As filed with the Securities and Exchange Commission on March 7, 2017February 20, 2020

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM20-F

(Mark One)

Or

For the fiscal year ended December 31, 20162019

Or

For the transition period from              to             

Or

Commission file number:1-13334

RELX PLC

(Exact name of Registrant as specified in its charter)

England

(Jurisdiction of incorporation or organisation)

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

(Address of principal executive offices)

Henry Udow

Company Secretary

RELX PLC

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

011 44 20 7166 5500

henry.udow@relx.com

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

Company Contact Person)

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

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

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

Indicate the number of outstanding shares of each of the issuers’issuer’s classes of capital or common stock as of December 31, 2016:2019:

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

Yes                ☑                 No                 ☐

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

Yes                 ☐                No                ☑

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

Yes                ☑                 No                 ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of RegulationS-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes                ☐☑                 No                 ☐

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

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

Large accelerated filer  ☑                             Acceleratedfiler  ☐                            Non-accelerated filer  ☐† The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

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

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

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

Item 17         ☐                    Item 18         ☐

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

Yes                 ☐                 No                ☑

TABLE OF CONTENTS

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GENERAL

RELX PLC is a holding company. Itpublicly-held entity, and owns 52.9%all of the shares of RELX Group plc.Group’s businesses.

RELX NV is a holding company. It owns 47.1% of the shares of RELX Group plc.

As used in this Annual Report on Form20-F, the terms “the Group”, “RELX Group”“Group”, “RELX”, “we,”“we”, “our” or “us” refer collectively to RELX PLC and its subsidiaries, associates and joint ventures. For dates and periods ended before the corporate simplification on September 8, 2018, such terms refer collectively to RELX PLC, RELX NV, RELX Group plc and its subsidiaries, associates and joint ventures. RELX PLC and RELX NV are also referred to herein as the “parent companies.” Additional terms are defined in the Glossary of Terms on pagesS-1 andS-2.

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

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

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

Pursuant to Rule12b-23(a) of the US Securities Exchange Act of 1934, as amended (the “Exchange Act”), certain information in this Annual Report on Form20-F is being incorporated by reference to the Group’sRELX Annual ReportsReport and Financial Statements 20162019 appended hereto as Exhibit 15.2. With the exception of the items and pages so specified, the Group’sRELX Annual ReportsReport and Financial Statements 20162019 are not deemed to be filed as part of this Form20-F.

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This documentannual report contains a number of forward-looking statements within the meaning of Section 27A of the United StatesUS Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act, of 1934, as amended, with respect to:to, among others:

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

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

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

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

PART I

ITEM 3: KEY INFORMATION

SELECTED FINANCIAL DATA

THE GROUP

The selected consolidated financial data for the Group should be read in conjunction with, and is qualified by, the consolidated financial statements for RELX Group which are set forth on pages 119128 to 167174 of the Group’sRELX Annual ReportsReport and Financial Statements 2016,2019 and incorporated herein by reference to Exhibit 15.2.

RELX PLC and RELX NV are separate,is a publicly-held entities. RELX PLC and RELX NV jointly own RELX Group plc which holds all of the Group’s operating businesses and financing activities. The Directors have concluded that the Group forms a single reporting entity for the presentation of consolidated financial statements and, accordingly, the Group’s consolidated financial information represents the interests of both sets of shareholders and is presented by both RELX PLC and RELX NV as their respective consolidated financial statements.entity.

