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LONDON, Feb 11 (Reuters) - European information business
provider Relx said it planned to raise its dividend by
3% after predicting a return to pre-COVID profit trends in 2021
for its three main divisions covering science, legal and risk.
The British FTSE 100 group, which has transformed from being
a traditional media publisher to one focusing on the more stable
business of data and analytics, was hit in 2020 by the
cancellation of events in its exhibitions arm.
The division posted an adjusted loss of 164 million pounds
($227 million) in 2020, compared with a profit of 331 million
pounds the year before, and said the outlook for holding major
events in 2021 remained uncertain.
The company's other three divisions, which accounted for 95%
of revenue in 2020, continued to deliver underlying growth in
revenue and adjusted operating profit.
Overall, Relx reported adjusted operating profit of 2.1
billion pounds ($2.9 billion), down from last year's 2.5 billion
pounds but in line with forecasts. Underlying revenue fell 9% to
7.1 billion pounds.
"Earnings per share is currently being impacted by Covid-19
related disruption to our exhibitions business, but we are
proposing a 3% increase in the dividend to 47.0p reflecting our
consistent track record and our confidence in the outlook for
the company," Chairman Anthony Habgood said.
($1 = 0.7219 pounds)
($1 = 0.7222 pounds)
(Reporting by Kate Holton; editing by Michael Holden)