,679
Net profit, pro forma basis	£ 1,626

Equity dividends - Ordinary div

Equity dividends - Ordinary dividends paid (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Dividends
Ordinary dividends paid	£ 983	£ 920	£ 880

Equity dividends - Additional i

Equity dividends - Additional information (Detail) - GBP (£) £ / shares in Units, £ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Dividends
Dividend for current year, paid and proposed	£ 0.546	£ 0.498	£ 0.470	£ 0.457	£ 0.421
Shareholders' equity
Disclosure Of Dividends
Final dividend for prior year paid	0.355	0.334	0.321
Interim dividend for current year paid	0.157	0.143	0.136
Total dividends paid	0.512	0.477	0.457
Final dividend for current year proposed	0.389	0.355	0.334
Dividend for current year, paid and proposed	£ 0.546	£ 0.498	£ 0.470
Cost of funding of proposed final dividend	£ 743

Intangible assets - Additional

Intangible assets - Additional information (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about intangible assets
Period over which management has projected cash flows	5 years
Cumulative amortisation of goodwill recorded before adoption of IFRS	£ 1,253	£ 1,144
Cumulative impairment of goodwill recorded after adoption of IFRS	9	8
Impairment loss on goodwill	0	0
Impairment of indefinite lived intangible assets	£ 0	0
Increase in discount rate	1.50%
Decrease in the compound annual growth rate for cash flow	2%
Decrease in nominal long-term market growth rates	1%
Increase in discount rate, part of combined scenario	1%
Decrease in nominal long-term market growth rates, part of combined scenario	1%
Impairment charge on intangible assets due to reasonably possible change in assumptions	£ 0
Internally developed intangible assets | Minimum
Disclosure of detailed information about intangible assets
Finite-lived intangible assets, useful life	3 years
Internally developed intangible assets | Maximum
Disclosure of detailed information about intangible assets
Finite-lived intangible assets, useful life	15 years
Market related | Not internally generated | Minimum
Disclosure of detailed information about intangible assets
Finite-lived intangible assets, useful life	1 year
Market related | Not internally generated | Maximum
Disclosure of detailed information about intangible assets
Finite-lived intangible assets, useful life	40 years
Customer related | Not internally generated | Minimum
Disclosure of detailed information about intangible assets
Finite-lived intangible assets, useful life	1 year
Customer related | Not internally generated | Maximum
Disclosure of detailed information about intangible assets
Finite-lived intangible assets, useful life	20 years
Editorial content | Not internally generated | Minimum
Disclosure of detailed information about intangible assets
Finite-lived intangible assets, useful life	1 year
Editorial content | Not internally generated | Maximum
Disclosure of detailed information about intangible assets
Finite-lived intangible assets, useful life	40 years
Software and technology | Not internally generated | Minimum
Disclosure of detailed information about intangible assets
Finite-lived intangible assets, useful life	1 year
Software and technology | Not internally generated | Maximum
Disclosure of detailed information about intangible assets
Finite-lived intangible assets, useful life	10 years
Other | Not internally generated | Minimum
Disclosure of detailed information about intangible assets
Finite-lived intangible assets, useful life	3 years
Other | Not internally generated | Maximum
Disclosure of detailed information about intangible assets
Finite-lived intangible assets, useful life	20 years
Platforms and infrastructure | Legal
Disclosure of detailed information about intangible assets
Capitalised development costs	£ 735	663
Journal titles | Scientific, technical & medical
Disclosure of detailed information about intangible assets
Intangible assets with indefinite useful life	£ 125	£ 112

Intangible assets - Summary of

Intangible assets - Summary of intangible assets and goodwill (Detail) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about intangible assets
Goodwill at start of year	£ 7,366
Goodwill at end of year	8,388	£ 7,366
Intangible assets excluding goodwill at beginning of period	3,304
Intangible assets excluding goodwill at end of period	3,524	3,304
Cost
Disclosure of detailed information about intangible assets
Goodwill at start of year	7,366	7,224
Acquisitions	269	131
Disposals and other		(3)
Exchange translation differences	753	14
Goodwill at end of year	8,388	7,366
Intangible assets excluding goodwill at beginning of period	11,476	11,075
Acquisitions	125	156
Additions	402	310
Disposals and other	(99)	(49)
Exchange translation differences	1,044	(16)
Intangible assets excluding goodwill at end of period	12,948	11,476
Accumulated amortisation
Disclosure of detailed information about intangible assets
Intangible assets excluding goodwill at beginning of period	(8,172)	(7,650)
Charge for the year	(603)	(592)
Disposals and other	93	49
Exchange translation differences	(742)	21
Intangible assets excluding goodwill at end of period	(9,424)	(8,172)
Not internally generated
Disclosure of detailed information about intangible assets
Intangible assets excluding goodwill at beginning of period	2,053
Intangible assets excluding goodwill at end of period	2,089	2,053
Not internally generated | Cost
Disclosure of detailed information about intangible assets
Intangible assets excluding goodwill at beginning of period	7,965	7,824
Acquisitions	125	156
Disposals and other	(15)	(30)
Exchange translation differences	753	15
Intangible assets excluding goodwill at end of period	8,828	7,965
Not internally generated | Accumulated amortisation
Disclosure of detailed information about intangible assets
Intangible assets excluding goodwill at beginning of period	(5,912)	(5,643)
Charge for the year	(294)	(297)
Disposals and other	15	30
Exchange translation differences	(548)	(2)
Intangible assets excluding goodwill at end of period	(6,739)	(5,912)
Not internally generated | Market related
Disclosure of detailed information about intangible assets
Intangible assets excluding goodwill at beginning of period	977
Intangible assets excluding goodwill at end of period	981	977
Not internally generated | Market related | Cost
Disclosure of detailed information about intangible assets
Intangible assets excluding goodwill at beginning of period	2,415	2,391
Acquisitions	18	11
Disposals and other	(2)	(2)
Exchange translation differences	268	15
Intangible assets excluding goodwill at end of period	2,699	2,415
Not internally generated | Market related | Accumulated amortisation
Disclosure of detailed information about intangible assets
Intangible assets excluding goodwill at beginning of period	(1,438)	(1,323)
Charge for the year	(121)	(109)
Disposals and other	2	2
Exchange translation differences	(161)	(8)
Intangible assets excluding goodwill at end of period	(1,718)	(1,438)
Not internally generated | Customer related
Disclosure of detailed information about intangible assets
Intangible assets excluding goodwill at beginning of period	708
Intangible assets excluding goodwill at end of period	744	708
Not internally generated | Customer related | Cost
Disclosure of detailed information about intangible assets
Intangible assets excluding goodwill at beginning of period	1,840	1,750
Acquisitions	43	78
Disposals and other	(4)	2
Exchange translation differences	197	10
Intangible assets excluding goodwill at end of period	2,076	1,840
Not internally generated | Customer related | Accumulated amortisation
Disclosure of detailed information about intangible assets
Intangible assets excluding goodwill at beginning of period	(1,132)	(1,054)
Charge for the year	(78)	(79)
Disposals and other	4	6
Exchange translation differences	(126)	(5)
Intangible assets excluding goodwill at end of period	(1,332)	(1,132)
Not internally generated | Editorial content
Disclosure of detailed information about intangible assets
Intangible assets excluding goodwill at beginning of period	64
Intangible assets excluding goodwill at end of period	73	64
Not internally generated | Editorial content | Cost
Disclosure of detailed information about intangible assets
Intangible assets excluding goodwill at beginning of period	620	614
Acquisitions	27	11
Disposals and other		(7)
Exchange translation differences	43	2
Intangible assets excluding goodwill at end of period	690	620
Not internally generated | Editorial content | Accumulated amortisation
Disclosure of detailed information about intangible assets
Intangible assets excluding goodwill at beginning of period	(556)	(514)
Charge for the year	(29)	(39)
Disposals and other	5	(1)
Exchange translation differences	(37)	(2)
Intangible assets excluding goodwill at end of period	(617)	(556)
Not internally generated | Software and technology
Disclosure of detailed information about intangible assets
Intangible assets excluding goodwill at beginning of period	273
Intangible assets excluding goodwill at end of period	273	273
Not internally generated | Software and technology | Cost
Disclosure of detailed information about intangible assets
Intangible assets excluding goodwill at beginning of period	740	688
Acquisitions	37	51
Exchange translation differences	68	1
Intangible assets excluding goodwill at end of period	845	740
Not internally generated | Software and technology | Accumulated amortisation
Disclosure of detailed information about intangible assets
Intangible assets excluding goodwill at beginning of period	(467)	(414)
Charge for the year	(53)	(54)
Disposals and other	(5)
Exchange translation differences	(47)	1
Intangible assets excluding goodwill at end of period	(572)	(467)
Not internally generated | Other
Disclosure of detailed information about intangible assets
Intangible assets excluding goodwill at beginning of period	31
Intangible assets excluding goodwill at end of period	18	31
Not internally generated | Other | Cost
Disclosure of detailed information about intangible assets
Intangible assets excluding goodwill at beginning of period	2,350	2,381
Acquisitions		5
Disposals and other	(9)	(23)
Exchange translation differences	177	(13)
Intangible assets excluding goodwill at end of period	2,518	2,350
Not internally generated | Other | Accumulated amortisation
Disclosure of detailed information about intangible assets
Intangible assets excluding goodwill at beginning of period	(2,319)	(2,338)
Charge for the year	(13)	(16)
Disposals and other	9	23
Exchange translation differences	(177)	12
Intangible assets excluding goodwill at end of period	(2,500)	(2,319)
Internally developed intangible assets
Disclosure of detailed information about intangible assets
Intangible assets excluding goodwill at beginning of period	1,251
Intangible assets excluding goodwill at end of period	1,435	1,251
Internally developed intangible assets | Cost
Disclosure of detailed information about intangible assets
Intangible assets excluding goodwill at beginning of period	3,511	3,251
Additions	402	310
Disposals and other	(84)	(19)
Exchange translation differences	291	(31)
Intangible assets excluding goodwill at end of period	4,120	3,511
Internally developed intangible assets | Accumulated amortisation
Disclosure of detailed information about intangible assets
Intangible assets excluding goodwill at beginning of period	(2,260)	(2,007)
Charge for the year	(309)	(295)
Disposals and other	78	19
Exchange translation differences	(194)	23
Intangible assets excluding goodwill at end of period	£ (2,685)	£ (2,260)

Intangible assets - Summary o_2

Intangible assets - Summary of intangible assets and goodwill (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Not internally generated
Disclosure of detailed information about intangible assets
Impairment of intangible asset	£ 1	£ 13
Not internally generated | Legal
Disclosure of detailed information about intangible assets
Impairment of intangible asset			£ 42
Not internally generated | Exhibitions
Disclosure of detailed information about intangible assets
Impairment of intangible asset			23
Internally generated | Exhibitions
Disclosure of detailed information about intangible assets
Impairment of intangible asset	£ 13	£ 0	£ 29

Intangible assets - Summary o_3

Intangible assets - Summary of goodwill by segment (Detail) - GBP (£) £ in Millions	Dec. 31, 2022	Dec. 31, 2021
Goodwill
Goodwill	£ 8,388	£ 7,366
Risk
Goodwill
Goodwill	4,167	3,675
Scientific, technical & medical
Goodwill
Goodwill	2,015	1,683
Legal
Goodwill
Goodwill	1,572	1,406
Exhibitions
Goodwill
Goodwill	£ 634	£ 602

Intangible assets - Summary o_4

Intangible assets - Summary of key assumptions used for each group of cash generating units (Detail)	Dec. 31, 2022	Dec. 31, 2021
Risk
Disclosure of information for cash-generating units
Pre-tax discount rate	11.20%	9.80%
Nominal long-term market growth rate	4%	3%
Scientific, technical & medical
Disclosure of information for cash-generating units
Pre-tax discount rate	10.50%	9.10%
Nominal long-term market growth rate	3%	3%
Legal
Disclosure of information for cash-generating units
Pre-tax discount rate	10.90%	9.90%
Nominal long-term market growth rate	3%	2%
Exhibitions
Disclosure of information for cash-generating units
Pre-tax discount rate	13%	11.70%
Nominal long-term market growth rate	4%	3%

Investments - Summary of invest

Investments - Summary of investment (Detail) - GBP (£) £ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Investments
Investments in joint ventures and associates	£ 159	£ 105	£ 103
Venture capital investments	127	107
Investments	£ 286	£ 212

Investments - Summary of analys

Investments - Summary of analysis of changes in carrying value of investments in joint ventures (Detail) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Investments
At start of year	£ 105	£ 103
Share of results of joint ventures	19	29	£ 15
Dividends received from joint ventures	(33)	(20)	(31)
Acquisitions	62
Disposals and other	1	(4)
Exchange translation differences	5	(3)
At end of year	£ 159	£ 105	£ 103

Investments - Summary of group'

Investments - Summary of group's share of joint venture (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Joint ventures
Revenue	£ 55	£ 78
Share of results of joint ventures	19	29	£ 15
Total assets	190	136
Total liabilities	(75)	(70)
Net assets	115	66
Goodwill	44	39
Total	159	105	£ 103
Other comprehensive income	£ 0	£ 0

