Full-Year 2021 Outlook
With our markets recovering from the effects of the pandemic, we now expect all divisions to see a year-on-year improvement in organic growth. Health, Tax & Accounting, and Legal & Regulatory divisions benefitted from timing in the first half, which we expect will reverse in second half. We expect underlying operating costs to rise in the second half as we step up investment and accelerate hiring to support growth and as we partly restore travel, promotion, and other costs that were curtailed during the crisis. We continue to plan for a gradual return to our offices, when and where circumstances allow, with currently some 5%-10% of employees back in office. Our revised guidance for 2021 adjusted operating profit margin, adjusted free cash flow, return on invested capital (ROIC), and diluted adjusted EPS is provided below.