The consolidated financial statements are prepared in accordance with accounting policies that are in conformity with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and as adopted by the European Union (“EU”). The selected financial data for the Group (in £) as at December 31, 2016,2019 and 20152018 and for the years ended December 31, 2016, 20152019, 2018 and 20142017 set out below has been extracted or derived from the audited consolidated financial statements, set forth on pages 119128 to 167174 of the Group’sRELX Annual ReportsReport and Financial Statements 20162019 and incorporated herein by reference to Exhibit 15.2. The selected financial data for the Group as at December 31, 2014, 20132017, 2016 and 20122015 and for the years ended December 31, 20132016 and 20122015 set out below has been extracted or derived from our audited financial statements, which are not included herein. The selected financial data as at a date and for any period ended before the year ended December 31, 2012 has been restatedcorporate simplification on September 8, 2018 is presented on a consolidated basis for the adoption of International Accounting Standard (“IAS”) 19 Employee Benefits (revised), which was adopted in the year ended December 31, 2013.RELX PLC and RELX NV as a single reporting entity.

Consolidated Income Statement Data⁽¹⁾

Consolidated Statement of Financial Position Data⁽¹⁾

years ended December 31, 2013 and 2012, not included herein, and the year ended December 31, 2012 has been restated for the adoption of IAS19 Employee Benefits (revised), which was adopted by the Group in the year ended December 31, 2013. The consolidated financial data for the years ended December 31, 2013 and 2012 are the same in all respects as the combined financial data previously reported, except for changesIASB. All results relate to the calculation of earnings per share set out below.continuing operations.

Earnings per share and dividends

EXCHANGE RATES

For a discussion of the impact of currency fluctuations on the Group’s consolidated results of operations and consolidated financial position, see “Item 5: Operating and Financial Review and Prospects”.

The following tables illustrate, for the periods and dates indicated, certain information concerning the Noon Buying Rate for pounds sterling expressed in US dollars per £1.00 and for the euro expressed in US dollars per €1.00. The exchange rate on February 24, 2017 was £1.00 = $1.25 and €1.00 = $1.06.

US dollars per £1.00 — Noon Buying Rates

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

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

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

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

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

Our businesses maintain online databases and information, including public records and other personal information. As part of maintaining this information andplatforms delivering our products and services, which we rely on, and provide data to third partyparties, including customers and service providers. These databases and information are susceptible to cyber attacks where external parties seeka target for compromise and face a risk of unauthorised access to our, or our users’, data.and use by unauthorised parties.

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

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

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

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

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

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

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

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

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

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

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

Our businesses operate globally, and our profits are subject to taxation in many differingdifferent jurisdictions and at differing tax rates. In October 2015, theThe Organisation for EconomicCo-operation and Development (the “OECD”(‘OECD’) issued its reports on Base Erosionis continuing to explore changes to the way in which profits are allocated for tax purposes between jurisdictions and Profit Shifting, which suggest a range of new approaches that national governments might adopt when taxing the activities of multinational enterprises.other reforms. As a result of the OECD projectOECD’s work and other international initiatives, tax laws that currently apply to our businesses may be amended by the relevant authorities or interpreted differently by them, and these changes could adversely affect our reported results.

Fluctuations in exchange rates may affect our results.

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

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

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

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

As a leadingglobal provider of professional information solutions to the STM, risk & business analytics, legal and exhibitions markets we, our employees and major suppliers are expected to adhere to high standards of independenceintegrity and ethical conduct, including those related to anti-bribery and anti-corruption, sanctions, competition and principled business conduct. A breach of generally accepted ethical business standards or applicable statutes concerning briberylaws could adversely affect our business performance, reputation and financial condition.

Failure to manage our environmental impact could adversely affect our businesses and reputation.

Our businesses have an impact on the environment, principally through the use of energy and water, waste generation and, in our supply chain, through paper use and print and production technologies. Failure to manage our environmental impact could adversely affect our reputation.

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

As at December 31, 2016,2019, goodwill on the consolidated statement of financial position amounted to £6,392£6,824 million and intangible assets with an indefinite life amounted to £123£114 million. We conduct an impairment test at least annually, which involves a comparison of the carrying value of goodwill and indefinite lived intangible assets by cash generating unit with estimated values in use based on latest management cash flow projections. The assumptions used in the estimation of value in use are, by their very nature, highly judgmental, and include profit growth of the business over a five yearfive-year forecast period, the long termlong-term growth rate of the business thereafter, and related discount rates. There is no guarantee that our businesses will be able to achieve the forecasted results which have been included in the impairment tests and impairment charges may be required in future periods if we are unable to meet these assumptions.

