Reed shares bounce back

<p>Reed's share price jumped 42.25p to 495.25p during trading on Thursday after it unveiled a rise in operating margin from 23% to 24% for 2003, on flat sales. The share price has yo-yoed between 445p and 492p since mid-December, reflecting market concerns about the challenge from open access publishing.

The Science&amp;Medical division including ScienceDirect grew sales by 8% to &#163;1.4bn, while adjusted operating profit rose by 8% to &#163;467m. All the figures quoted are affected by exchange rates, although weakness in the dollar was largely offset by the strength of the euro.

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