RELX PLC (LSE:REL) will look for acquisitions. Nicholas Luff said, "George, on your question on M&A. And obviously, as you know, our focus is on organic development primarily as a business, and there's lots of opportunities to continue to grow, continue to adopt new technologies within the business without acquisition. But we do look for where there are things that can enhance, accelerate the organic development.

We will look at acquisitions. That typically means they are in what you might call bolt-on size. And obviously, what happens in year-to-year very much varies with the opportunities within that.

But there's nothing different in the pipeline and range of opportunities that we see today than normal. Last year happened to work out to be a relatively low year, but that was just the way it fell. No change in approach and nothing particularly different in the pipeline valuations".