Publishing group, Reed Elsevier, has announced a year on year increase of 7% in revenues for 2005, with adjusted pre-tax profit up by 9% and earnings per share up by 11% at constant exchange rates.
Reed revealed a good performance all of its businesses, with Elsevier, LexisNexis and Reed Business all showing growth in 2005.
Based on 2005, Reed Elsevier expects organic growth of 5% for 2006, with double-digit increases in adjusted earnings per share at constant currencies.
Commenting on the results, Crispin Davis, chief executive officer of Reed Elsevier said: “Three of our four divisions are performing well and delivered on or exceeded their individual divisional targets for online revenue growth.”
“The Education business, however, disappointed in two significant markets and firm action is being taken to address the related product, marketing and organisational issues.”
Looking towards 2006, Davis was positive, stating that the digital environment continues to expand opportunity for the company.
He added: “We will continue to focus on increasing the returns on capital and believe that the share repurchase plan announced today will enhance shareholder returns whilst retaining financial flexibility.”
The strong full year results comes on the back off a solid first half of 2005, which saw group turnover rise by 6% year on year, reaching £3.457 million, with adjusted profit before taxation up by 5% to £577 million (see Reed Elsevier Sees Revenues Rise 6% For 1H 2005).
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