Reed Elsevier Results

Reed Elsevier yesterday announced results for the first year of its combined operations. Pre-tax profits were up 30% to £543m from £412m.

However the results were not well received, and the City marked down the shares after warnings that price increases were more difficult to achieve in low inflation conditions and tht paper and print costs were subject to upward pressures.

During the year Reed Elsevier spent £403m on acquisitions, and further acquisitions are likely this year.

Y&R SHAKE-UP

Following the appointment last week of Toby Hoare as managing director of Y&R, there has been a shake-up of staff.

In the media department, Simon Matthews, Media Director has left. He will be replaced by Greg Truzynski, previous Deputy Media Director. The Media Planning Director, David Hughes, has been made redundant and will be replaced by James Whitmore, previous Media Group Manager.

From Press Planning/Buying Caroline Midmore has been made redundant and from TV Buying, Mark Midmore has been made redundant.

New staff starting on Monday are Sarah Harrison, from CIA as a Planner/Buyer and Graham Snell, from Bray Leino, also as a Planner/Buyer. More recruitment will follow.