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Reed growth on track

15.11.07

Reed Elsevier said it was on track to deliver a minimum of 10% growth in adjusted earnings per share in 2007, and the drive to save costs was going well.

In a trading update this morning (15th November), the group said its cost-saving programme was "well in hand" and would contribute to "continued underlying margin improvement in future years".

The sale of the Harcourt education business was also "on track" and is expected to be complete late 2007/early 2008, with aggregate net proceeds of approximately $4bn to be returned to shareholders.

C.e.o. Crispin Davis said: "The business is performing well with strong demand for our online information and workflow solutions. The sale of the Harcourt Education division is on track and moves us closer to our goal of Reed Elsevier becoming a more cohesive and synergistic business driving continued market success, earnings growth and growing return on capital."



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