Anglo-Dutch publishing and events company Reed Elsevier Group Plc (ENL, RUK, REL.L), which includes Reed Elsevier Plc and Reed Elsevier NV, expects growth in underlying revenue and profit this year, after reporting a higher profit for 2011.
The company said Thursday that despite the macro economic outlook remaining uncertain, it expects to grow underlying revenue and profit in 2012.
Profit before tax for the combined company increased to 948 million pounds from 768 million pounds. Earnings per share for Reed Elsevier Plc rose to 32.1 pence from 27.1 pence. Excluding some items, earnings per share rose to 46.7 pence from 43.4 pence.
Total revenues slipped 1 percent to 6 billion pounds. Underlying revenue grew 2 percent driven by the company's core electronic subscription and transaction businesses.
Anthony Habgood, chairman, said, "Reed Elsevier continued its positive momentum in 2011. All five business areas contributed to underlying revenue growth excluding biennial cycling. Underlying operating profits grew well, and we delivered a good increase in earnings per share..."
In the Elsevier business, underlying revenue grew 2 percent, benefiting from demand for research information and online tools. LexisNexis Legal & Professional revenues returned to underlying revenue growth in 2011.
The company proposed a full year dividend of 21.55 pence for Reed Elsevier Plc, up 6 percent from last year.
Separately, the company appointed David Brennan, chief executive officer of drug maker AstraZeneca Plc, as a member of the Supervisory Board of Reed Elsevier NV and as a non-executive director of Reed Elsevier Plc with effect from November 1. He will also be appointed a non-executive director of Reed Elsevier Group Plc.
REL.L is currently trading at 537.50 pence, up 0.66 percent, on a volume of 2.31 million shares.
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