Reed's Exhibitions Revenue Posts Moderate Growth
London-based media group, Reed Elsevier, reported its interim results for the six months ended 30th June 2013. The group’s revenues grew by 2% to £3.03 billion (US$4.6 billion). While excluding biennial exhibition cycling, revenues were up by 3%. Adjusted operating profit in the period was £870 million (US$1.3 billion), a year-on-year increase of 6%.
The exhibitions business recorded a moderate growth of 1% year-on-year, amounting to £485 million (US$738 million). While excluding biennial effect, the exhibitions business grew 7%. Adjusted operating profit in the six-month period was £151 million (US$230 million), flat with last year.
In the first six months of 2013, Reed launched 15 new events, primarily in emerging markets. According to the company, the U.S., Japan, Brazil and other markets grew well during the period, with the exception of Europe which saw modest growth.
Reed Elsevier’s CEO, Erik Engstrom, commented, “In the first half of 2013 we continued to focus on improving our business profile, primarily through organic development… We also made a small number of targeted acquisitions which support our organic growth priorities, and disposed of several businesses that no longer fit our strategy. 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.”