Reed Elsevier´s revenues fell in the first half

28th Jul 2011 11:32

Business publisher Reed Elsevier today announced a 19% rise in first half profits, to £377m, despite a 3% fall in its revenues, to £2.9bn. Its adjusted operating profits, nonetheless, improved 2% to £774m, thanks in part to a 1.3 point increase in its operating margins, to 26.6%.The company´s free cash flow (before dividends) fell considerably, to £440m, from £569m in the prior period. The firm, however, has explained that the decrease is in large part due to timing differences and higher capital expenditures.By activities, revenues at Reed exhibitions fell 3%, and another 8% at Reed Business Information, but grew 3% at Lexis Nexis Legal&Professional and by another 3% at Lexis Nexis Risk Solutions. The company´s level of net debt came down by £51m, to £3.4bn, versus where it stood at 31st of December 2010. Reed has also announced a 5% increase in its interim dividend. The company has added that, "with positive momentum across our businesses and our focus on creating value, we continue to expect a gradual improvement in performance."Shares of Reed Elsevier closed the day down by 1.0%, at 554p, in London trading. AB