Reed Elsevier 9-month Underlying Revenue Rises, Backs Full-year View

(RTTNews) - Anglo-Dutch publishing and events company Reed Elsevier Plc. (REL.L, RUK, ENL) Thursday reported 4 percent increase in underlying revenue for the 9-month period, with growth across all major business areas. The firm also reaffirmed its outlook for full-year 2014.

In an interim management statement, the company said it witnessed continued underlying revenue growth during the period. Excluding exhibition cycling, underlying revenue was up 3 percent.

In its Scientific, Technical & Medical business, underlying revenue rose 2 percent. Research subscription revenue growth rates were about half a percentage point. Article submissions and usage showed double digits growth. Scientific & medical databases & tools grew well, and Print book revenue declines have moderated, the company stated.

Risk & Business Information saw underlying revenue growth of 7 percent, with continuing strong growth across insurance, business services, government and major data services, driven by volume growth, new product roll-outs and expansion in adjacent verticals.

According to the company, Risk & Business Information has accounted for around half of the firm's 25 acquisitions year to date. For full-year 2014, the company expects underlying revenue growth trends to continue.

Underlying revenue edged up 1 percent in Legal business area, with subdued customer markets in the US and Europe. The firm noted that scope for underlying revenue growth for the full year remains limited in the current customer market environment.

In Exhibitions business area, underlying revenue increased 8 percent. Excluding cycling and timing effects, the increase was 7 percent. The company expects the overall revenue growth trends to continue in full year.

Reed Elsevier noted that it completed share buybacks of 525 million pounds, with the remainder of the previously announced 600 million pounds to be completed by the end of the year.

The Group said it remains on track to deliver another year of underlying revenue, profit and earnings growth.

REL.L is currently trading at 972.00 pence, down 0.82 percent.