Property, plant and equipment -

Property, plant and equipment - Additional information (Detail) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about property, plant and equipment
Property, plant and equipment	£ 126	£ 131
Freehold buildings | Maximum
Disclosure of detailed information about property, plant and equipment
Property, plant and equipment estimated useful lives	50 years
Long leasehold | Maximum
Disclosure of detailed information about property, plant and equipment
Property, plant and equipment estimated useful lives	50 years
Leasehold improvements | Maximum
Disclosure of detailed information about property, plant and equipment
Property, plant and equipment estimated useful lives	10 years
Plant | Minimum
Disclosure of detailed information about property, plant and equipment
Property, plant and equipment estimated useful lives	3 years
Plant | Maximum
Disclosure of detailed information about property, plant and equipment
Property, plant and equipment estimated useful lives	20 years
Office furniture, fixtures and fittings | Minimum
Disclosure of detailed information about property, plant and equipment
Property, plant and equipment estimated useful lives	5 years
Office furniture, fixtures and fittings | Maximum
Disclosure of detailed information about property, plant and equipment
Property, plant and equipment estimated useful lives	10 years
Computer systems, communication networks and equipment | Minimum
Disclosure of detailed information about property, plant and equipment
Property, plant and equipment estimated useful lives	3 years
Computer systems, communication networks and equipment | Maximum
Disclosure of detailed information about property, plant and equipment
Property, plant and equipment estimated useful lives	7 years
Freehold land
Disclosure of detailed information about property, plant and equipment
Property, plant and equipment	£ 10	£ 10

Property, Plant and Equipment_2

Property, Plant and Equipment - Summary of Property, Plant and Equipment (Detail) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about property, plant and equipment
At start of year	£ 131
Charge for the year	(47)	£ (52)	£ (60)
At end of year	126	131
Cost
Disclosure of detailed information about property, plant and equipment
At start of year	683	733
Acquisitions	1	1
Capital expenditure	36	28
Disposals	(159)	(75)
Exchange translation differences	57	(4)
At end of year	618	683	733
Accumulated depreciation
Disclosure of detailed information about property, plant and equipment
At start of year	(552)	(571)
Charge for the year	(47)	(52)
Disposals	154	68
Exchange translation differences	(47)	3
At end of year	(492)	(552)	(571)
Land and buildings
Disclosure of detailed information about property, plant and equipment
At start of year	56
At end of year	51	56
Land and buildings | Cost
Disclosure of detailed information about property, plant and equipment
At start of year	167	206
Acquisitions	1
Capital expenditure	3	5
Disposals	(19)	(43)
Exchange translation differences	14	(1)
At end of year	166	167	206
Land and buildings | Accumulated depreciation
Disclosure of detailed information about property, plant and equipment
At start of year	(111)	(143)
Charge for the year	(6)	(6)
Disposals	12	37
Exchange translation differences	(10)	1
At end of year	(115)	(111)	(143)
Fixtures and equipment
Disclosure of detailed information about property, plant and equipment
At start of year	75
At end of year	75	75
Fixtures and equipment | Cost
Disclosure of detailed information about property, plant and equipment
At start of year	516	527
Acquisitions		1
Capital expenditure	33	23
Disposals	(140)	(32)
Exchange translation differences	43	(3)
At end of year	452	516	527
Fixtures and equipment | Accumulated depreciation
Disclosure of detailed information about property, plant and equipment
At start of year	(441)	(428)
Charge for the year	(41)	(46)
Disposals	142	31
Exchange translation differences	(37)	2
At end of year	£ (377)	£ (441)	£ (428)

Financial instruments - Liquidi

Financial instruments - Liquidity risk - Additional information (Details) £ in Millions, $ in Billions	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2022 GBP (£)	Dec. 31, 2021 GBP (£)
Disclosure of detailed information about financial instruments
Maximum amount of term debt maturing in any 12-month period | $	$ 2
Weighted average maturity of gross debt portfolio to be maintained	5 years
Committed bank facility	$ 3	£ 2,500
Hedging instruments | Fair value hedges
Disclosure of detailed information about financial instruments
Derivative financial liabilities		215	£ 5
Derivative financial assets		0	35
Hedging instruments | Cash flow hedges
Disclosure of detailed information about financial instruments
Derivative financial liabilities		32	7
Derivative financial assets		24	36
Instruments not designated as hedges
Disclosure of detailed information about financial instruments
Derivative financial liabilities		22	2
Derivative financial assets		£ 8	£ 12

Financial instruments - Summary

Financial instruments - Summary of remaining contractual maturities for borrowings and derivative financial instruments (Details) - GBP (£) £ in Millions	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about financial instruments
Lease liabilities	£ (182)	£ (208)
Lease liabilities, contractual cash flow	(231)	(241)
Borrowings and derivative financial (liabilities) assets	(6,967)	(6,098)
Borrowings and derivative financial (liabilities) assets, contractual cash flows	(8,107)	(6,849)
Fixed rate
Disclosure of detailed information about financial instruments
Borrowings	(6,446)	(5,828)
Borrowings, contractual cash flow	(7,492)	(6,542)
Floating rate
Disclosure of detailed information about financial instruments
Borrowings	(102)	(131)
Borrowings, contractual cash flow	(102)	(131)
Forward foreign exchange contracts
Disclosure of detailed information about financial instruments
Derivative financial liabilities	(53)	(7)
Derivative financial liabilities, contractual cash flows	(60)	(7)
Derivative financial liabilities, contractual inflows	1,207	562
Derivative financial liabilities, contractual outflows	(1,267)	(569)
Derivative financial assets	32	48
Derivative financial assets, contractual cash flows	31	56
Derivative financial assets, contractual inflows	1,014	1,844
Derivative financial assets, contractual outflows	(983)	(1,788)
Interest rate derivatives
Disclosure of detailed information about financial instruments
Derivative financial liabilities	(158)	(5)
Derivative financial liabilities, contractual cash flows	(175)	(12)
Derivative financial assets		19
Derivative financial assets, contractual cash flows	2	36
Cross-currency interest rate swaps
Disclosure of detailed information about financial instruments
Derivative financial liabilities	(58)	(2)
Derivative financial liabilities, contractual cash flows	(654)	(581)
Derivative financial assets		16
Derivative financial assets, contractual cash flows	574	573
Within 1 year
Disclosure of detailed information about financial instruments
Lease liabilities, contractual cash flow	(80)	(75)
Borrowings and derivative financial (liabilities) assets, contractual cash flows	(1,117)	(314)
Within 1 year | Fixed rate
Disclosure of detailed information about financial instruments
Borrowings, contractual cash flow	(847)	(156)
Within 1 year | Floating rate
Disclosure of detailed information about financial instruments
Borrowings, contractual cash flow	(102)	(131)
Within 1 year | Forward foreign exchange contracts
Disclosure of detailed information about financial instruments
Derivative financial liabilities, contractual cash flows	(35)	(3)
Derivative financial liabilities, contractual inflows	835	371
Derivative financial liabilities, contractual outflows	(870)	(374)
Derivative financial assets, contractual cash flows	20	32
Derivative financial assets, contractual inflows	665	1,399
Derivative financial assets, contractual outflows	(645)	(1,367)
Within 1 year | Interest rate derivatives
Disclosure of detailed information about financial instruments
Derivative financial liabilities, contractual cash flows	(48)
Derivative financial assets, contractual cash flows	2	22
Within 1 year | Cross-currency interest rate swaps
Disclosure of detailed information about financial instruments
Derivative financial liabilities, contractual cash flows	(56)	(32)
Derivative financial assets, contractual cash flows	29	29
Within 1 to 2 years
Disclosure of detailed information about financial instruments
Lease liabilities, contractual cash flow	(58)	(63)
Borrowings and derivative financial (liabilities) assets, contractual cash flows	(1,312)	(786)
Within 1 to 2 years | Fixed rate
Disclosure of detailed information about financial instruments
Borrowings, contractual cash flow	(1,188)	(741)
Within 1 to 2 years | Forward foreign exchange contracts
Disclosure of detailed information about financial instruments
Derivative financial liabilities, contractual cash flows	(20)	(2)
Derivative financial liabilities, contractual inflows	242	86
Derivative financial liabilities, contractual outflows	(262)	(88)
Derivative financial assets, contractual cash flows	7	18
Derivative financial assets, contractual inflows	199	312
Derivative financial assets, contractual outflows	(192)	(294)
Within 1 to 2 years | Interest rate derivatives
Disclosure of detailed information about financial instruments
Derivative financial liabilities, contractual cash flows	(29)
Derivative financial assets, contractual cash flows		10
Within 1 to 2 years | Cross-currency interest rate swaps
Disclosure of detailed information about financial instruments
Derivative financial liabilities, contractual cash flows	(31)	(34)
Derivative financial assets, contractual cash flows	7	26
Within 2 to 3 years
Disclosure of detailed information about financial instruments
Lease liabilities, contractual cash flow	(36)	(43)
Borrowings and derivative financial (liabilities) assets, contractual cash flows	(859)	(1,150)
Within 2 to 3 years | Fixed rate
Disclosure of detailed information about financial instruments
Borrowings, contractual cash flow	(772)	(1,106)
Within 2 to 3 years | Forward foreign exchange contracts
Disclosure of detailed information about financial instruments
Derivative financial liabilities, contractual cash flows	(5)	(2)
Derivative financial liabilities, contractual inflows	122	103
Derivative financial liabilities, contractual outflows	(127)	(105)
Derivative financial assets, contractual cash flows	3	5
Derivative financial assets, contractual inflows	126	107
Derivative financial assets, contractual outflows	(123)	(102)
Within 2 to 3 years | Interest rate derivatives
Disclosure of detailed information about financial instruments
Derivative financial liabilities, contractual cash flows	(20)	(1)
Derivative financial assets, contractual cash flows		4
Within 2 to 3 years | Cross-currency interest rate swaps
Disclosure of detailed information about financial instruments
Derivative financial liabilities, contractual cash flows	(567)	(14)
Derivative financial assets, contractual cash flows	538	7
Within 3 to 4 years
Disclosure of detailed information about financial instruments
Lease liabilities, contractual cash flow	(17)	(25)
Borrowings and derivative financial (liabilities) assets, contractual cash flows	(803)	(720)
Within 3 to 4 years | Fixed rate
Disclosure of detailed information about financial instruments
Borrowings, contractual cash flow	(769)	(704)
Within 3 to 4 years | Forward foreign exchange contracts
Disclosure of detailed information about financial instruments
Derivative financial liabilities, contractual inflows	8	2
Derivative financial liabilities, contractual outflows	(8)	(2)
Derivative financial assets, contractual cash flows	1	1
Derivative financial assets, contractual inflows	24	26
Derivative financial assets, contractual outflows	(23)	(25)
Within 3 to 4 years | Interest rate derivatives
Disclosure of detailed information about financial instruments
Derivative financial liabilities, contractual cash flows	(18)	(2)
Within 3 to 4 years | Cross-currency interest rate swaps
Disclosure of detailed information about financial instruments
Derivative financial liabilities, contractual cash flows		(501)
Derivative financial assets, contractual cash flows		511
Within 4 to 5 years
Disclosure of detailed information about financial instruments
Lease liabilities, contractual cash flow	(6)	(4)
Borrowings and derivative financial (liabilities) assets, contractual cash flows	(727)	(715)
Within 4 to 5 years | Fixed rate
Disclosure of detailed information about financial instruments
Borrowings, contractual cash flow	(704)	(709)
Within 4 to 5 years | Interest rate derivatives
Disclosure of detailed information about financial instruments
Derivative financial liabilities, contractual cash flows	(17)	(2)
After 5 years
Disclosure of detailed information about financial instruments
Lease liabilities, contractual cash flow	(34)	(31)
Borrowings and derivative financial (liabilities) assets, contractual cash flows	(3,289)	(3,164)
After 5 years | Fixed rate
Disclosure of detailed information about financial instruments
Borrowings, contractual cash flow	(3,212)	(3,126)
After 5 years | Interest rate derivatives
Disclosure of detailed information about financial instruments
Derivative financial liabilities, contractual cash flows	£ (43)	£ (7)

