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Reed Elsevier revival goes on

By Daily Mail Reporter
Updated: 05:47 EDT, 18 February 2011

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Reed Elsevier signalled that its recent revival will continue this year as the bounce in media markets continues apace.

The owner of the New Scientist and Variety is expecting 'a gradual recovery' during 2011 as subscriptions for its academic, scientific and legal information improve.

Chief executive Erik Engstrom believes Reed will keep 'building on the actions taken to strengthen the business', which included cutting staff and closing titles.

Underlying turnover rose 2% to 6.1bn last year, while pre-tax profits were flat at £1.3bn.

Shares fell 12.5p to 561p as it held its 2010 dividend steady at 20.4p.

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