Reed Elsevier books higher turnover

Anglo-Dutch publisher Reed Elsevier on Thursday announced a 10% increase in turnover to £1.97 (€2.45bn) in the first half of the year due largely to favourable exchange rates.


Without the influence of currency fluctuations the rise was limited to 5%, the company said.
Net profit was down slightly to £310m from £312m in the same period last year as a result of lower results in the company’s magazine division, which includes titles such as Variety and Elsevier, which is up for sale.
In a statement on Thursday Reed Elsevier chief Crispin Davis said the company would prefer to sell the Reed Business Information (RBI) division as one unit but would consider selling off individual titles.
The company wants to get rid of the magazine activities so that it is less dependent on the fluctuations of the advertising market. Its Dutch titles booked turnover of €129m in the first half year.
Davis said there is considerable interest for RBI, mainly from investment firms. He confirmed that Reed Elsevier is prepared to make a loan to the buyer.
According to analysts the magazine arm of the company could generate €1.9bn reports aNP news service.