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Relx to freeze £400m share buyback due to Covid-19 uncertainty

By BFN News | 07:56 AM | Wednesday 08 April, 2020


Scientific information provider Relx said it had decided not to proceed with the next stage of a planned share buyback due to uncertainty caused by the Covid-19 crisis. The company said the current tranche of its share buyback programme would be completed on 22 April, with £150m of the planned full year total of £400m having been deployed. 'The board of Relx has decided not to continue with the next tranche of the share buyback programme at this time, and will review this decision later in the year,' it added. Relx said revenue at its scientific, technical and medical division could be impact by prolonged restrictions on movement, reducing its ability to conduct new sales in person and distribute print products. Overall revenue stability in the division was supported by 75% being subscription based, it added. The company also warned of potential slowdowns in its risk, legal and exhibitions businesses. Story provided by StockMarketWire.com

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