Reed Elsevier, the global professional information company, reports revenue, profit and earnings growth in the six months to 30 June 2012.
Financial highlights
- Underlying revenue growth +5% (+3% excluding biennial exhibition cycling)
- Underlying adjusted operating profit growth +7%; overall growth +8% at constant currencies
- Adjusted EPS +11% to 24.7p for Reed Elsevier PLC; +18% to €0.47 for Reed Elsevier NV
- Reported EPS growth +52% to 24.0p for Reed Elsevier PLC; +57% to €0.47 for Reed Elsevier NV
- Interim dividend growth +6% to 6.00p for Reed Elsevier PLC; +18% to €0.130 for Reed Elsevier NV
- Net debt of £3.3bn; 2.3 times adjusted 12 month trailing EBITDA (pensions and lease adjusted)
Operational highlights
- Underlying revenue and operating profit growth in all five business areas
- Growth driven by usage volume, new product development and expansion in high growth markets
- Further improvement in format mix; good growth in online and face to face
- Profitability gains driven by on-going process efficiencies
- Continued portfolio development improving revenue growth and profitability profile
Commenting on the results, Anthony Habgood, Chairman, said:
"We have delivered good first half results with underlying revenue and profit growth across all five business areas, and with high percentage cash conversion underpinning our strong balance sheet. The 6% and 18% increases in the interim dividend for Reed Elsevier PLC and Reed Elsevier NV respectively reflect the EPS growth and our confidence in the outlook for Reed Elsevier. "
