Reed Elsevier Nine-Month Sales Gain 3% on Risk Business RevenueKristen Schweizer
Reed Elsevier Plc, the owner of the LexisNexis database, said nine-month revenue increased on growth in its risk business and after disposing of print assets that didn’t fit its strategy.
Revenue rose 3 percent excluding currency swings, acquisitions and disposals, the London-based company said in a statement today. Reed Elsevier confirmed it’s on course for full-year underlying revenue and profit growth and didn’t give specific figures.
The company has seen its share price surge to all-time-highs in recent months as the strategy to shift away from print and buy back shares paid off. Reed Elsevier, which now concentrates on online subscriptions, research products and offerings that compile and analyze electronic data, disposed of its trade magazine business in Italy and a number of other small assets during the nine months.
Underlying nine-month revenue at the company’s Risk Solutions business, which includes products for the insurance industry and governments to detect fraud, rose 8 percent and the company predicted “good growth” for the rest of the year.
Underlying Sales at the scientific, technical and medical unit, rose 2 percent, while revenue on that basis at the exhibitions division grew 5 percent. The outlook for exhibitions growth in Europe remains limited, and “good” for the U.S. and Japan.
Reed Elsevier said in July it would spend 600 million pounds ($965 million) on share buybacks this year after earnings rose on sales at its risk business.
Reed rose 0.1 percent to 877 pence in London yesterday, taking the advance to 37 percent this year.