Reed Elsevier in shape for year

Publishing and exhibitions firm Reed Elsevier said it remains on track to deliver underlying revenue and profit growth in line with expectations for the year as it posted underlying revenue growth 4 per cent for the first nine months.

The Anglo-Dutch publisher, which owns the LexisNexis database and the Gray's Anatomy textbook, said all five of its business areas contributed to underlying growth.

Chief Executive Officer Erik Engstrom commented: "In the first nine months of 2012 we have made good progress in systematically transforming our business, primarily through organic investment, supplemented by selective portfolio developments."

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"The macro economic environment and its impact on our customers' markets remain uncertain, but by focusing on the fundamentals of our business, we expect to continue to improve the quality of our earnings".

Elsevier saw underlying revenue growth of 2% after demand in databases and tools remained strong. The group expects trends for the first nine months to continue, with good growth in electronic revenues and declines in print books and pharma promotion.

Underlying revenue growth at LexisNexis Risk Solutions jumped 6% while revenue at LexisNexis Legal & Professional increased 1%.

Reed Exhibitions revenue climbed 15% and Reed Business Information grew revenue by 1%.

CJ