Reed Exhibitions Revenues Down 4 Percent
Reed Elsevier recently reported its interim results for the six months ended June 30. The group’s exhibitions organising arm, Reed Exhibitions, reported revenues down 4 percent year-on-year at £368 million. Adjusted operating profits were £113 million, down 8 percent, compared with last year. Reed Business Information’s (RBI) revenues dropped 8 percent to £344 million, while RBI’s adjusted operating profits were up 33 percent to £53 million.
The company’s management reported that excluding the impact of biennial show cycling, underlying revenues for Reed Exhibitions were up 10 percent, compared with last year. Reed Exhibitions also has plans to launch more than 40 new events this year – and 18 of those were launched in the first half. Of the 35 new shows launched in 2010, management expects 25 will continue to run.
China, Brazil, Russia and the Middle East were highlighted by management as strong performers. In China, the company noted that the Sino Corrugated Shanghai packaging show has performed well.
Anthony Habgood, chairman of Reed Elsevier, said, “The first half has seen underlying revenue growth in each of our businesses (excluding the net cycling out of biennial exhibitions), good growth in operating margin, and a welcome return to growth in adjusted earnings per share (+5 percent) and in dividends. Reported earnings per share were strongly ahead (+20 percent) and no restructuring charges were taken as exceptional during the period. The sharp focus on value creation and operational execution should sustain a continued improvement in performance.”