Reed Elsevier saw pre-tax profits jump 23pc to £948m, helped by cost cutting and a focus on data products. Revenues were broadly flat, slipping 1pc to £6bn.
Reed Elsevier has ruled out making any major disposals after every one of its five business units grew in 2011 – the first time this has happened in four years. Reed has come under pressure from some investors to sell off its LexisNexis Legal & Professional business amid claims the division is suffering from under-investment and increasing competition.
Erik Engstrom, Reed’s chief executive, said all of the company’s major units were there to stay and that the business would only consider smaller disposals within each unit.
Source: The Telegraph