Reed to sell struggling education ops, FY adj pretax up 5 pct UPDATE |
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Thu, 15 Feb 2007 09:00
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(Adds detail, closing share price)LONDON (AFX) - Anglo-Dutch publisher Reed Elsevier PLC announced plans to sell its under-performing education division and return the proceeds to shareholders as it reported a 4 pct rise in full-year revenue and said market conditions for 2007 were generally positive.Reed, which counts the Lancet medical journal and New Scientist magazine among its 15,000-plus publications, said adjusted pretax profit rose 5 pct to 1.02 bln stg on revenue of 5.39 bln.'2006 saw important progress in the development of Reed Elsevier's business,' Reed chief executive Crispin Davis said in a statement. 'There is momentum behind our digital revenues driven by a widening range ofinnovative online information products, increasingly embedded in customerworkflows.'The planned sale of our Harcourt Education division announced todaysharpens our strategic focus and concentrates our resources on the digitalopportunities across an increasingly synergistic portfolio.'The company said its education business strategy had 'increasingly differed' from its legal, science and business-to-business publishing divisions.It added that the sale of the education business and return of capital to shareholders was expected to be 'modestly dilutive' to pro forma earnings per share.Reed shares closed at 604.5 pence yesterday, valuing the company at 7.66 bln stg.nick.huber@afxnews.comnh/lam/nh/wjCOPYRIGHTCopyright AFX News Limited 2006. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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Reed to sell struggling education ops, FY adj pretax up 5 pct 