Reed Exhibitions' Revenue Jumps 32 Percent in First Half
London-based media group, Reed Elsevier, reported its interim results for the six months ended June 30. The group’s exhibitions organising business, Reed Exhibitions, reported a significant rise in revenues by 32 percent year-on-year reaching £486 million, while the group’s revenue grew by 5 percent to £3.1 billion. Adjusted operating profit of Reed Exhibitions was £151 million, a growth of 34 percent over last year. Reed Business Information’s (RBI) revenues increased 1 percent to £347 million, and recorded an adjusted operating profit of £63 million – up 19 percent year-on-year.
According to Reed’s management, excluding the impact of the biennial show cycling, underlying revenues for Reed Exhibitions were up 12 percent compared to last year. The company attributed the strong revenue growth to the double digit revenue growth experienced in the U.S. and emerging markets, which excludes biennial cycling effects. Reed Exhibitions launched about 15 new events in the first half this year.
CEO of Reed Elsevier, Erik Engstrom, said, “We have continued to transform our core businesses through organic development by investing in our digital platforms and developing and launching new online products and services. We have extended our position in high growth markets through organic new launches supported by selective small acquisitions.”