Reed Elsevier sees sales up 16%

<p>Global STM group Reed Elsevier has reported a 16% rise in sales in 2008, with revenue up to &pound;5.3bn up by 7% without currency fluctuations. Reported operating profit grew by 1% to &pound;901m, with adjusted operating profit up 21% to &pound;1.4bn.</p><p>Divisionally, its science unit recorded growth of 4% to &pound;1.7bn, its legal business was up 13% to &pound;1.9bn, while Reed Exhibitions saw growth of 9% to &pound;707m. Reed Business Information, which Reed tried to sell during the year, recorded growth of just 1% to &pound;707m. Profits at the first three divisions grew by 11%, 18% and 14% respectively, while RBI saw profits drop by 4%.&nbsp;</p><p>Chief executive Sir Crispin Davis, said: &quot;Reed Elsevier has had a very successful year with major progress in developing the business, and the strongest constant currency adjusted eps growth in a decade. Good revenue growth was seen across most of the business driven by the growing demand for online information and workflow solutions. The revenue growth and a strong focus on restructuring and cost management delivered meaningful margin improvement and the operating cash generation was excellent. Whilst the economic environment has become progressively more challenging, our business is more resilient than most and we are in a strong financial position.&quot;</p><p>Davis added that 2009 was clearly going to be a &quot;more difficult year with most of the world&#39;s largest economies currently in recession&quot;. He said: &quot;The key professional markets served by Elsevier and LexisNexis (which account for over 80% of Reed Elsevier&#39;s adjusted operating profits), whilst not immune to the impact of the economic downturn, are more resilient than most, and these businesses benefit from a strong subscription base and the growing demand for online solutions. In business-to-business markets the demand for advertising and marketing services is much more affected by the tougher economic environment. Our businesses here are expected to show a significant profit decline this year, including the major effect in our exhibitions business of the net cycling out of biennial shows.&quot;</p><p>He continued: &quot;Overall, with the cost actions we are taking, while continuing to invest in new and upgraded online products, Reed Elsevier should see positive adjusted eps development at constant currencies.&quot; </p><p><span class="c50">In March, Ian Smith will succeed Davis as c.e.o. </span><span class="ccbnTxt"><br /><p class="c2">&nbsp;</p></span> </p>