Publisher
Reed Elsevier, Netherlands, has reported an overall good progress for the year 2005. The company said that three out of its four divisions have performed well and delivered on or exceeded their individual targets for organic revenue growth. This was announced at the Company's annual shareholders' meeting held on April 18, 2006. Though the Education division underperformed in the supplemental and testing markets, it showed good performance in the core curriculum textbook programmes.
The Company further announced that trading conditions had changed little since its 2005 Preliminary Results announcement in February 2006, and that its performance has been in line with expectations. According to the company, its science unit Elsevier, legal division LexisNexis and Reed Business magazines and exhibitions arm have all started well this year. Its Harcourt Education is receiving an "encouraging market response" to its 2006 basal textbook programmes, against a background of lower overall adoption opportunities this year.
The company said that it is targeting underlying revenue growth of at least 5 percent and adjusted earnings per share growth of at least 10 percent at constant currencies.
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