ITEM 4: INFORMATION ON THE GROUP

BUSINESS OVERVIEW

RELX PLC is a holding company. It owns 52.9% of the shares of RELX Group plc.publicly-held entity.

RELX NV is a holding company. It owns 47.1% of the shares of RELX Group plc.

RELX Group is a global provider of informationinformation-based analytics and analyticsdecision tools for professional and business customers across industries. The Groupcustomers. RELX serves customers in more than 180 countries and has offices in about 40 countries. It employs approximately 30,000over 33,000 people, of whom almost half are in North America.

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

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

ORGANISATIONAL STRUCTURE

RELX PLC is a publicly-traded holding companypublicly-held entity with its shares listed on the London, and New York stock exchanges. Its principal asset is the shares it owns in RELX Group plc, which represent a 52.9% ownership interest in RELX Group plc.

RELX NV is a publicly-traded holding company with its shares listed on the Euronext Amsterdam and New York stock exchanges. Its principal asset is the shares it owns in RELX Group plc, which represent a 47.1% ownership interest in RELX Group plc.

RELX Group plc holds all the operating businesses, subsidiaries, interests in associates and joint ventures and financing activities of RELX Group, a global provider of information and analytics for professional and business customers across industries.

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

A further description of our corporate structure as of December 31, 2016 is contained in note 1 to our consolidated financial statements as set forth on page 124 and under the heading ‘Corporate structure’ on page 71 of the Group’s Annual Reports and Financial Statements 2016 and incorporated herein by reference to Exhibit 15.2, including the parent companies’ equal voting interests in RELX Group plc.

Significant Subsidiaries, Associates, Joint Ventures and Business Units

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

HISTORY AND DEVELOPMENT

Introduction

RELX NVPLC was originally incorporated in 1880 and RELX PLC in 1903. In 1993, theyRELX PLC combined with RELX NV by contributing their respective businesses by contributing them tointo two jointly owned companies. In 2015, the structure was simplified so that all of the businesses are nowwere owned by one jointly ownedcontrolled company, RELX Group plc. In 2018, the structure was further simplified whereby RELX NV merged into RELX PLC to form a single parent company, RELX NV andPLC. RELX PLC owns 100% of the shares in RELX Group plc, (and itswhich in turn owns all of the operating businesses, subsidiaries associates and joint ventures) are together known as RELXfinancing activities of the Group. As part of this simplification, a bonus issue of RELX NV shares was made such that, following the bonus issue, one RELX PLC ordinary share confers an equivalent economic interest to one RELX NV ordinary share.

Material acquisitions and disposals

Total cash spent on acquisitions in the three years ended December 31, 2016,2019, was £1,011£1,538 million. Cash spent on acquisitions in 20162019 was £367£437 million (2015: £207(2018: £960 million; 2014: £4372017: £141 million) including deferred consideration of £24 million (2015: £25(2018: £16 million; 2014: £342017: £13 million) on past acquisitions and spend on venture capital investments of £6£8 million (2015: £16(2018: £13 million; 2014: £62017: £10 million). Acquisition payments in respect ofnon-controlling interests in 2016 were nil (2015: nil; 2014: £15 million).

Net cash outflowinflow in relation to disposals made in 2016,2019, after timing differences and separation and transaction costs, was £13£48 million (2015: £34 million received; 2014: £53 million received)(2018: £5 million; 2017: £41 million).

