Adjusted operating profit at Reed Elsevier declined by 1% to £1.56bn in 2010 as the publisher spoke of "encouraging" prospects for the year ahead.
Revenue was flat at £6.06bn across the whole company, although at Elsevier, sales grew by 2% to £2.02bn and adjusted operating profit was up 4% to £724m. It described the growth as "modest" and said results were hit by constraints on disposable income. It said it expected a year of modest growth in 2011.
Anthony Habgood, chairman of Reed Elsevier, said: “Considerable progress has been made during the year resulting in improvements in trading performance with underlying sales returning to positive organic growth. Reported profits are also strongly ahead with the bulk of our major restructuring programmes now behind us.
"Management has put in place business unit teams to sharpen the focus on value creation and operational execution. I am confident that the good progress which is being made on individual business priorities will deliver further improvements."