Reed Elsevier is on track to meet its target of £15 million in cost savings in 2008.
In a trading update released today, the publisher said that it is well placed to defy the tough economic outlook.
Crispin Davis, Reed Elsevier chief executive, said: “The business is on track for a very successful year and we expect to deliver Reed Elsevier’s strongest constant currency earnings growth in over a decade.
“Whilst the economic environment is undoubtedly challenging, our businesses are more resilient than most and we are in a strong financial position.”
Reed Elsevier announced a restructuring programme in February 2008 and said today that this is progressing well, with the company aiming to build up to £100 million in annual savings by 2011.
The company added that plans to sell its business-to-business publishing division Reed Business Information, which includes titles such as New Scientist and Farmers Weekly, were in an “advanced stage” but was dependent on prospective buyers finding financing.
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