AMSTERDAM, July 25 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
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
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.