Financial instruments - Market

Financial instruments - Market risk - Additional information (Details) - Market risk - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about financial instruments
Percentage of borrowings at fixed rates	58%
Reasonably possible reduction in short-term interest rates	1%
Decrease in net finance costs due to reasonably possible reduction in short-term interest rates	£ 25	£ 21
Reasonably possible increase in short-term interest rates	1%
Increase in net finance costs due to reasonably possible increase in short-term interest rates	£ 25	21
Decrease in equity due to reasonably possible decrease in short-term interest rate.	0	0
Increase in equity due to reasonably possible increase in short-term interest rate.	£ 0	0
Highly predictable future cash flows hedging period	24 months
Assumed weakening of foreign currencies	10%
Decrease in carrying value of net assets, excluding net borrowings, due to assumed weakening of foreign currencies	£ 892	781
Decrease in net borrowings, due to assumed weakening of foreign currencies	£ 671	677
Assumed strengthening of foreign currencies	10%
Increase in carrying value of net assets, excluding net borrowings, due to assumed strengthening of foreign currencies	£ 892	781
Increase in net borrowings, due to assumed strengthening of foreign currencies	671	677
Decrease in net profit, due to assumed weakening of foreign currencies	126	112
Increase in net profit, due to assumed strengthening of foreign currencies	126	£ 112
US dollar LIBOR
Disclosure of detailed information about financial instruments
Bonds swapped	£ 1,917
Weighted average maturity period of swapped bonds	3 years 3 months 18 days
Euribor
Disclosure of detailed information about financial instruments
Bonds swapped	£ 443
Weighted average maturity period of swapped bonds	1 year 2 months 12 days
Scientific, technical & medical | Subscriptions
Disclosure of detailed information about financial instruments
Highly predictable future cash flows hedging period	50 months

Financial instruments - Credit

Financial instruments - Credit risk - Additional information (Details) - GBP (£) £ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of detailed information about financial instruments
Cash and cash equivalents	£ 334	£ 113	£ 88	£ 138
Percentage of cash and cash equivalents held with banks rated A-/A3 or better	96%	89%
Trade receivables	£ 2,075	£ 1,632
Total past due
Disclosure of detailed information about financial instruments
Trade receivables	449	305	333
Up to one month
Disclosure of detailed information about financial instruments
Trade receivables	265	156	170
Two to three months
Disclosure of detailed information about financial instruments
Trade receivables	115	96	83
Four to six months
Disclosure of detailed information about financial instruments
Trade receivables	46	35	34
Greater than six months
Disclosure of detailed information about financial instruments
Trade receivables	£ 23	£ 18	£ 46

Financial instruments - Summa_2

Financial instruments - Summary of fair value hedges (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Hedged borrowings
Disclosure Of Detailed Information About Hedged Items
Principal amount	£ (2,773)	£ (2,134)
$700m bond and $700m interest rate swaps maturing 2023
Disclosure Of Detailed Information About Hedged Items
Principal amount	£ (579)	(517)
Fixed rate	3.50%
Floating rate basis	USD LIBOR+0.8%
$700m bond and $700m interest rate swaps maturing 2023 | US dollar LIBOR
Disclosure Of Detailed Information About Hedged Items
Adjustment to floating rate	0.80%
€500m bond and €500m interest rate swaps maturing 2024
Disclosure Of Detailed Information About Hedged Items
Principal amount	£ (443)	(421)
Fixed rate	1%
Floating rate basis	Euribor+0.7%
€500m bond and €500m interest rate swaps maturing 2024 | Euribor
Disclosure Of Detailed Information About Hedged Items
Adjustment to floating rate	0.70%
€600m bond and €600m/$669.3m cross-currency interest rate swaps maturing 2025
Disclosure Of Detailed Information About Hedged Items
Principal amount	£ (553)	(494)
Fixed rate	1.30%
Floating rate basis	USD LIBOR+1.3%
€600m bond and €600m/$669.3m cross-currency interest rate swaps maturing 2025 | US dollar LIBOR
Disclosure Of Detailed Information About Hedged Items
Adjustment to floating rate	1.30%
$200m bond and $200m interest rate swaps maturing 2027
Disclosure Of Detailed Information About Hedged Items
Principal amount	£ (165)	(148)
Fixed rate	7.20%
Floating rate basis	USD LIBOR+5.8%
$200m bond and $200m interest rate swaps maturing 2027 | US dollar LIBOR
Disclosure Of Detailed Information About Hedged Items
Adjustment to floating rate	5.80%
$750m bond and $750m interest rate swaps maturing 2030
Disclosure Of Detailed Information About Hedged Items
Principal amount	£ (620)	£ (554)
Fixed rate	3%
Floating rate basis	USD LIBOR+1.6%
$750m bond and $750m interest rate swaps maturing 2030 | US dollar LIBOR
Disclosure Of Detailed Information About Hedged Items
Adjustment to floating rate	1.60%
$500m bond and $500m interest rate swaps maturing 2032
Disclosure Of Detailed Information About Hedged Items
Principal amount	£ (413)
Fixed rate	4.75%
Floating rate basis	USD SOFR+2.0%
$500m bond and $500m interest rate swaps maturing 2032 | US dollar SOFR
Disclosure Of Detailed Information About Hedged Items
Adjustment to floating rate	2%

Financial instruments - Summa_3

Financial instruments - Summary of gains and losses on the borrowings and related derivatives designated as fair value hedges (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Detailed Information About Hedged Items
Borrowings	£ (6,730)	£ (6,167)
US dollars
Disclosure Of Detailed Information About Hedged Items
Borrowings	(3,227)	(2,838)
Euro
Disclosure Of Detailed Information About Hedged Items
Borrowings	(3,343)	(3,199)
Fair value hedges
Disclosure Of Detailed Information About Hedged Items
Accumulated fair value hedge adjustment on hedged item at start of year	(28)	(119)	£ (52)
Fair value movement gain/(loss)	236	90	(72)
Exchange gain/(loss)	3	1	5
Accumulated fair value hedge adjustment on hedged item at end of year	211	(28)	(119)
Borrowings	(2,554)	(2,161)	(2,168)
Accumulated fair value adjustment on hedging instrument at start of year	35	119	52
Fair value movement gain/(loss)	(245)	(83)	72
Exchange gain/(loss)	(3)	(1)	(5)
Accumulated fair value adjustment on hedging instrument at end of year	(213)	35	119
Hedging instrument, assets		35	119
Hedging instrument, liabilities	(213)
Accumulated fair value adjustment on hedged item and hedging instrument at start of year	7
Gain (loss) on change in fair value of hedged item and hedging instrument	(9)	7
Accumulated fair value adjustment on hedged item and hedging instrument at end of year	(2)	7
Borrowings net of related hedging instruments	(2,767)	(2,126)	(2,049)
Fair value hedges | US dollars
Disclosure Of Detailed Information About Hedged Items
Accumulated fair value hedge adjustment on hedged item at start of year	(1)	(36)	(13)
Fair value movement gain/(loss)	140	35	(25)
Exchange gain/(loss)	2		2
Accumulated fair value hedge adjustment on hedged item at end of year	141	(1)	(36)
Borrowings	(1,630)	(1,221)	(701)
Accumulated fair value adjustment on hedging instrument at start of year	8	36	13
Fair value movement gain/(loss)	(149)	(28)	25
Exchange gain/(loss)	(2)		(2)
Accumulated fair value adjustment on hedging instrument at end of year	(143)	8	36
Hedging instrument, assets		8	36
Hedging instrument, liabilities	(143)
Accumulated fair value adjustment on hedged item and hedging instrument at start of year	7
Gain (loss) on change in fair value of hedged item and hedging instrument	(9)	7
Accumulated fair value adjustment on hedged item and hedging instrument at end of year	(2)	7
Borrowings net of related hedging instruments	(1,773)	(1,213)	(665)
Fair value hedges | Euro
Disclosure Of Detailed Information About Hedged Items
Accumulated fair value hedge adjustment on hedged item at start of year	(27)	(83)	(39)
Fair value movement gain/(loss)	96	55	(47)
Exchange gain/(loss)	1	1	3
Accumulated fair value hedge adjustment on hedged item at end of year	70	(27)	(83)
Borrowings	(924)	(940)	(1,467)
Accumulated fair value adjustment on hedging instrument at start of year	27	83	39
Fair value movement gain/(loss)	(96)	(55)	47
Exchange gain/(loss)	(1)	(1)	(3)
Accumulated fair value adjustment on hedging instrument at end of year	(70)	27	83
Hedging instrument, assets		27	83
Hedging instrument, liabilities	(70)
Borrowings net of related hedging instruments	£ (994)	£ (913)	£ (1,384)

Financial instruments - Fair va

Financial instruments - Fair value hedges - Additional information (Details) - Borrowings de-designated from hedge relationship in 2008 - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2008
Disclosure of detailed information about financial instruments
Accumulated fair value hedge adjustment on hedged item	£ 10	£ 12
Cash inflow from close-out of hedging instrument			£ 62
Fair value movement gain/(loss)	£ 3	£ 3

Financial instruments - Cash fl

Financial instruments - Cash flow hedges - Additional information (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Financial instruments
Maximum period of fixed exchange rate for subscription revenues	50 months
Cash flow hedge gain recognised in revenue	£ 18	£ 9
Cash flow hedge loss recognised in finance costs	1	0
Tax debit in relation to cash flow hedges recognised in profit or loss	£ 4	£ 2

Financial instruments - Summa_4

Financial instruments - Summary of movements in the hedge reserve including gains and losses on cash flow hedging instruments (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about financial instruments
Gains/(losses) arising during the period	£ (18)	£ 10	£ (6)
Transfer to profit from cash flow hedge reserve	(17)	(9)	22
Hedge reserve
Disclosure of detailed information about financial instruments
Hedge reserve balance at the start of the period: gains/(losses) deferred	24	23
Gains/(losses) arising during the period	(18)	10
Transfer to profit from cash flow hedge reserve	(17)	(9)
Hedge reserve balance at the end of the period: gains/(losses) deferred	(11)	24	23
Reserve of cash flow hedges, tax	3	(5)
Interest rate hedge reserve
Disclosure of detailed information about financial instruments
Hedge reserve balance at the start of the period: gains/(losses) deferred	1	4
Gains/(losses) arising during the period	(3)	(3)
Transfer to profit from cash flow hedge reserve	1
Exchange translation differences	(1)
Hedge reserve balance at the end of the period: gains/(losses) deferred	(2)	1	4
Cost of hedging reserve
Disclosure of detailed information about financial instruments
Hedge reserve balance at the start of the period: gains/(losses) deferred	(6)	(8)
Gains/(losses) arising during the period	5	2
Hedge reserve balance at the end of the period: gains/(losses) deferred	(1)	(6)	(8)
Foreign currency hedge reserve
Disclosure of detailed information about financial instruments
Hedge reserve balance at the start of the period: gains/(losses) deferred	29	27
Gains/(losses) arising during the period	(20)	11
Transfer to profit from cash flow hedge reserve	(18)	(9)
Exchange translation differences	1
Hedge reserve balance at the end of the period: gains/(losses) deferred	£ (8)	£ 29	£ 27

Financial instruments - Summa_5

Financial instruments - Summary of deferred gains and losses on cash flow hedges currently expected to recognized in future periods (Details) - Foreign currency hedge reserve - GBP (£) £ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about financial instruments
Reserve of cash flow hedges, before tax	£ (8)	£ 29	£ 27
Principal amount of hedges	1,418
Carrying values	£ (23)
Within 1 year
Disclosure of detailed information about financial instruments
Reserve of cash flow hedges, before tax	£ 4
Principal amount of hedges	673
Carrying values	£ (11)
Within 1 to 2 years
Disclosure of detailed information about financial instruments
Reserve of cash flow hedges, before tax	£ (10)
Principal amount of hedges	459
Carrying values	£ (10)
Within 2 to 3 years
Disclosure of detailed information about financial instruments
Reserve of cash flow hedges, before tax	£ (2)
Principal amount of hedges	250
Carrying values	£ (2)
Within 3 to 4 years
Disclosure of detailed information about financial instruments
Principal amount of hedges	36

Inventories and pre-publicati_3

Inventories and pre-publication costs - Summary of inventories and pre-publication cost (Detail) - GBP (£) £ in Millions	Dec. 31, 2022	Dec. 31, 2021
Inventories and pre-publication costs
Raw materials	£ 3	£ 2
Pre-publication costs	264	218
Finished goods	42	33
Total	£ 309	£ 253

Inventories and pre-publicati_4

Inventories and pre-publication costs - Additional information (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Inventories and pre-publication costs
Pre-publication costs capitalized	£ 94	£ 73
Pre-publication costs, amortization charge	£ 72	£ 60

Trade and other receivables - S

Trade and other receivables - Summary of trade and other receivables (Details) - GBP (£) £ in Millions	Dec. 31, 2022	Dec. 31, 2021
Trade and other receivables
Trade receivables	£ 2,075	£ 1,632
Prepayments and accrued income	310	316
Current tax receivable	15	10
Net finance lease receivable	5	2
Total	2,405	1,960
Gross
Trade and other receivables
Trade receivables	2,193	1,738
Loss allowance
Trade and other receivables
Trade receivables	£ (118)	£ (106)

Trade and other receivables -_2

Trade and other receivables - Summary of movements in loss allowance (Details) - Trade receivables - Loss allowance - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Trade and other receivables
At start of year	£ 106	£ 99
Charge for the year	11	17
Trade receivables written off	(7)	(8)
Exchange translation differences	8	(2)
At end of year	£ 118	£ 106

Trade and other payables - Summ

Trade and other payables - Summary of Trade and other payable (Detail) - GBP (£) £ in Millions	Dec. 31, 2022	Dec. 31, 2021
Trade and other payables
Trade payables	£ 129	£ 109
Accruals	844	718
Social security and other taxes	159	141
Other payables	517	351
Deferred income	2,368	1,956
Total	£ 4,017	£ 3,275

