Reed Elsevier sticks to full year outlook after revenues grow - UPDATE

7th Nov 2013 07:01

- Full year outlook maintained- Nine month underlying revenues upReed Elsevier said its full year outlook remained unchanged after underlying revenues rose three per cent in the first nine months of the year. The Anglo-Dutch information group said it had maintained positive underlying growth across all of its major business areas and its financial position had remained strong.In its science, technical and medical division, underlying revenues were up 2% after growth in primary research subscriptions and scientific databases offset a decline in sales of printed books to individuals.Its risk solutions unit reported underlying growth of 8% but its legal arm only saw a one per cent rise as online growth was countered by print declines.At exhibitions underlying revenues were up 5% including the impact of biennial exhibitions. It said the outlook for growth in this division remained limited in Europe but good in the US and Japan. The company confirmed it intended to complete the remained of the previously announced £600m share buybacks by the end of the year. Broker Investec said the results were "solid, as expected and no real surprises, so no mega catalysts", but retained its buy stance on the group's "good content/data assets, solid growth, more aggressive/pro-active portfolio shift up the value chain and improving cash returns".TB