Reed Elsevier Plc (ENL: Quote, RUK, REL.L) said underlying growth rates in the first quarter were consistent with the 2011 full year trends.
The company noted that portfolio development continued during the period, with acquisitions of complementary online subscription services and exhibitions in emerging markets, and divestment of a number of advertising-based businesses and certain print products.
At Elsevier, by the end of Q1 completion of subscription renewals was well progressed in both Science & Technology and Health Sciences. The global customer budgetary environment is broadly similar to last year, with variations by both geography and customer. Research article submissions, articles published and usage have continued to show good growth, and sales of databases and tools are growing well.
The company further reaffirmed outlook for the full year. 2012 is on track to be another year of underlying revenue and profit growth as Reed Elsevier further strengthens the business through organic investment and portfolio adjustment.
At Elsevier, the company expects another year of modest underlying revenue growth, underpinned by research volume growth and growing demand for electronic products and tools.
by RTT Staff Writer
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