Reed Say They are Making Money and Re-iterate They Won't Be Selling Off Any Parts Of The Business
We wonder whether they doth protest too much
Two bits of Reed related news this morning
First up they say profit will be up this year
Here's their press release as reported by RTT News
Reed Elsevier Sees Growth As Full Year Profit Rises - Update
(RTTNews) - Anglo-Dutch publishing and events company Reed Elsevier Group Plc (ENL: News ,RUK: News ,REL.L: News ), 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.
And then the UK Telegraph has the story we've already seen .. relating that they won't be selling off any divisions
No sell-off for Reed Elsevier
Reed Elsevier has ruled out making any major disposals after every one of its five business units grew in 2011 – the first time this has happened in four years.
The FTSE 100 events and publishing giant, whose broad portfolio includes the London Book Fair and New Scientist magazine, saw pre-tax profits jump 23pc to £948m, helped by cost cutting and a focus on data products. Revenues were broadly flat, slipping 1pc to £6bn.
Reed Elsevier
Reed has come under pressure from some investors to sell off its LexisNexis Legal & Professional business amid claims the division is suffering from under-investment and increasing competition.
However, Erik Engstrom, Reed's chief executive, said all of the company's major units were there to stay and that the business would only consider smaller disposals within each unit: "We continually try to proactively adjust our business mix".
The company felt the downturn in a "limited" way, specifically at cyclical businesses dependent on print advertising or sales of print products to individuals.
Pharmaceutical advertising was also hit by a lack of "blockbuster drugs" over the past few years, which prompted a wave of consolidation in the pharma industry and a knock-on trimming of marketing budgets.
