The Bookseller.com

21st November 2008

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Reed Elsevier 'on track' for 2008 goals

31.07.08

Reed Elsevier said it was on track to meet its 2008 goals despite "a more challenging economic backdrop" after first-half adjusted operating profit rose 12% at constant currencies. Operating profit from continuing operations (including Elsevier, Lexis Nexis and Reed Exhibitions) adjusted for amortisation, restructuring and integration costs was £557m, the company revealed in an interim results statement today (31st July), while sales rose 5% at constant currencies to £1.97bn.

Reed Elsevier c.e.o. Crispin Davis, said that the company had seen a strong performance "despite a more challenging economic backdrop". He added: "We remain on track to deliver on our goals this year of good revenue growth, meaningful margin improvement and accelerated earnings growth."

The planned divestment of Reed Business Information, Reed's trade-magazines unit which owns titles such as Publishers Weekly, was progessing and it was seeing strong interest from buyers.

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