Debt - Summary of types of borr

Debt - Summary of types of borrowings both current and non-current (Details) - GBP (£) £ in Millions	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about borrowings
Debt	£ 6,730	£ 6,167
Short-term bank loans, overdrafts and commercial paper
Disclosure of detailed information about borrowings
Debt	102	131
Term debt, excluding fair value hedging relationships
Disclosure of detailed information about borrowings
Debt	3,641	3,442
Lease liabilities
Disclosure of detailed information about borrowings
Debt	182	208
Term debt, in fair value hedging relationships
Disclosure of detailed information about borrowings
Debt	2,554	2,161
Term debt, previously in fair value hedging relationships
Disclosure of detailed information about borrowings
Debt	251	225
Within 1 year
Disclosure of detailed information about borrowings
Debt	870	232
Within 1 year | Short-term bank loans, overdrafts and commercial paper
Disclosure of detailed information about borrowings
Debt	102	131
Within 1 year | Term debt, excluding fair value hedging relationships
Disclosure of detailed information about borrowings
Debt		32
Within 1 year | Lease liabilities
Disclosure of detailed information about borrowings
Debt	67	69
Within 1 year | Term debt, in fair value hedging relationships
Disclosure of detailed information about borrowings
Debt	576
Within 1 year | Term debt, previously in fair value hedging relationships
Disclosure of detailed information about borrowings
Debt	125
After 1 year
Disclosure of detailed information about borrowings
Debt	5,860	5,935
After 1 year | Term debt, excluding fair value hedging relationships
Disclosure of detailed information about borrowings
Debt	3,641	3,410
After 1 year | Lease liabilities
Disclosure of detailed information about borrowings
Debt	115	139
After 1 year | Term debt, in fair value hedging relationships
Disclosure of detailed information about borrowings
Debt	1,978	2,161
After 1 year | Term debt, previously in fair value hedging relationships
Disclosure of detailed information about borrowings
Debt	£ 126	£ 225

Debt - Additional information (

Debt - Additional information (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
RELX Capital Inc.
Disclosure of detailed information about borrowings
Proportion of ownership interest in subsidiary	100%
Financial liabilities measured at amortised cost (excluding lease liabilities)
Disclosure of detailed information about borrowings
Fair value of debt	£ 3,451	£ 3,746
Term debt, in fair value hedging relationships
Disclosure of detailed information about borrowings
Fair value of debt	2,688	2,268
Term debt, previously in fair value hedging relationships
Disclosure of detailed information about borrowings
Fair value of debt	£ 257	£ 255

Debt - Summary of repayment yea

Debt - Summary of repayment years for borrowings (Details) £ in Millions, $ in Billions	Dec. 31, 2022 USD ($)	Dec. 31, 2022 GBP (£)	Dec. 31, 2021 GBP (£)
Disclosure of detailed information about borrowings
Debt		£ 6,730	£ 6,167
Committed bank facility	$ 3	2,500
Short-term bank loans, overdrafts and commercial paper
Disclosure of detailed information about borrowings
Debt		102	131
Term debt
Disclosure of detailed information about borrowings
Debt		6,446	5,828
Lease liabilities
Disclosure of detailed information about borrowings
Debt		182	208
Within 1 year
Disclosure of detailed information about borrowings
Debt		870	232
Within 1 year | Short-term bank loans, overdrafts and commercial paper
Disclosure of detailed information about borrowings
Debt		102	131
Within 1 year | Term debt
Disclosure of detailed information about borrowings
Debt		701	32
Within 1 year | Lease liabilities
Disclosure of detailed information about borrowings
Debt		67	69
After 1 year
Disclosure of detailed information about borrowings
Debt		5,860	5,935
After 1 year | Term debt
Disclosure of detailed information about borrowings
Debt		5,745	5,796
After 1 year | Lease liabilities
Disclosure of detailed information about borrowings
Debt		115	139
Within 1 to 2 years
Disclosure of detailed information about borrowings
Debt		1,069	681
Within 1 to 2 years | Term debt
Disclosure of detailed information about borrowings
Debt		1,045	641
Within 1 to 2 years | Lease liabilities
Disclosure of detailed information about borrowings
Debt		24	40
Within 2 to 3 years
Disclosure of detailed information about borrowings
Debt		648	1,049
Within 2 to 3 years | Term debt
Disclosure of detailed information about borrowings
Debt		623	1,012
Within 2 to 3 years | Lease liabilities
Disclosure of detailed information about borrowings
Debt		25	37
Within 3 to 4 years
Disclosure of detailed information about borrowings
Debt		684	657
Within 3 to 4 years | Term debt
Disclosure of detailed information about borrowings
Debt		660	628
Within 3 to 4 years | Lease liabilities
Disclosure of detailed information about borrowings
Debt		24	29
Within 4 to 5 years
Disclosure of detailed information about borrowings
Debt		612	643
Within 4 to 5 years | Term debt
Disclosure of detailed information about borrowings
Debt		595	626
Within 4 to 5 years | Lease liabilities
Disclosure of detailed information about borrowings
Debt		17	17
After 5 years
Disclosure of detailed information about borrowings
Debt		2,847	2,905
After 5 years | Term debt
Disclosure of detailed information about borrowings
Debt		2,822	2,889
After 5 years | Lease liabilities
Disclosure of detailed information about borrowings
Debt		£ 25	£ 16

Debt - Analysis of borrowings b

Debt - Analysis of borrowings by currency (Details) € in Millions, £ in Millions	Dec. 31, 2022 GBP (£)	Dec. 31, 2022 EUR (€)	Dec. 31, 2021 GBP (£)	Dec. 31, 2021 EUR (€)
Disclosure of detailed information about borrowings
Debt	£ 6,730		£ 6,167
Short-term bank loans, overdrafts and commercial paper
Disclosure of detailed information about borrowings
Debt	102		131
Term debt
Disclosure of detailed information about borrowings
Debt	6,446		5,828
Lease liabilities
Disclosure of detailed information about borrowings
Debt	182		208
US dollars
Disclosure of detailed information about borrowings
Debt	3,227		2,838
US dollars | Short-term bank loans, overdrafts and commercial paper
Disclosure of detailed information about borrowings
Debt	2		68
US dollars | Term debt
Disclosure of detailed information about borrowings
Debt	3,160		2,691
Debt denominated in another currency, swapped into given currency	498	€ 600	515	€ 600
Fair value of derivative financial instruments against debt denominated in another currency, swapped into given currency	55		21
US dollars | Lease liabilities
Disclosure of detailed information about borrowings
Debt	65		79
Pounds sterling
Disclosure of detailed information about borrowings
Debt	40		51
Pounds sterling | Lease liabilities
Disclosure of detailed information about borrowings
Debt	40		51
Euro
Disclosure of detailed information about borrowings
Debt	3,343		3,199
Euro | Short-term bank loans, overdrafts and commercial paper
Disclosure of detailed information about borrowings
Debt			15
Euro | Term debt
Disclosure of detailed information about borrowings
Debt	3,286		3,137
Euro | Lease liabilities
Disclosure of detailed information about borrowings
Debt	57		47
Other currencies
Disclosure of detailed information about borrowings
Debt	120		79
Other currencies | Short-term bank loans, overdrafts and commercial paper
Disclosure of detailed information about borrowings
Debt	100		48
Other currencies | Lease liabilities
Disclosure of detailed information about borrowings
Debt	£ 20		£ 31

Lease arrangements - Summary of

Lease arrangements - Summary of right of use assets (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Lease arrangements
At start of year	£ 161	£ 216
Additions	34	25
Acquisitions	3
Remeasurement	8	9
Disposals	(8)	(5)
Depreciation	(63)	(66)
Impairment		(14)
Exchange translation differences	10	(4)
At end of year	£ 145	£ 161

Lease arrangements - Summary _2

Lease arrangements - Summary of lease liability (Details) - GBP (£) £ in Millions	Dec. 31, 2022	Dec. 31, 2021
Disclosure of lease liabilities
Total lease liabilities	£ (182)	£ (208)
Property
Disclosure of lease liabilities
Current lease liabilities	(65)	(67)
Non-current lease liabilities	(113)	(136)
Non-property
Disclosure of lease liabilities
Current lease liabilities	(2)	(2)
Non-current lease liabilities	£ (2)	£ (3)

Lease arrangements - Additional

Lease arrangements - Additional information (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Lease arrangements
Interest expense on lease liabilities	£ 6	£ 8	£ 12
Leases with future cash outflows	£ 32	£ 5

Lease arrangements - Summary _3

Lease arrangements - Summary of finance lease receivable (Details) - GBP (£) £ in Millions	Dec. 31, 2022	Dec. 31, 2021
Lease arrangements
Net finance lease receivable	£ 5	£ 2

Share capital and shares held_2

Share capital and shares held in treasury - Summary of called up share capital issued and fully paid (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disclosure of classes of share capital
Shares issued at start of year	1,984,961,632	1,982,299,312
Issue of ordinary shares	1,918,456	2,662,320
Cancellation of ordinary shares	(52,000,000)
Shares issued at end of year	1,934,880,088	1,984,961,632
At start of year	£ 286	£ 286
Cancellation of ordinary share	(7)
At end of year	£ 279	£ 286

Share capital and shares held_3

Share capital and shares held in treasury - Summary of number of ordinary shares (Details) - GBP (£) £ / shares in Units, £ in Millions	2 Months Ended	12 Months Ended
	Feb. 28, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 09, 2022
Disclosure of classes of share capital
Shares issued at start of year	1,934,880,088	1,984,961,632	1,982,299,312
Treasury shares at start of year	(25,400,000)	(55,600,000)
Shares outstanding at start of year	1,909,526,620	1,929,425,389	1,926,000,000
Issue of ordinary shares		1,918,456	2,662,320
Repurchase of ordinary shares		(21,700,000)	0	(7,800,000)
Net release of shares by the Employee Benefit Trust		(100,000)	700,000
Cancellation of ordinary shares		(52,000,000)
Cancellation of treasury share		52,000,000	0	0
Shares issued at end of year		1,934,880,088	1,984,961,632	1,982,299,312
Treasury shares at end of year		(25,400,000)	(55,600,000)
Shares outstanding at end of year		1,909,526,620	1,929,425,389	1,926,000,000
Average price of ordinary shares repurchased		£ 23.03
Repurchase of ordinary shares		£ 500	£ 0	£ 150
Shares purchased by Employee Benefit Trust		2,200,000
Purchase of shares by Employee Benefit Trust		£ 50	1	37
Shares held by the Employee Benefit Trust, amount		£ 101	£ 86	£ 97
Treasury shares held by employee benefit trust		5,553,401	5,448,564	6,192,953
Treasury shares held by parent company		19,800,067	50,087,679	50,087,679
Value of ordinary shares non-discretionary repurchase programme					£ 150
Accrual for ordinary shares non-discretionary repurchase programme		£ 150
Number of ordinary shares repurchased under non-discretionary programme	6,300,000

Other reserves - Summary of oth

Other reserves - Summary of other reserves and translation reserve (Details) - GBP (£) £ in Millions, shares in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Other reserves and translation reserve
Equity at beginning of period	£ 3,224	£ 2,101	£ 2,190
Profit attributable to shareholders	1,634	1,471	1,224
Dividends paid	(992)	(930)	(886)
Actuarial losses on defined benefit pension schemes	164	321	(155)
Fair value movements on cash flow hedges	(18)	10	(6)
Transfer to net profit from cash flow hedge reserve	(17)	(9)	22
Tax recognised in other comprehensive income	(35)	(49)	35
Exchange differences on translation of foreign operations	427	223	(265)
Increase in share based remuneration reserve (net of tax)	47	55	27
Disposal/(acquisition) of noncontrolling interests	(1)
Equity at end of period	£ 3,754	£ 3,224	£ 2,101
Cancellation of treasury share	52	0	0
Other reserves and translation reserve
Other reserves and translation reserve
Equity at beginning of period	£ 2,331	£ 1,241
Profit attributable to shareholders	1,634	1,471
Dividends paid	(983)	(920)
Actuarial losses on defined benefit pension schemes	164	321
Fair value movements on cash flow hedges	(18)	10
Transfer to net profit from cash flow hedge reserve	(17)	(9)
Tax recognised in other comprehensive income	(35)	(49)
Exchange differences on translation of foreign operations	427	223
Cancellation of shares	(1,120)
Increase in share based remuneration reserve (net of tax)	47	55
Settlement of share awards	(35)	(12)
Disposal/(acquisition) of noncontrolling interests	(1)
Equity at end of period	2,394	2,331	£ 1,241
Translation reserve
Other reserves and translation reserve
Equity at beginning of period	250	27	292
Exchange differences on translation of foreign operations	427
Equity at end of period	677	250	£ 27
Increase (decrease) in equity	427
Exchange differences on net debt	560
Exchange differences on assets, net of other liabilities	987
Hedge reserve
Other reserves and translation reserve
Equity at beginning of period	19
Fair value movements on cash flow hedges	(18)	10
Transfer to net profit from cash flow hedge reserve	(17)	(9)
Tax recognised in other comprehensive income	8
Equity at end of period	(8)	19
Other reserves excluding hedges
Other reserves and translation reserve
Equity at beginning of period	2,062
Profit attributable to shareholders	1,634
Dividends paid	(983)
Actuarial losses on defined benefit pension schemes	164
Tax recognised in other comprehensive income	(43)
Cancellation of shares	(1,120)
Increase in share based remuneration reserve (net of tax)	47
Settlement of share awards	(35)
Disposal/(acquisition) of noncontrolling interests	(1)
Equity at end of period	£ 1,725	£ 2,062

