reed elsevier plc-spons adr (RUK) Key Developments
BioMed Realty Trust, Inc. Signs Reed Elsevier to Expand in Cambridge into 33,500 Square Feet in Company's 50 Hampshire Property
Mar 18 15
BioMed Realty Trust Inc. announced the signing of a new ten-year lease for approximately 33,500 square feet at 50 Hampshire with Reed Elsevier. The lease marks the first at the Cambridge property being vacated by CDM Smith Inc. at the end of March 2015. Later this year, Reed Elsevier will be taking the entire fifth floor of the over 180,000 square foot building in East Cambridge to relocate its current offices. The building will offer their employees on-site cafe and restaurants, new fitness center, open spaces for collaboration and meetings, and a new lobby to welcome the innovation community that the property serves. Beyond the amenities, 50 Hampshire offers employees flexible transportation options, with easy access to the T Red Line, on-site bike storage and parking within the building.
Reed Elsevier PLC, Annual General Meeting, Apr 23, 2015
Feb 27 15
Reed Elsevier PLC, Annual General Meeting, Apr 23, 2015. Agenda: To receive the 2014 annual report; to approve remuneration report; to consider declaration of 2014 final dividend; to consider re-appointment of auditors; to consider auditors' remuneration; to consider re-elect Erik Engstrom, Anthony Habgood, Wolfhart Hauser, Adrian Hennah, Lisa Hook, Nick , Robert Polet, Linda Sanford, Ben van der Veer as a directors; to consider authority to allot shares; to consider disapplication of pre-emption rights; to consider authority to purchase own shares; to consider notice period for general meetings; to consider approve Reed Elsevier NV resolutions; and to consider change of company name.
Reed Elsevier PLC Proposes 2014 Full Year Dividend; Reports Earnings Results for the Year Ended December 31, 2014
Feb 26 15
Reed Elsevier PLC proposed full year dividend up by 6% to 26.0 pence. The proposed average full year dividend growth rate is broadly in line with adjusted EPS growth at constant currency rates. The company full year dividends are covered 2.2x by adjusted EPS respectively.
The company reported earnings results for the year ended December 31, 2014. For the year, the company reported revenue of GBP 5,773 million compared to GBP 6,035 million a year ago. Adjusted operating profit was GBP 1,739 million compared to GBP 1,749 million a year ago. Reported operating profit was GBP 1,402 million compared to GBP 1,376 million a year ago. Adjusted profit before tax was GBP 1,592 million compared to GBP 1,572 million a year ago. Adjusted net profit was GBP 1,213 million compared to GBP 1,197 million a year ago. Reported net profit was GBP 955 million compared to GBP 1,110 million a year ago. Adjusted earnings per share were 56.3 pence compared to 54.0 pence a year ago. Reported earnings per share were 43.0 pence compared to 48.8 pence a year ago. The improvement in profitability reflects a combination of underlying revenue growth, process innovation and portfolio development. Net debt was GBP 3.5 billion as on 31 December 2014. The tax rate on adjusted profit remained at 23.5%. In terms of cash flow, operating cash flow conversion was well over 90%. Legal CapEx remained at 10% of revenue as the company continue to roll out the new RELX platform. CapEx in STM was at lower than normal due to the projects. Cash interest payments were lower, reflecting lower borrowing costs and the timing of interest payments while cash were in line with accounting charge, giving free cash flow of GBP 1.15 billion, just ahead of 2013. CapEx was actually lower in 2014, but average spend is around GBP 300 million per annum, about 5% of revenue.
Reed Elsevier PLC Reports Consolidated Earnings Results for the Full Year Ended December 31, 2014
Feb 26 15
Reed Elsevier PLC reported consolidated earnings results for the full year ended December 31, 2014. For the year, the company reported operating profit was £478 million against £566 million a year ago. Profit before tax was £493 million against £576 million a year ago. Profit attributable to ordinary shareholders was £490 million or 42.5 pence diluted per share against £572 million or 48.2 pence diluted per share a year ago. Net cash from operating activities was £9 million against £5 million a year ago. Adjusted profit attributable to ordinary shareholders was £642 million or 56.3 pence per share against £633 million or 54.0 pence per share a year ago.
Reed Elsevier Seeks Acquisitions
Feb 26 15
Reed Elsevier PLC (LSE:REL) is looking for acquisitions. Erik Engstrom, Chief Executive Officer of Reed Elsevier, states, "Second, we look for value-enhancing acquisitions which support our organic growth strategy. Annual spends on M&A is averaging around GBP300m although it is opportunity-dependent of course and inevitably will vary from year to year."