From The Bookseller:
The academic publisher saw its underlying sales grow by 2% to £2,058m for the year to 31st December 2011, from £2,026m in 2010, while its underlying operating profit increased by 4% to £768m from £724m, due to “increased efficiency” at the company.
The science and technology field performance particularly stood out, with the category increasing revenue by 4% due to “good growth in global research activity” while the health sciences genre remained flat by comparison. The publisher’s parent company Reed Elsevier said: “Good growth in medical research and electronic solutions were offset by print declines” and added that 2012 would continue to see “modest underlying revenue growth”.
Reed Elsevier as a whole saw total revenue decline by 1% to £6,002m in 2011 but its pre-tax profit rose from £768m to £948m, whilst net debt was cut from £3.5bn to £3.4bn year-on-year
From the FT: “Reed rules out large scale disposals”
Erik Engstrom [CEO] on Thursday said Reed, whose portfolio includes the LexisNexis database and journals such as New Scientist, would stick to its current strategy and only consider selling off smaller, non-core parts of the company.
“We have no plans to divest any of our five major operating business areas. We have no plans to divest our main events business,” Mr Engstrom said.
Overall, Reed Elsevier says that revenue from print products continues to decrease. No down to 22% of revenues.