Related party transactions - Ad

Related party transactions - Additional information (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Related party transactions
Deemed benefits provided to former directors	£ 0	£ 0	£ 0
Loans, advances or guarantees provided on behalf of Directors	0
Aggregate gains made by executive directors on exercise of options	0	0	0
Joint ventures
Related party transactions
Revenue from sales of goods and services	0.4	0	0
Receiving of goods and services	0	0.2	0.1
Amounts receivable	4.2	2.4	0.8
Amounts payable	£ 1.2	£ 1.4	£ 0.4

Related party transactions - Su

Related party transactions - Summary of Key management personnel remunerations (Detail) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Related party transactions
Salaries, other short-term employee benefits and non-executive fees	£ 7	£ 7	£ 6
Post-employment benefits		1	1
Share based remuneration	7	8	1
Total	£ 14	£ 16	£ 8

Related party transactions - _2

Related party transactions - Summary of executive director remuneration (Detail) - GBP (£) £ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Related party transactions
Salary	£ 2,137	£ 2,085	£ 2,034
Benefits	97	97	99
Annual incentive	3,251	3,604	2,623
Share based remuneration	6,857	7,953	595
Pension	268	774	687
Total Executive Directors	£ 12,610	£ 14,513	£ 6,038

Related party transactions - _3

Related party transactions - Summary of non-executive directors remuneration (Details) - GBP (£) £ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Related party transactions
Fees and benefits	£ 1,566	£ 1,598	£ 1,558

Exchange rates (Details)

Exchange rates (Details)	12 Months Ended
	Dec. 31, 2022 € / £	Dec. 31, 2022 € / £ $ / £	Dec. 31, 2021 € / £	Dec. 31, 2021 $ / £ € / £	Dec. 31, 2020 € / £	Dec. 31, 2020 $ / £	Dec. 31, 2022 $ / £	Dec. 31, 2021 $ / £
Exchange rates
Average foreign exchange rate	1.17	1.24	1.16	1.38	1.12	1.28
Closing foreign exchange rate	1.13	1.13	1.19	1.19			1.21	1.35

Related undertakings - Summary

Related undertakings - Summary of full list of related parties - Australia to Italy (Details)	12 Months Ended
	Dec. 31, 2022
Australia | LNRS Data Services (Australia) Pty Ltd | Ordinary
Related party transactions
Company name	LNRS Data Services (Australia) Pty Ltd
Percentage of undertaking	100%
Reg office	AUS1
Australia | Reed Exhibitions Australia Pty Ltd | Ordinary
Related party transactions
Company name	Reed Exhibitions Australia Pty Ltd
Percentage of undertaking	100%
Reg office	AUS2
Australia | Reed International Books Australia Pty Ltd | Ordinary
Related party transactions
Company name	Reed International Books Australia Pty Ltd
Percentage of undertaking	100%
Reg office	AUS2
Australia | RELX Australia Pty Ltd | Ordinary
Related party transactions
Company name	RELX Australia Pty Ltd
Percentage of undertaking	100%
Reg office	AUS2
Australia | ThreatMetrix Pty Ltd | Ordinary
Related party transactions
Company name	ThreatMetrix Pty Ltd
Percentage of undertaking	100%
Reg office	AUS2
Austria | LexisNexis Verlag ARD ORAC GmbH & Co KG | Partnership Interest
Related party transactions
Company name	LexisNexis Verlag ARD ORAC GmbH & Co KG
Percentage of undertaking	100%
Reg office	AUT2
Austria | ORAC GmbH | Ordinary
Related party transactions
Company name	ORAC GmbH
Percentage of undertaking	100%
Reg office	AUT2
Austria | RELX Austria GmbH | Ordinary
Related party transactions
Company name	RELX Austria GmbH
Percentage of undertaking	100%
Reg office	AUT3
Austria | RX CEE GmbH | Ordinary
Related party transactions
Company name	RX CEE GmbH
Percentage of undertaking	100%
Reg office	AUT1
Austria | RX Salzburg GmbH | Ordinary
Related party transactions
Company name	RX Salzburg GmbH
Percentage of undertaking	100%
Reg office	AUT3
Austria | RX Wien GmbH | Ordinary
Related party transactions
Company name	RX Wien GmbH
Percentage of undertaking	100%
Reg office	AUT1
Austria | Standout GmbH | Ordinary
Related party transactions
Company name	Standout GmbH
Percentage of undertaking	100%
Reg office	AUT4
Belgium | LexisNexis BV | Ordinary
Related party transactions
Company name	LexisNexis BV
Percentage of undertaking	100%
Reg office	BEL1
Brazil | Elsevier Editora Ltda | Quotas
Related party transactions
Company name	Elsevier Editora Ltda
Percentage of undertaking	100%
Reg office	BRA1
Brazil | Fircosoft Brasil Consultoria e Servicos de Informatica Ltda | Quotas
Related party transactions
Company name	Fircosoft Brasil Consultoria e Servicos de Informatica Ltda
Percentage of undertaking	100%
Reg office	BRA2
Brazil | Gestora de Inteligncia de Crdito S.A. | Common, Preferred
Related party transactions
Company name	Gestora de Inteligência de Crédito S.A. (20%)
Percentage of undertaking	20%
Reg office	BRA8
Brazil | LexisNexis Informaes e Sistemas Empresariais Ltda | Quotas
Related party transactions
Company name	LexisNexis Informações e Sistemas Empresariais Ltda
Percentage of undertaking	100%
Reg office	BRA6
Brazil | LexisNexis Servios de Anlise de Risco Ltda | Quotas
Related party transactions
Company name	LexisNexis Serviços de Análise de Risco Ltda
Percentage of undertaking	100%
Reg office	BRA7
Brazil | MLex Brasil Midia Mercadologica Ltda | Quotas
Related party transactions
Company name	MLex Brasil Midia Mercadologica Ltda
Percentage of undertaking	100%
Reg office	BRA4
Brazil | Reed Exhibitions Alcntara Machado Ltda | Quotas
Related party transactions
Company name	Reed Exhibitions Alcântara Machado Ltda
Percentage of undertaking	100%
Reg office	BRA3
Brazil | SST Software do Brasil Ltda | Quotas
Related party transactions
Company name	SST Software do Brasil Ltda
Percentage of undertaking	100%
Reg office	BRA5
Canada | Elsevier Canada Inc. | Common
Related party transactions
Company name	Elsevier Canada Inc.
Percentage of undertaking	100%
Reg office	CAN2
Canada | LexisNexis Canada Inc. | Class B
Related party transactions
Company name	LexisNexis Canada Inc.
Percentage of undertaking	100%
Reg office	CAN1
Canada | RELX Canada Ltd | Common
Related party transactions
Company name	RELX Canada Ltd
Percentage of undertaking	100%
Reg office	CAN1
China | Bakery China Exhibitions Co., Ltd (25%) | Ordinary
Related party transactions
Company name	Bakery China Exhibitions Co., Ltd (25%)
Percentage of undertaking	25%
Reg office	CHN1
China | Beijing Medtime Elsevier Education Technology Co., Ltd (49%) | Common
Related party transactions
Company name	Beijing Medtime Elsevier Education Technology Co., Ltd (49%)
Percentage of undertaking	49%
Reg office	CHN2
China | C-One Energy (Guangzhou) Co., Ltd | Ordinary
Related party transactions
Company name	C-One Energy (Guangzhou) Co., Ltd
Percentage of undertaking	100%
Reg office	CHN5
China | ICIS Consulting (Beijing) Co., Ltd | Ordinary
Related party transactions
Company name	ICIS Consulting (Beijing) Co., Ltd (Liquidation in progress)
Percentage of undertaking	100%
Reg office	CHN18
China | KeAi Communications Co., Ltd | Ordinary
Related party transactions
Company name	KeAi Communications Co., Ltd (49%)
Percentage of undertaking	49%
Reg office	CHN15
China | LexisNexis Information Technology Co. Ltd | Ordinary
Related party transactions
Company name	LexisNexis Information Technology Co. Ltd
Percentage of undertaking	100%
Reg office	CHN19
China | LexisNexis Risk Solutions (Shanghai) Information Technologies Co., Ltd | Common
Related party transactions
Company name	LexisNexis Risk Solutions (Shanghai) Information Technologies Co. Ltd
Percentage of undertaking	100%
Reg office	CHN7
China | LNRS Data Services (Shanghai) Co Ltd | Ordinary
Related party transactions
Company name	LNRS Data Services (Shanghai) Co Ltd
Percentage of undertaking	100%
Reg office	CHN13
China | Reed Elsevier Information Technology (Beijing) Co., Ltd | Common
Related party transactions
Company name	Reed Elsevier Information Technology (Beijing) Co., Ltd
Percentage of undertaking	100%
Reg office	CHN3
China | Reed Exhibitions (China) Co., Ltd | Ordinary
Related party transactions
Company name	Reed Exhibitions (China) Co., Ltd
Percentage of undertaking	100%
Reg office	CHN4
China | Reed Exhibitions Hengjin Co., Ltd | Ordinary
Related party transactions
Company name	Reed Exhibitions Hengjin Co., Ltd (51%)
Percentage of undertaking	51%
Reg office	CHN12
China | Reed Exhibitions (Shanghai) Co., Ltd | Ordinary
Related party transactions
Company name	Reed Exhibitions (Shanghai) Co., Ltd
Percentage of undertaking	100%
Reg office	CHN10
China | Reed Huabai Exhibitions (Beijing) Co., Ltd | Ordinary
Related party transactions
Company name	Reed Huabai Exhibitions (Beijing) Co., Ltd (51%)
Percentage of undertaking	51%
Reg office	CHN4
China | Reed Huabo Exhibitions (Shenzhen) Co., Ltd | Ordinary
Related party transactions
Company name	Reed Huabo Exhibitions (Shenzhen) Co., Ltd (65%)
Percentage of undertaking	65%
Reg office	CHN16
China | Reed Huaqun Exhibitions Co., Ltd | Ordinary
Related party transactions
Company name	Reed Huaqun Exhibitions Co., Ltd (52%)
Percentage of undertaking	52%
Reg office	CHN4
China | Reed Exhibitions Kuozhan (Shanghai) Co., Ltd | Ordinary
Related party transactions
Company name	Reed Exhibitions Kuozhan (Shanghai) Co., Ltd (60%)
Percentage of undertaking	60%
Reg office	CHN8
China | Reed Sinopharm Exhibitions Co., Ltd | Ordinary
Related party transactions
