Reliable as ever, Relx (RELX) has delivered a solid set of third quarter numbers. All four of the group’s operating divisions contributed to the 4 per cent top line growth, with a particularly impressive 8 per cent uptick in the tech-focused data and analytics business. The trends are expected to continue for the remainder of the year.
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This update makes us all the more puzzled by recent share price movements. Relx has been whacked by rising interest rates as investors worry that more expensive debt may leave it struggling to pay its dividend. But the group pays most of its interest at a fixed rate and consistently churns out plenty of cash to cover its generous dividend.