Publishing group, Reed Elsevier has revealed a 1.7% increase in full-year profits, with adjusted pre-tax profits of £1,027 million, up from £1,010 million in 2003 (see Reed Elsevier Sees 2003 Profits Rise But Predicts Dip In 2004), according to the Group’s 2004 preliminary results announced today.
The company, the world’s largest publisher of science journals, said that 2004 revenues were up 5%, with adjusted pre-tax profits up 8% and adjusted earnings per share up 8%, at constant exchange rates.
The results indicate containing strength for Reed Elsevier, with the Group’s businesses showing good progress and outperformance across most businesses, resulting in revenue momentum building.
The Group predict organic revenue growth of at least 5% for 2005 and beyond, with estimated double-digit earnings per share growth at constant currencies.
Commenting on the results, Sir Crispin Davis, chief executive officer of Reed Elsevier said: “In recent years we have made enormous strides in executing against our strategy for growth. Our markets have not been easy over that period but are now clearly on the turn.”
He continued: “Strong revenue growth and cost efficiency, with growing returns on recent investments and acquisitions, are targeted to deliver in 2005 and beyond organic growth of at least 5% and double-digit adjusted earnings per share growth at constant currencies.”
The market environment is showing encouraging signs of improvement; the quality of Reed Elsevier’s portfolio, consistent strategic focus and investment behind growth initiatives puts the Group in strong position to capitalise on this upturn.
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