Company name	Reed Sinopharm Exhibitions Co., Ltd (50%)
Percentage of undertaking	50%
Reg office	CHN4
China | RELX (China) Investment Co., Ltd | Ordinary
Related party transactions
Company name	RELX (China) Investment Co., Ltd
Percentage of undertaking	100%
Reg office	CHN9
China | RX (Shenzhen) Co., Ltd | Ordinary
Related party transactions
Company name	RX (Shenzhen) Co., Ltd
Percentage of undertaking	100%
Reg office	CHN6
China | Shanghai Datong Medical Information Technology Co., Ltd | Ordinary
Related party transactions
Company name	Shanghai Datong Medical Information Technology Co., Ltd
Percentage of undertaking	100%
Reg office	CHN17
China | Shanghai SinoReal Exhibitions Co., Ltd | Ordinary
Related party transactions
Company name	Shanghai SinoReal Exhibitions Co., Ltd (27.5%)
Percentage of undertaking	27.50%
Reg office	CHN11
China | Z&R Exhibitions Co., Ltd | Ordinary
Related party transactions
Company name	Z&R Exhibitions Co., Ltd (27.5%)
Percentage of undertaking	27.50%
Reg office	CHN14
Colombia | LexisNexis Risk Solutions SAS | Ordinary
Related party transactions
Company name	LexisNexis Risk Solutions SAS
Percentage of undertaking	100%
Reg office	COL1
Denmark | Elsevier A/S | Ordinary
Related party transactions
Company name	Elsevier A/S
Percentage of undertaking	100%
Reg office	DNK1
Egypt | Elsevier Egypt LLC | Ordinary
Related party transactions
Company name	Elsevier Egypt LLC
Percentage of undertaking	100%
Reg office	EGY1
France | Closd SAS | Ordinary
Related party transactions
Company name	Closd SAS
Percentage of undertaking	100%
Reg office	FRA9
France | Elsevier Holding France SAS | Ordinary
Related party transactions
Company name	Elsevier Holding France SAS
Percentage of undertaking	100%
Reg office	FRA1
France | Elsevier Masson SAS | Ordinary
Related party transactions
Company name	Elsevier Masson SAS
Percentage of undertaking	100%
Reg office	FRA1
France | Evoluprint SAS | Ordinary
Related party transactions
Company name	Evoluprint SAS
Percentage of undertaking	100%
Reg office	FRA2
France | Fircosoft SAS | Ordinary
Related party transactions
Company name	Fircosoft SAS
Percentage of undertaking	100%
Reg office	FRA8
France | GIE EDI Data | Ordinary
Related party transactions
Company name	GIE EDI Data (83%)
Percentage of undertaking	83%
Reg office	FRA3
France | GIE Juris Data | Ordinary
Related party transactions
Company name	GIE Juris Data
Percentage of undertaking	100%
Reg office	FRA3
France | LexisNexis Business Information Solutions SA | Ordinary
Related party transactions
Company name	LexisNexis Business Information Solutions SA
Percentage of undertaking	100%
Reg office	FRA3
France | LexisNexis Business Information Solutions Holding SA | Ordinary
Related party transactions
Company name	LexisNexis Business Information Solutions Holding SA
Percentage of undertaking	100%
Reg office	FRA5
France | LexisNexis International Development & Services SAS | Ordinary
Related party transactions
Company name	LexisNexis International Development & Services SAS
Percentage of undertaking	100%
Reg office	FRA3
France | LexisNexis SA | Ordinary
Related party transactions
Company name	LexisNexis SA
Percentage of undertaking	100%
Reg office	FRA3
France | Reed Exhibitions ISG SARL | Ordinary
Related party transactions
Company name	Reed Exhibitions ISG SARL
Percentage of undertaking	100%
Reg office	FRA6
France | RELX France SA | Ordinary
Related party transactions
Company name	RELX France SA
Percentage of undertaking	100%
Reg office	FRA6
France | RELX France Services SAS | Ordinary
Related party transactions
Company name	RELX France Services SAS
Percentage of undertaking	100%
Reg office	FRA8
France | RX France SAS | Ordinary
Related party transactions
Company name	RX France SAS
Percentage of undertaking	100%
Reg office	FRA4
France | SAFI SA | Ordinary
Related party transactions
Company name	SAFI SA (50%)
Percentage of undertaking	50%
Reg office	FRA7
Germany | BehavioSec GmbH | Ordinary
Related party transactions
Company name	BehavioSec GmbH
Percentage of undertaking	100%
Reg office	DEU7
Germany | Elsevier GmbH | Ordinary
Related party transactions
Company name	Elsevier GmbH
Percentage of undertaking	100%
Reg office	DEU3
Germany | Elsevier Information Systems GmbH | Ordinary
Related party transactions
Company name	Elsevier Information Systems GmbH
Percentage of undertaking	100%
Reg office	DEU2
Germany | IPlytics GmbH | Ordinary
Related party transactions
Company name	IPlytics GmbH
Percentage of undertaking	100%
Reg office	DEU8
Germany | LexisNexis GmbH | Ordinary
Related party transactions
Company name	LexisNexis GmbH
Percentage of undertaking	100%
Reg office	DEU4
Germany | PatentSight GmbH | Ordinary
Related party transactions
Company name	PatentSight GmbH
Percentage of undertaking	100%
Reg office	DEU6
Germany | RELX Deutschland GmbH | Ordinary
Related party transactions
Company name	RELX Deutschland GmbH
Percentage of undertaking	100%
Reg office	DEU1
Germany | RX Deutschland GmbH | Ordinary
Related party transactions
Company name	RX Deutschland GmbH
Percentage of undertaking	100%
Reg office	DEU1
Germany | Tschach Solutions GmbH | Ordinary
Related party transactions
Company name	Tschach Solutions GmbH
Percentage of undertaking	100%
Reg office	DEU5
Greece | Mack Brooks Hellas SA | Ordinary
Related party transactions
Company name	Mack Brooks Hellas SA (87.36%) (Liquidation in progress)
Percentage of undertaking	87.36%
Reg office	GRE1
Hong Kong | Ascend China Holding Ltd | Ordinary
Related party transactions
Company name	Ascend China Holding Ltd
Percentage of undertaking	100%
Reg office	HNK4
Hong Kong | JC Exhibition and Promotion Ltd | Ordinary
Related party transactions
Company name	JC Exhibition and Promotion Ltd (65%)
Percentage of undertaking	65%
Reg office	HNK4
Hong Kong | JYLN Sager Ltd | Ordinary
Related party transactions
Company name	JYLN Sager Ltd
Percentage of undertaking	100%
Reg office	HNK2
Hong Kong | LNRS Data Services (China) Ltd | Ordinary
Related party transactions
Company name	LNRS Data Services (China) Ltd
Percentage of undertaking	100%
Reg office	HNK1
Hong Kong | Reed Exhibitions Ltd | Ordinary
Related party transactions
Company name	Reed Exhibitions Ltd
Percentage of undertaking	100%
Reg office	HNK4
Hong Kong | RELX (Greater China) Ltd | Ordinary
Related party transactions
Company name	RELX (Greater China) Ltd
Percentage of undertaking	100%
Reg office	HNK3
India | FircoSoft India Private Ltd | Ordinary
Related party transactions
Company name	FircoSoft India Private Ltd
Percentage of undertaking	100%
Reg office	IND2
India | Next Events Private Ltd | Ordinary
Related party transactions
Company name	Next Events Private Ltd
Percentage of undertaking	100%
Reg office	IND1
India | Parity Computing India Private Ltd | Ordinary
Related party transactions
Company name	Parity Computing India Private Ltd
Percentage of undertaking	100%
Reg office	IND3
India | Reed Elsevier Publishing (India) Private Ltd | Ordinary
Related party transactions
Company name	Reed Elsevier Publishing (India) Private Ltd
Percentage of undertaking	100%
Reg office	IND1
India | Reed Manch Exhibitions Private Ltd | Ordinary
Related party transactions
Company name	Reed Manch Exhibitions Private Ltd
Percentage of undertaking	100%
Reg office	IND1
India | Reed Triune Exhibitions Private Ltd | Ordinary
Related party transactions
Company name	Reed Triune Exhibitions Private Ltd (72%)
Percentage of undertaking	72%
Reg office	IND4
India | RELX India Private Ltd | Ordinary
Related party transactions
Company name	RELX India Private Ltd
Percentage of undertaking	100%
Reg office	IND1
Indonesia | PT Reed Exhibitions Indonesia | Class A Preferred / Class B Common
Related party transactions
Company name	PT Reed Exhibitions Indonesia (70%)
Percentage of undertaking	70%
Reg office	IDN1
Indonesia | PT RELX Information Analytics Indonesia | Ordinary
Related party transactions
Company name	PT RELX Information Analytics Indonesia
Percentage of undertaking	100%
Reg office	IDN2
Irish Republic | Elsevier Services Ireland Ltd | Ordinary
Related party transactions
Company name	Elsevier Services Ireland Ltd
Percentage of undertaking	100%
Reg office	IRL2
Irish Republic | LexisNexis Risk Solutions (Europe) Ltd | Ordinary
Related party transactions
Company name	LexisNexis Risk Solutions (Europe) Ltd
Percentage of undertaking	100%
Reg office	IRL1
Irish Republic | LexisNexis Risk Solutions (Ireland) Ltd | Ordinary
Related party transactions
Company name	LexisNexis Risk Solutions (Ireland) Ltd
Percentage of undertaking	100%
Reg office	IRL1
Irish Republic | 3D4Medical Ltd | Ordinary
Related party transactions
Company name	3D4Medical Ltd
Percentage of undertaking	100%
Reg office	IRL3
Israel | LexisNexis Israel Ltd | Ordinary
Related party transactions
Company name	LexisNexis Israel Ltd
Percentage of undertaking	100%
Reg office	ISR1
Italy | Elsevier SRL | Registered capital
Related party transactions
Company name	Elsevier SRL
Percentage of undertaking	100%
Reg office	ITA1
Italy | ICIS Italia SRL | Ordinary
Related party transactions
Company name	ICIS Italia SRL
Percentage of undertaking	100%
Reg office	ITA2
Italy | RX Italy SRL | Ordinary
Related party transactions
Company name	RX Italy SRL
Percentage of undertaking	100%
Reg office	ITA1

