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."
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
"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%.
In the doghouse: hundreds of investment funds are underperforming - is it time to sell?
News The latest Spot The Dog research from Bestinvest reveals 151 funds are failing to beat their benchmark. We reveal the worst performers
By Marc Shoffman Published
Nationwide: House prices creep up for the first time in over a year
Nationwide’s latest house price index reveals property prices are finally rising. Will this pattern continue in 2024?
By Vaishali Varu Published