Capital expenditure

Capital expenditure on property, plant, equipment and internally developed intangible assets principally relates to the development of electronic products and investment in systems infrastructure, computer equipment and office facilities. Total such capital expenditure, which was financed using cash flows generated from operations, amounted to £333£381 million in 2016 (2015: £3072019 (2018: £365 million; 2014: £2702017: £355 million). The majority of capital expenditure is incurred in the United States, the United Kingdom and the Netherlands. In 2016,2019, there was continued investment in new products and related infrastructure, particularly in Legal and in Scientific, Technical & Medical.infrastructure. Further information on capital expenditure is included in notes 2, 1615 and 1817 to the consolidated financial statements under the headings ‘Revenue and is set forthsegment analysis’, ‘Intangible assets’ and ‘Property, plant and equipment’ on pages 127, 147137, 154 and 149156 respectively of the Group’sRELX Annual ReportsReport and Financial Statements 20162019 and incorporated herein by reference to Exhibit 15.2.

Principal executive offices

The principal executive offices of RELX PLC are located at1-3 Strand, London WC2N 5JR, England. Tel: +44 20 7166 5500. The principal executive officesoffice of RELX NV are located at Radarweg 29, 1043 NX Amsterdam, the Netherlands. Tel: +31 20 485 2222. The principal executive offices of RELX Group plc are located at1-3 Strand, London, WC2N 5JR, England. Tel: +44 20 7166 5500. The principal executive officePLC located in the United States is at 230 Park Avenue, New York, New York, 10169. Tel: +1 212 309 8100. Our internet address is www.relx.com. The information on our website is not incorporated by reference into this report.

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

PROPERTY, PLANT AND EQUIPMENT

We own or lease approximately 292262 properties around the world.world as at December 31, 2019. The table below identifies the principal owned and leased properties in our property portfolio.portfolio as at December 31, 2019.

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

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

INTELLECTUAL PROPERTY

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

GOVERNMENT REGULATION

Certain of our businesses provide authorised customers with products and services such as access to public records and other information on individuals. Our businesses that provide such products and services are subject to applicable privacy and consumer information laws and regulations, including US Federalfederal and state andjurisdictionslaws and regulations, and regulations applicable to jurisdictions that are subject to or follow EU and member state regulation. Our compliance obligations vary, and may include, among other things, strictreasonable data security programmes, submissions of regulatory reports, providing consumers with certain notices and in some instances, correcting inaccuracies in applicable reports.reports available through our products. From time to time, we respond in the ordinary course to inquiries and investigations from regulators who are charged with enforcing the laws and regulations applicable to our businesses. We are also subject to the terms of consent decrees and other settlements with certain regulators in the US.United States. See “Item 8: Financial Information — Legal Proceedings” on page 39.33.

Section 219 of the Iran Threat Reduction and SyrianSyria Human Rights Act of 2012 (the “ITRA”), which added Section 13(r) to the Securities Exchange Act, of 1934, as amended (the “Exchange Act”), requires disclosures regarding certain activities relating to Iran or with persons designated pursuant to various U.S.US Presidential Executive Orders. These disclosures are required even where the activities, transactions or dealings were conducted in compliance with applicable law. We engage in a limited amount of activity with Iran (a) through our non-U.S.non-US affiliates and businesses, as well as (b) pursuant to authorisations — in the form of exemptions or licenses — issued by the U.S.US government. We anticipate that similar transactions or dealings may occur in the future. The ownership or control of our customers in Iran is often difficult to determine with certainty.

During 2016,2019,

Numerous Iranian nationals attended conferences organised by our exhibitions business.Exhibitions and Risk & Business Analytics businesses. Individuals located in Iran also subscribed to or purchased certain of our scientific, medical and technical publications. Many of these individuals are researchers, doctors or other professionals who have obtained subscriptions or purchased publications in their individual capacity, but who may be employed by government agencies in Iran or by hospitals,

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

During 2016, ourOur aggregate revenue from all of ourduring the fiscal year ended December 31, 2019 attributable to these Iran-related activities was approximately £8.2 million.£1.8 million compared to £7.1 million in 2018. We do not normallycustomarily allocate net profit on asubscription-by-subscription, individual customer orcountry-by-country basis. However, we estimate that our net profit fromduring the fiscal year ended December 31, 2019 attributable to these activities after internal cost allocations, amounted to 0.12%was 0.02% of our net profit reported in our income statement for the fiscal year ended December 31, 2016.2019 compared to 0.09% for the fiscal year ended December 31, 2018.