Related undertakings - Summar_2

Related undertakings - Summary of full list of related parties - Japan to United Kingdom (Details)	12 Months Ended
	Dec. 31, 2022
Japan | Ascend Japan KK | Ordinary
Related party transactions
Company name	Ascend Japan KK
Percentage of undertaking	100%
Reg office	JPN1
Japan | Elsevier Japan KK | Ordinary
Related party transactions
Company name	Elsevier Japan KK
Percentage of undertaking	100%
Reg office	JPN2
Japan | LexisNexis Japan KK | Ordinary
Related party transactions
Company name	LexisNexis Japan KK
Percentage of undertaking	100%
Reg office	JPN2
Japan | PatentSight Japan Inc | Common
Related party transactions
Company name	PatentSight Japan Inc.
Percentage of undertaking	100%
Reg office	JPN2
Japan | RX Japan KK | Ordinary
Related party transactions
Company name	RX Japan KK
Percentage of undertaking	100%
Reg office	JPN3
Korea (Republic of) | Elsevier Korea LLC | Ordinary
Related party transactions
Company name	Elsevier Korea LLC
Percentage of undertaking	100%
Reg office	KOR1
Korea (Republic of) | LexisNexis Legal and Professional Service Korea Ltd | Ordinary
Related party transactions
Company name	LexisNexis Legal and Professional Service Korea Ltd
Percentage of undertaking	100%
Reg office	KOR2
Korea (Republic of) | Reed Exhibitions Korea Ltd | Ordinary
Related party transactions
Company name	Reed Exhibitions Korea Ltd
Percentage of undertaking	100%
Reg office	KOR3
Korea (Republic of) | Reed Exporum Ltd | Ordinary
Related party transactions
Company name	Reed Exporum Ltd (60%)
Percentage of undertaking	60%
Reg office	KOR4
Korea (Republic of) | Reed K. Fairs Ltd | Ordinary
Related party transactions
Company name	Reed K. Fairs Ltd (70%)
Percentage of undertaking	70%
Reg office	KOR3
Macau | Reed Exhibitions Macau Ltd | Ordinary
Related party transactions
Company name	Reed Exhibitions Macau Ltd
Percentage of undertaking	100%
Reg office	MAC1
Malaysia | LexisNexis Malaysia Sdn Bhd | Ordinary
Related party transactions
Company name	LexisNexis Malaysia Sdn Bhd
Percentage of undertaking	100%
Reg office	MYS1
Mexico | Masson-Doyma Mexico, S.A. | Ordinary
Related party transactions
Company name	Masson-Doyma Mexico, S.A.
Percentage of undertaking	100%
Reg office	MEX1
Mexico | Reed Exhibitions Mexico S.A. de C.V. | Fixed
Related party transactions
Company name	Reed Exhibitions Mexico S.A. de C.V.
Percentage of undertaking	100%
Reg office	MEX2
Netherlands | AGRM Solutions C.V. | Partnership Interest
Related party transactions
Company name	AGRM Solutions C.V.
Percentage of undertaking	100%
Reg office	NLD1
Netherlands | Caselex BV | Ordinary
Related party transactions
Company name	Caselex B.V.
Percentage of undertaking	100%
Reg office	NLD1
Netherlands | Elsevier B.V. | Ordinary
Related party transactions
Company name	Elsevier B.V.
Percentage of undertaking	100%
Reg office	NLD1
Netherlands | ICIS Benchmarking Europe B.V | Ordinary
Related party transactions
Company name	ICIS Benchmarking Europe B.V.
Percentage of undertaking	100%
Reg office	NLD1
Netherlands | LexisNexis Business Information Solutions B.V. | Ordinary
Related party transactions
Company name	LexisNexis Business Information Solutions B.V.
Percentage of undertaking	100%
Reg office	NLD1
Netherlands | LNRS Data Services BV | Ordinary
Related party transactions
Company name	LNRS Data Services B.V.
Percentage of undertaking	100%
Reg office	NLD1
Netherlands | Misset Uitgeverij B.V. | Ordinary
Related party transactions
Company name	Misset Uitgeverij B.V. (49%)
Percentage of undertaking	49%
Reg office	NLD2
Netherlands | RELX Employment Company B.V. | Ordinary
Related party transactions
Company name	RELX Employment Company B.V.
Percentage of undertaking	100%
Reg office	NLD1
Netherlands | RELX Finance B.V. | Ordinary
Related party transactions
Company name	RELX Finance B.V.
Percentage of undertaking	100%
Reg office	NLD1
Netherlands | RELX Holdings B.V. | Ordinary
Related party transactions
Company name	RELX Holdings B.V.
Percentage of undertaking	100%
Reg office	NLD1
Netherlands | RELX Nederland B.V. | Ordinary
Related party transactions
Company name	RELX Nederland B.V.
Percentage of undertaking	100%
Reg office	NLD1
Netherlands | RELX Overseas B.V. | Ordinary RE
Related party transactions
Company name	RELX Overseas B.V.
Percentage of undertaking	100%
Reg office	NLD1
New Zealand | LexisNexis NZ Ltd | Ordinary
Related party transactions
Company name	LexisNexis NZ Ltd
Percentage of undertaking	100%
Reg office	NZL1
Philippines | Reed Elsevier Shared Services (Philippines) Inc. | Common
Related party transactions
Company name	Reed Elsevier Shared Services (Philippines) Inc.
Percentage of undertaking	100%
Reg office	PHL1
Poland | AI Digital Contracts Sp. z.o.o. | Ordinary
Related party transactions
Company name	AI Digital Contracts Sp. z.o.o. (75%)
Percentage of undertaking	75%
Reg office	POL1
Poland | Elsevier Sp. z.o.o. | Ordinary
Related party transactions
Company name	Elsevier Sp. z.o.o.
Percentage of undertaking	100%
Reg office	POL2
Russia | Elsevier LLC | Participations shares
Related party transactions
Company name	Elsevier LLC (Liquidation in progress)
Percentage of undertaking	100%
Reg office	RUS2
Russia | LexisNexis LLC | Participations shares
Related party transactions
Company name	LexisNexis LLC (Liquidation in progress)
Percentage of undertaking	100%
Reg office	RUS3
Russia | Real Estate Events Direct LLC | Participations shares
Related party transactions
Company name	Real Estate Events Direct LLC (80%) (Liquidation in progress)
Percentage of undertaking	80%
Reg office	RUS1
Russia | RELX LLC | Participations shares
Related party transactions
Company name	RELX LLC (Liquidation in progress)
Percentage of undertaking	100%
Reg office	RUS1
Singapore | Elsevier (Singapore) Pte Ltd | Ordinary
Related party transactions
Company name	Elsevier (Singapore) Pte Ltd
Percentage of undertaking	100%
Reg office	SGP1
Singapore | Lexis-Nexis Philippines Pte Ltd | Ordinary-B, Preference
Related party transactions
Company name	Lexis-Nexis Philippines Pte Ltd
Percentage of undertaking	100%
Reg office	SGP2
Singapore | LNRS Data Services Pte Ltd | Ordinary
Related party transactions
Company name	LNRS Data Services Pte Ltd
Percentage of undertaking	100%
Reg office	SGP3
Singapore | RE (HAPL) Pte Ltd | Ordinary
Related party transactions
Company name	RE (HAPL) Pte Ltd
Percentage of undertaking	100%
Reg office	SGP1
Singapore | RELX (Singapore) Pte. Ltd | Ordinary
Related party transactions
Company name	RELX (Singapore) Pte Ltd
Percentage of undertaking	100%
Reg office	SGP2
South Africa | Globalrange SA (Pty) Ltd | Ordinary
Related party transactions
Company name	Globalrange SA (Pty) Ltd
Percentage of undertaking	100%
Reg office	ZAF1
South Africa | LexisNexis (Pty) Ltd | A Ordinary
Related party transactions
Company name	LexisNexis (Pty) Ltd (78%)
Percentage of undertaking	78%
Reg office	ZAF2
South Africa | LexisNexis Risk Management (Pty) Ltd | Ordinary
Related party transactions
Company name	LexisNexis Risk Management (Pty) Ltd (78%)
Percentage of undertaking	78%
Reg office	ZAF2
South Africa | LexisNexis South Africa Shared Services (Pty) Ltd | Ordinary
Related party transactions
Company name	LexisNexis South Africa Shared Services (Pty) Ltd
Percentage of undertaking	100%
Reg office	ZAF2
South Africa | Reed Events Management (Pty) Ltd | Ordinary
Related party transactions
Company name	Reed Events Management (Pty) Ltd (90%)
Percentage of undertaking	90%
Reg office	ZAF2
South Africa | Reed Exhibitions (Pty) Ltd | Ordinary
Related party transactions
Company name	Reed Exhibitions (Pty) Ltd (90%)
Percentage of undertaking	90%
Reg office	ZAF2
South Africa | Reed Exhibitions Group (Pty) Ltd | Ordinary
Related party transactions
Company name	Reed Exhibitions Group (Pty) Ltd (90%)
Percentage of undertaking	90%
Reg office	ZAF2
South Africa | Reed Venue Management (Pty) Ltd | Ordinary
Related party transactions
Company name	Reed Venue Management (Pty) Ltd (90%)
Percentage of undertaking	90%
Reg office	ZAF2
South Africa | RELX (Pty) Ltd | Ordinary
Related party transactions
Company name	RELX (Pty) Ltd
Percentage of undertaking	100%
Reg office	ZAF2
Spain | Elsevier Espana SL | Participations shares
Related party transactions
Company name	Elsevier Espana SL
Percentage of undertaking	100%
Reg office	ESP1
Sweden | Behaviometrics AB | Ordinary
Related party transactions
Company name	Behaviometrics AB
Percentage of undertaking	100%
Reg office	SWE1
Switzerland | Fircosoft Schweiz GmbH | Ordinary
Related party transactions
Company name	Fircosoft Schweiz GmbH (Liquidation in progress)
Percentage of undertaking	100%
Reg office	CHE1
Taiwan | Elsevier Taiwan LLC | Ordinary
Related party transactions
Company name	Elsevier Taiwan LLC
Percentage of undertaking	100%
Reg office	TWN1
Thailand | Reed Tradex Company Ltd | Ordinary, Preference
Related party transactions
Company name	Reed Tradex Company Ltd (49%)
Percentage of undertaking	49%
Reg office	THA1
Thailand | RELX Holding (Thailand) Co., Ltd | Ordinary
Related party transactions
Company name	RELX Holding (Thailand) Co., Ltd
Percentage of undertaking	100%
Reg office	THA2
Thailand | RELX Information Analytics (Thailand) Co., Ltd | Ordinary
Related party transactions
Company name	RELX Information Analytics (Thailand) Co., Ltd
Percentage of undertaking	100%
Reg office	THA3
Turkey | Elsevier STM Bilgi Hizmetleri Limited irketi | Ordinary
Related party transactions
Company name	Elsevier STM Bilgi Hizmetleri Limited Şirketi
Percentage of undertaking	100%
Reg office	TUR1
Turkey | Mack Brooks Fuarcilik A.S | Registered capital
Related party transactions
Company name	Mack Brooks Fuarcilik A.S.
Percentage of undertaking	100%
Reg office	TUR3
Turkey | Reed Tyap Fuarcilik A.. | A-Ordinary, B-Ordinary
Related party transactions
Company name	Reed Tüyap Fuarcilik A.S. (50%)
Percentage of undertaking	50%
Reg office	TUR2
United Arab Emirates | Reed Exhibitions FZ-LLC | Ordinary
Related party transactions
Company name	Reed Exhibitions FZ-LLC
Percentage of undertaking	100%
Reg office	UAE1
United Arab Emirates | RELX Middle East FZ-LLC | Ordinary
Related party transactions
Company name	RELX Middle East FZ-LLC
Percentage of undertaking	100%
Reg office	UAE2
United Kingdom | 3rd Street Group Ltd | Ordinary
Related party transactions
Company name	3rd Street Group Ltd
Percentage of undertaking	100%
Reg office	GBR3
United Kingdom | Butterworths Ltd | Ordinary
Related party transactions
Company name	Butterworths Ltd
Percentage of undertaking	100%
Reg office	GBR4
United Kingdom | Cordery Compliance Ltd | Ordinary
Related party transactions
Company name	Cordery Compliance Ltd (71%)
Percentage of undertaking	71%
Reg office	GBR4
United Kingdom | Cordery Ltd | Ordinary
Related party transactions
Company name	Cordery Ltd (71%)
Percentage of undertaking	71%
Reg office	GBR4
United Kingdom | Crediva Ltd | Ordinary
Related party transactions
Company name	Crediva Ltd
Percentage of undertaking	100%
Reg office	GBR5
United Kingdom | Digital Foundry Network Ltd | Ordinary
Related party transactions
Company name	Digital Foundry Network Ltd (50%)
Percentage of undertaking	50%
Reg office	GBR3
United Kingdom | E & P Events LLP | Membership Interest
Related party transactions
Company name	E & P Events LLP (50%)
Percentage of undertaking	50%
Reg office	GBR3
United Kingdom | Elsevier Ltd | Ordinary
Related party transactions
Company name	Elsevier Ltd
Percentage of undertaking	100%
Reg office	GBR6
United Kingdom | Emailage Ltd | Ordinary
Related party transactions
Company name	Emailage Ltd
Percentage of undertaking	100%
Reg office	GBR5
United Kingdom | Gamer Network Ltd | Ordinary
Related party transactions
Company name	Gamer Network Ltd
Percentage of undertaking	100%
Reg office	GBR3
United Kingdom | Gapsquare Ltd | A-Ordinary, B-Ordinary
Related party transactions
Company name	Gapsquare Ltd
Percentage of undertaking	100%
Reg office	GBR2
United Kingdom | Hookshot Media Ltd | Ordinary
Related party transactions
Company name	Hookshot Media Ltd (23.5%)
Percentage of undertaking	23.50%
Reg office	GBR8
United Kingdom | Interfolio UK Ltd | Ordinary
Related party transactions
Company name	Interfolio UK Ltd
Percentage of undertaking	100%
Reg office	GBR10
United Kingdom | LexisNexis Risk Solutions UK Ltd | Ordinary
Related party transactions
Company name	LexisNexis Risk Solutions UK Ltd
Percentage of undertaking	100%
Reg office	GBR5
United Kingdom | LNRS Data Services Holdings Ltd | Ordinary
Related party transactions
Company name	LNRS Data Services Holdings Ltd
Percentage of undertaking	100%
Reg office	GBR1
United Kingdom | LNRS Data Services Ltd | Ordinary
Related party transactions
Company name	LNRS Data Services Ltd
Percentage of undertaking	100%
Reg office	GBR2
United Kingdom | Mack-Brooks Exhibitions Ltd | Ordinary
Related party transactions
Company name	Mack-Brooks Exhibitions Ltd
Percentage of undertaking	100%
Reg office	GBR3
United Kingdom | MCM Expo Ltd | Ordinary
Related party transactions
Company name	MCM Expo Ltd
Percentage of undertaking	100%
Reg office	GBR3
United Kingdom | Mendeley Ltd | Ordinary
Related party transactions
Company name	Mendeley Ltd
Percentage of undertaking	100%
Reg office	GBR6
United Kingdom | MLex Ltd | Ordinary
Related party transactions
Company name	MLex Ltd
Percentage of undertaking	100%
Reg office	GBR4
United Kingdom | Offshore Europe (Management) Ltd | Ordinary
Related party transactions
Company name	Offshore Europe (Management) Ltd
Percentage of undertaking	100%
Reg office	GBR3
United Kingdom | Offshore Europe Partnership | Partnership Interest
Related party transactions
Company name	Offshore Europe Partnership (50%)
Percentage of undertaking	50%
Reg office	GBR3
United Kingdom | Out There Gaming Ltd | Ordinary
Related party transactions
Company name	Out There Gaming Ltd (70%)
Percentage of undertaking	70%
Reg office	GBR3
United Kingdom | Oxford Spires Management Co; Ltd | Ordinary
Related party transactions
Company name	Oxford Spires Management Co; Ltd (55%)
Percentage of undertaking	55%
Reg office	GBR7
United Kingdom | RE (HPL) Ltd | Ordinary
Related party transactions
Company name	RE (HPL) Ltd
Percentage of undertaking	100%
Reg office	GBR1
United Kingdom | RE (RCB) Ltd | Ordinary
Related party transactions
Company name	RE (RCB) Ltd
Percentage of undertaking	100%
Reg office	GBR1
United Kingdom | RE Secretaries Ltd | Ordinary
Related party transactions
Company name	RE Secretaries Ltd
Percentage of undertaking	100%
Reg office	GBR1
United Kingdom | RE (SOE) Ltd | Ordinary
Related party transactions
Company name	RE (SOE) Ltd
Percentage of undertaking	100%
Reg office	GBR3
United Kingdom | Reed Events Ltd | Ordinary
Related party transactions
Company name	Reed Events Ltd
Percentage of undertaking	100%
Reg office	GBR3
United Kingdom | Reed Exhibitions Ltd | Ordinary
Related party transactions
Company name	Reed Exhibitions Ltd
Percentage of undertaking	100%
Reg office	GBR3
United Kingdom | Reed Nominees Ltd | Ordinary
Related party transactions
Company name	Reed Nominees Ltd
Percentage of undertaking	100%
Reg office	GBR1
United Kingdom | RELX Finance Ltd | Ordinary
Related party transactions
Company name	RELX Finance Ltd
Percentage of undertaking	100%
Reg office	GBR1
United Kingdom | RELX Group plc | Ordinary
Related party transactions
Company name	RELX Group plc
Percentage of undertaking	100%
Reg office	GBR1
United Kingdom | RELX (Holdings) Ltd | Ordinary
Related party transactions
Company name	RELX (Holdings) Ltd
Percentage of undertaking	100%
Reg office	GBR1
United Kingdom | RELX (Investments) plc | Ordinary
Related party transactions
Company name	RELX (Investments) plc
Percentage of undertaking	100%
Reg office	GBR1
United Kingdom | RELX Overseas Holdings Ltd | Ordinary
Related party transactions
Company name	RELX Overseas Holdings Ltd
Percentage of undertaking	100%
Reg office	GBR1
United Kingdom | RELX (UK) Ltd | Ordinary
Related party transactions
Company name	RELX (UK) Ltd
Percentage of undertaking	100%
Reg office	GBR1
United Kingdom | REV GP (UK) LLP | Membership Interest
Related party transactions
Company name	REV GP (UK) LLP
Percentage of undertaking	100%
Reg office	GBR1
United Kingdom | REV Venture Partners Ltd | Ordinary
Related party transactions
Company name	REV Venture Partners Ltd
Percentage of undertaking	100%
Reg office	GBR1
United Kingdom | REV V LP | Partnership Interest
Related party transactions
Company name	REV V LP
Percentage of undertaking	100%
Reg office	GBR1
United Kingdom | SciBite Ltd | A Ordinary, B Ordinary, C Ordinary
Related party transactions
Company name	SciBite Ltd
Percentage of undertaking	100%
Reg office	GBR9
United Kingdom | Tracesmart Ltd | Ordinary
Related party transactions
Company name	Tracesmart Ltd
Percentage of undertaking	100%
Reg office	GBR5
United Kingdom | TruNarrative Ltd | Ordinary
Related party transactions
Company name	TruNarrative Ltd
Percentage of undertaking	100%
Reg office	GBR5

