Informa says publishing business performed 'exceptionally well' in 2009

<p>Academic publisher Taylor &amp; Francis performed &quot;exceptionally well&quot; in 2009 according to parent company Informa, which announced overall operating profit growth of 1%.<br /><br />Revenues for Informa&#39;s publishing arm grew by 8.6%--or by 1.7% on an organic basis. Overall, publishing now accounts for 54% of group revenues and 72% of group adjusted operating profits up from 50% and 57% respectively in 2008.<br /><br />Peter Rigby, chief executive of Informa, said: &quot;During a period of sustained economic decline across the world, our publishing assets have performed exceptionally well. Our focus on digitally delivered, subscription-led, must have proprietary content has enabled us to avoid significant reductions in demand albeit with some vertical markets performing better than others.&quot;<br /><br />Rigby added that he was &quot;particularly pleased&quot; with the performance of Informa&#39;s book business. T&amp;F&#39;s electronic book revenues increased by 33%, with 22,000 titles now available digitally.<br /><br />Despite revenue declining by 4% to &pound;1.2bn for the whole of Informa, operating profits were up by 1% to &pound;309.5m. Adjusted profit before taxation increased by 12% to &pound;261.3m. But the group&#39;s profit before taxation decreased to &pound;96.5m.<br /><br />Restructuring costs for the year were &pound;34.1m, up from &pound;17.3m in 2008, which &quot;largely reflect the cost to the businesses of responding to changing market conditions&quot;. These included redundancy costs of &pound;18m and reorganisation costs of &pound;5m.</p>