Reed Elsevier H1 beats, reiterates FY outlook
AMSTERDAM, July 25
AMSTERDAM, July 25 (Reuters) - Professional publishing and events group Reed Elsevier beat forecasts for first-half earnings on Thursday and reiterated its full-year outlook saying it expected further revenue and earnings growth this year.
The Anglo-Dutch publisher of scientific, business and academic information said underlying adjusted operating profit grew 6 percent to 870 million pounds ($1.34 billion), while underlying revenue rose 2 percent to 3.025 billion pounds.
Analysts polled by Reuters had forecast first-half underlying adjusted operating profit of 853 million pounds and revenue of 3.09 billion pounds.
"The operating momentum in our business remains positive as we enter the second half, and although the outlook for the macro environment and its impact on our customer markets remains mixed, we continue to expect full year 2013 to be another year of underlying revenue, profit and earnings growth," Chief Executive Erik Engstrom said in a statement.
He said the group would increase the size of this year's share buybacks by about 200 million pounds to a total of 600 million pounds.
The owner of the LexisNexis legal database and Science Direct, the scientific article database, derives about 83 percent of its revenue from electronic publications and from its exhibitions and conferences business.
It competes with Thomson Reuters and Dutch publisher Wolters Kluwer NV.
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