Related undertakings - Summar_3

Related undertakings - Summary of full list of related parties - United States to Vietnam (Details)	12 Months Ended
	Dec. 31, 2022
United States | Accuity Asset Verification Services Inc. | Common Stock.
Related party transactions
Company name	Accuity Asset Verification Services Inc.
Percentage of undertaking	100%
Reg office	USA1
United States | Accuity Inc. | Common Stock.
Related party transactions
Company name	Accuity Inc.
Percentage of undertaking	100%
Reg office	USA1
United States | American Textile Machinery Exhibition International Inc. | Common Stock.
Related party transactions
Company name	American Textile Machinery Exhibition International Inc. (40%)
Percentage of undertaking	40%
Reg office	USA3
United States | Aries Systems Corporation | Common Stock.
Related party transactions
Company name	Aries Systems Corporation
Percentage of undertaking	100%
Reg office	USA3
United States | BehavioSec Inc | Common Stock.
Related party transactions
Company name	BehavioSec Inc
Percentage of undertaking	100%
Reg office	USA2
United States | Crop Data Management Systems, Inc. | Common Stock.
Related party transactions
Company name	Crop Data Management Systems, Inc.
Percentage of undertaking	100%
Reg office	USA2
United States | Dunlap-Hanna Publishers | Partnership Interest
Related party transactions
Company name	Dunlap-Hanna Publishers (50%)
Percentage of undertaking	50%
Reg office	USA7
United States | Elsevier Holdings Inc. | Common Stock.
Related party transactions
Company name	Elsevier Holdings Inc.
Percentage of undertaking	100%
Reg office	USA3
United States | Elsevier Inc. | Common Stock.
Related party transactions
Company name	Elsevier Inc.
Percentage of undertaking	100%
Reg office	USA3
United States | Elsevier Medical Information LLC | Membership Interest
Related party transactions
Company name	Elsevier Medical Information LLC
Percentage of undertaking	100%
Reg office	USA3
United States | Elsevier STM Inc. | Common Stock.
Related party transactions
Company name	Elsevier STM Inc.
Percentage of undertaking	100%
Reg office	USA3
United States | Emailage Corp. | Common Stock.
Related party transactions
Company name	Emailage Corp.
Percentage of undertaking	100%
Reg office	USA2
United States | Enclarity, Inc. | Common Stock.
Related party transactions
Company name	Enclarity, Inc.
Percentage of undertaking	100%
Reg office	USA2
United States | Flyreel Inc. | Common Stock.
Related party transactions
Company name	Flyreel Inc.
Percentage of undertaking	100%
Reg office	USA2
United States | Gaming Business Asia LLC | Membership Interest
Related party transactions
Company name	Gaming Business Asia LLC (50%)
Percentage of undertaking	50%
Reg office	USA3
United States | Health Market Science, Inc. | Common Stock.
Related party transactions
Company name	Health Market Science, Inc.
Percentage of undertaking	100%
Reg office	USA2
United States | ID Analytics LLC | Membership Interest
Related party transactions
Company name	ID Analytics LLC
Percentage of undertaking	100%
Reg office	USA2
United States | IDG-RBI China Publishers LLC | Membership Interest
Related party transactions
Company name	IDG-RBI China Publishers LLC (50%)
Percentage of undertaking	50%
Reg office	USA3
United States | Interfolio, Inc. | Common Stock.
Related party transactions
Company name	Interfolio, Inc.
Percentage of undertaking	100%
Reg office	USA3
United States | Interfolio Data 180, LLC | Membership Interest
Related party transactions
Company name	Interfolio Data 180, LLC
Percentage of undertaking	100%
Reg office	USA3
United States | Knovel Corporation | Common Stock.
Related party transactions
Company name	Knovel Corporation
Percentage of undertaking	100%
Reg office	USA3
United States | Knowable Inc | Common Stock.
Related party transactions
Company name	Knowable Inc (75%)
Percentage of undertaking	75%
Reg office	USA3
United States | Legal InQuery Solutions Inc. | Common Stock.
Related party transactions
Company name	Legal InQuery Solutions Inc.
Percentage of undertaking	100%
Reg office	USA8
United States | LexisNexis Claims Solutions Inc. | Common Stock.
Related party transactions
Company name	LexisNexis Claims Solutions Inc.
Percentage of undertaking	100%
Reg office	USA2
United States | LexisNexis Coplogic Solutions Inc. | Common Stock.
Related party transactions
Company name	LexisNexis Coplogic Solutions Inc.
Percentage of undertaking	100%
Reg office	USA2
United States | LexisNexis of Puerto Rico Inc. | Common Stock.
Related party transactions
Company name	LexisNexis of Puerto Rico Inc.
Percentage of undertaking	100%
Reg office	USA8
United States | LexisNexis Risk Data Management LLC | Membership Interest
Related party transactions
Company name	LexisNexis Risk Data Management LLC
Percentage of undertaking	100%
Reg office	USA2
United States | LexisNexis Risk Holdings Inc. | Common Stock.
Related party transactions
Company name	LexisNexis Risk Holdings Inc.
Percentage of undertaking	100%
Reg office	USA2
United States | LexisNexis Risk Solutions Inc. | Common Stock.
Related party transactions
Company name	LexisNexis Risk Solutions Inc.
Percentage of undertaking	100%
Reg office	USA2
United States | LexisNexis Risk Solutions FL Inc. | Common Stock.
Related party transactions
Company name	LexisNexis Risk Solutions FL Inc.
Percentage of undertaking	100%
Reg office	USA2
United States | LexisNexis Special Services Inc. | Common Stock.
Related party transactions
Company name	LexisNexis Special Services Inc.
Percentage of undertaking	100%
Reg office	USA6
United States | LexisNexis VitalChek Network Inc. | Common Stock.
Related party transactions
Company name	LexisNexis VitalChek Network Inc.
Percentage of undertaking	100%
Reg office	USA2
United States | LNRS Data Services Inc. | Common Stock.
Related party transactions
Company name	LNRS Data Services Inc.
Percentage of undertaking	100%
Reg office	USA5
United States | Matthew Bender & Company, Inc. | Common Stock.
Related party transactions
Company name	Matthew Bender & Company, Inc.
Percentage of undertaking	100%
Reg office	USA3
United States | MLex US, Inc. | Common Stock.
Related party transactions
Company name	MLex US, Inc.
Percentage of undertaking	100%
Reg office	USA3
United States | Parley Pro Inc. | Common Stock.
Related party transactions
Company name	Parley Pro Inc.
Percentage of undertaking	100%
Reg office	USA3
United States | PCLaw Time Matters LLC | Membership Interest
Related party transactions
Company name	PCLaw Time Matters LLC (51%)
Percentage of undertaking	51%
Reg office	USA3
United States | Portfolio Media, Inc. | Common Stock.
Related party transactions
Company name	Portfolio Media, Inc.
Percentage of undertaking	100%
Reg office	USA3
United States | Reed Technology and Information Services Inc. | Membership Interest
Related party transactions
Company name	Reed Technology and Information Services LLC
Percentage of undertaking	100%
Reg office	USA3
United States | RELX Capital Inc. | Common Stock.
Related party transactions
Company name	RELX Capital Inc.
Percentage of undertaking	100%
Reg office	USA4
United States | RELX Inc. | Common Stock.
Related party transactions
Company name	RELX Inc.
Percentage of undertaking	100%
Reg office	USA3
United States | RELX Risks Inc. | Common Stock.
Related party transactions
Company name	RELX Risks Inc.
Percentage of undertaking	100%
Reg office	USA9
United States | REV IV Partnership LP | Partnership Interest
Related party transactions
Company name	REV IV Partnership LP
Percentage of undertaking	100%
Reg office	USA4
United States | SAFI Americas LLC | Membership Interest
Related party transactions
Company name	SAFI Americas LLC (50%)
Percentage of undertaking	50%
Reg office	USA3
United States | SageStream LLC | Membership Interest
Related party transactions
Company name	SageStream LLC
Percentage of undertaking	100%
Reg office	USA2
United States | The Reed Elsevier Ventures 2005 Partnership LP | Partnership Interest
Related party transactions
Company name	The Reed Elsevier Ventures 2005 Partnership LP
Percentage of undertaking	100%
Reg office	USA4
United States | The Reed Elsevier Ventures 2011 Partnership LP | Partnership Interest
Related party transactions
Company name	The Reed Elsevier Ventures 2011 Partnership LP
Percentage of undertaking	100%
Reg office	USA4
United States | The Reed Elsevier Ventures 2013 Partnership LP | Partnership Interest
Related party transactions
Company name	The Reed Elsevier Ventures 2013 Partnership LP
Percentage of undertaking	100%
Reg office	USA4
United States | The Remick Publishers | Partnership Interest
Related party transactions
Company name	The Remick Publishers (50%)
Percentage of undertaking	50%
Reg office	USA7
United States | ThreatMetrix, Inc. | Common Stock.
Related party transactions
Company name	ThreatMetrix, Inc.
Percentage of undertaking	100%
Reg office	USA2
United States | World Compliance, Inc. | Common Stock.
Related party transactions
Company name	World Compliance, Inc.
Percentage of undertaking	100%
Reg office	USA4
Vietnam | Reed Tradex Vietnam LLC | Membership Interest
Related party transactions
Company name	Reed Tradex Vietnam LLC (49%)
Percentage of undertaking	49%
Reg office	VIE1

5 year summary (Details)

5 year summary (Details) - GBP (£) £ / shares in Units, £ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of 5-year summary
Underlying revenue growth	9%	7%	(9.00%)	4%	4%
Underlying adjusted operating profit growth	15%	13%	(18.00%)	5%	6%
Adjusted earnings per share growth (at constant currency)	10%	17%	(15.00%)	7%	7%
Adjusted revenue	£ 8,553	£ 7,244	£ 7,110	£ 7,874	£ 7,492
Adjusted operating profit	£ 2,683	£ 2,210	£ 2,076	£ 2,491	£ 2,346
Adjusted operating margin	31.40%	30.50%	29.20%	31.60%	31.30%
Adjusted profit before tax	£ 2,489	£ 2,077	£ 1,916	£ 2,200	£ 2,145
Adjusted net profit attributable to shareholders	£ 1,961	£ 1,689	£ 1,543	£ 1,808	£ 1,674
Adjusted net margin	22.90%	23.30%	21.70%	23%	22.30%
Adjusted cash flow	£ 2,709	£ 2,230	£ 2,009	£ 2,402	£ 2,243
Adjusted cash flow conversion	101%	101%	97%	96%	96%
Adjusted return on invested capital	12.50%	11.90%	10.80%	13.60%	13.20%
Adjusted earnings per ordinary share	£ 1.022	£ 0.876	£ 0.801	£ 0.930	£ 0.847
Ordinary dividend per share	£ 0.546	£ 0.498	£ 0.470	£ 0.457	£ 0.421
Revenue	£ 8,553	£ 7,244	£ 7,110	£ 7,874	£ 7,492
Reported operating profit	2,323	1,884	1,525	2,101	1,964
Reported profit before tax	2,113	1,797	1,483	1,847	1,720
Reported net profit attributable to shareholders	£ 1,634	£ 1,471	£ 1,224	£ 1,505	£ 1,422
Reported net margin	19.10%	20.30%	17.20%	19.10%	19%
Reported net debt	£ 6,604	£ 6,017	£ 6,898	£ 6,191	£ 6,177
Reported earnings per ordinary share	£ 0.852	£ 0.763	£ 0.635	£ 0.774	£ 0.719