Entities that transacted with our Scientific, Technical & Medical Business in 2019

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

Entities that transacted with our Risk & Business Analytics Business in 2019

Abadan Petrochemical Company, Bakhtar Commercial Company, Bakhtar Petrochemical Company, Esfahan Petrochemical Company, Excell Worldwide DMCC, Fanavaran Petrochemical Company, Ghaed Bassir Petrochemical Company, Iran Chemical Industries Investment Company, Laleh Petrochemical Company, Marun Petrochemical Company, Morvarid Petrochemical Company, National Petrochemical Company, Petro Paak Mashreq Zamin Company, Petrochemical Commercial Company, Polynar Corporation, Shazand Petrochemical Company, Tabriz Petrochemical Company, TOPCO, Yas Banafsh Tehran Trading Company, Zagros Petrochemical Company

ITEM 5: OPERATING AND FINANCIAL REVIEW AND PROSPECTS

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

OPERATING RESULTS — THE GROUP

The following discussion is based on the consolidated financial statements of the Group for the threetwo years ended December 31, 2016, 20152019 and 20142018 which have been prepared in accordance with IFRS as issued by the IASB and as adopted by the EU.IASB.

The following discussion should be read in conjunction with, and is qualified by reference to, the consolidated financial statements set forth on pages 119128 to 167174 of the Group’sRELX Annual ReportsReport and Financial Statements 20162019 and incorporated herein by reference to Exhibit 15.2.

The following tables analyse the Group’s revenue in each of the threetwo years ended December 31, 2016, 20152019 and 20142018 by type, format and geographic market. We derive our revenue principally from subscriptions, transactional and advertising sales. Transactional sales includesinclude revenue from exhibitions. For additional information, see note 2 to the consolidated financial statements set forthunder the heading ‘Revenue and segment analysis’ on pages 126134 to 127137 of the Group’sRELX Annual ReportsReport and Financial Statements 20162019 and incorporated herein by reference to Exhibit 15.2.

Revenue by type

Year ended December 31,

Revenue by format

Year ended December 31,

Revenue by geographic market

Year ended December 31,

The cost profile of individual businesses within the Group varies widely and costs are controlled on an individual business unit basis. Our most significant cost item is staff costs of £2,114£2,498 million (2015: £1,751 million; 2014: £1,709(2018: £2,350 million).

The following tables show revenue and adjusted operating profit for each of our business segments in each of the threetwo years ended December 31, 2016, 20152019 and 20142018 together with the percentage change in 20162019 and 20152018 at both actual and constant currencies. The effect of currency movements on the 20162019 results is further described separately below (see “— Effect of Currency Translation” on pages 22 to 23)page 18). Adjusted operating profit is included on the basis that it is the key segmental profit measure used by management to evaluate performance and allocate resources to the business segments, as reported under IFRS8: Operating SegmentsIFRS 8 — ‘Operating Segments’ in note 2 to the consolidated financial statements set forthunder the heading ‘Revenue and segment analysis’ on pages 126134 to 127137 of the Group’sRELX Annual ReportsReport and Financial Statements 20162019 and incorporated herein by reference to Exhibit 15.2. Adjusted operating profit represents operating profit before amortisation of acquired intangible assets and acquisition relatedacquisition-related costs, and is grossed up to exclude the equity share of finance income, finance costs and taxes in joint ventures. A reconciliation of reported operating profit to adjusted operating profit is set out on page 15.

Revenue by segment, reported operating profit and adjusted operating profit by segment are as follows: