Publishing group, Reed Elsevier, has reported an increase in revenues of 6% for the first half of 2005, with earnings per share also up by 5% at constant exchange rates.
The company enjoyed good underlying performance across its businesses during the first six months of the year, forecasting momentum in revenue and profit growth building for the second half of the year.
Group turnover rose by 6% year on year for the period, reaching £3.457 million, with adjusted profit before taxation up by 5% to hit £577 million.
Commenting of the results, Sir Crispin Davis, chief executive officer of Reed Elsevier said: “The first half of 2005 sees Reed Elsevier in good health and firmly on track to deliver our 2005 goals, with momentum building in our revenue and growth.”
He continued: “Our businesses are performing well in their respective markets and the sustained investment programme is now making a real difference. Particularly pleasing has been the acceleration in growth in LexisNexis and the continuing recovery and rapid growth in online services in Reed Business.”
The group remains confident about the rest of the year, with Davis adding: “We continue to target above market revenue growth, with at least 5% organic revenue growth, and double digit earnings per share growth at constant currencies for 2005 and beyond.”
Earlier this year Reed Elsevier 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 Reveals 1.7% Increase In 2004 Profits).
According to the Group’s 2004 preliminary results, revenues were up 5%, with adjusted pre-tax profits up 8% and adjusted earnings per share up 8%, at constant exchange rates.
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