LONDON (Reuters) - Anglo-Dutch publishing and events group Reed Elsevier said it was on track for further growth this year, helped by strength at its core Elsevier business.
Reed, which publishes scientific, business and academic information, said on Tuesday growth rates in the first quarter were consistent with 2011 trends.
“2012 is on track to be another year of underlying revenue and profit growth as we further strengthen the business through organic investment and portfolio adjustment,” the company said.
Analysts currently expect Reed to report a full-year pretax profit of about 1.4 billion pounds ($2.3 billion), on sales of about 6.1 billion, according to a Thomson Reuters I/B/E/S poll.
Reed said it expects modest underlying revenue growth at its Elsevier business, which provides science and health information and accounts for 47 percent of group profit, on research volume growth and higher demand for electronic products and tools.
The company, however, warned the scope for short-term underlying revenue growth at its LexisNexis Legal & Professional division - which competes with Thomson Reuters’ Westlaw - was limited.
Shares in Reed closed at 515.5 pence on Monday in London.
($1 = 0.6213 British pounds)
(This story was corrected to remove reference to market capitalization in the last paragraph)
Reporting by Adveith Nair; Editing by Paul Sandle