Reed Elsevier profits up, expects a 'gradual improvement'
Anglo-Dutch publishing giant Reed Elsevier said Thursday its net profit climbed by 19 percent in the first half of 2011, adding it expected a "gradual improvement" in its performance.
Net income jumped to 434 million euros ($623 million US dollars) ending June 30, while total revenue was down three percent to 3.34 billion euros year-on-year.
"The first half has seen the growth trajectory improve with our large subscription and data revenues strengthening and most of our cyclical businesses recovering," said Reed Elsevier chief executive Erik Engstrom in a press release from Amsterdam.
"With positive momentum across our businesses, we continue to expect a gradual improvement in performance," he added.
Reed Elsevier, which publishes mostly scientific, medical or legal publications for professionals, employs some 30,000 people worldwide.
The group welcomed a "strong demand" for its electronic products in the health sector, which its said reflected the view of global growth in scientific and medical research.
The group's arm specialising in organising trade shows, Reed Exhibitions, did however show a three percent drop in sales despite strong growth in emerging markets including in China, Brazil and the Middle East.
Reed Exhibitions' Japanese subsidiary "received many plaudits in government and business circles for not cancelling any shows despite the effects of the March earthquake," the Anglo-Dutch company said.
© 2011 AFP