Sign in

    Steve Liechti • Numis Securities Ltd

    Steve Liechti's questions to WPP PLC (WPP) leadership

    Steve Liechti's questions to WPP PLC (WPP) leadership • H1 2025

    Question

    Steve Liechti of Deutsche Numis asked for an update on the Open Intelligence platform rollout, seeking evidence of its success in pitches. He also questioned whether the disruption from the significant changes in the media division was contained or if it would continue to be a drag in the second half of the year.

    Answer

    WPP Media CEO Brian Lesser confirmed the major disruption from the transformation occurred in H1 and is now substantially complete, with no lingering effects expected. He stated that Open Intelligence is being used in pitches and is already delivering 'substantial' performance gains for incumbent clients. CEO Mark Read added that the rollout is prioritized for the key US and UK markets to close competitive gaps.

    Ask Fintool Equity Research AI

    Steve Liechti's questions to RELX PLC (RELX) leadership

    Steve Liechti's questions to RELX PLC (RELX) leadership • H1 2025

    Question

    Steve Liechti of Numis Securities Ltd asked about forward booking trends in Exhibitions, sought clarification on the group's like-for-like growth calculation after the print resegmentation, and asked what the like-for-like growth for Legal and STM would have been on the old reporting basis.

    Answer

    CFO Nick Luff responded that forward bookings in Exhibitions are trending similarly across its diverse portfolio. He clarified the group's underlying growth would have been 7% even on the old basis including print, as the revenue drop included non-underlying factors like disposals. He then confirmed that on the old basis, STM growth would have been 4% and Legal would have been 8%, demonstrating a one-point underlying improvement in Legal.

    Ask Fintool Equity Research AI

    Steve Liechti's questions to RELX PLC (RELX) leadership • H1 2025

    Question

    Steve Liechti of Numis Securities Ltd asked about forward booking trends in the Exhibitions business and sought clarification on the underlying growth calculations following the print resegmentation, comparing the new and old reporting bases.

    Answer

    CFO Nick Luff stated that Exhibitions forward bookings are trending similarly across its diverse portfolio with no specific areas of concern to highlight. He then walked through the growth math, confirming that group underlying growth would have been 7% on the old basis (including print), and on that same old basis, STM would have been 4% and Legal would have been 8%, confirming the analyst's calculations were directionally correct.

    Ask Fintool Equity Research AI

    Steve Liechti's questions to RELX PLC (RELX) leadership • H1 2025

    Question

    Steve Liechti of Numis Securities Ltd asked about forward booking trends in Exhibitions, sought clarification on the group's like-for-like growth calculation post-print resegmentation, and asked what the growth for STM and Legal would have been on the old reporting basis.

    Answer

    CFO Nick Luff stated that Exhibitions forward booking trends are similar across its diverse portfolio with nothing specific to call out. He clarified that the group's 7% underlying growth is consistent on both the old and new reporting bases because the print revenue decline included disposals, which are excluded from underlying calculations. He confirmed that on the old basis, STM growth would have been 4% and Legal would have been 8%.

    Ask Fintool Equity Research AI