Publisher Reed Elsevier has reaffirmed that it is on track in 2007 to deliver on its goal of a minimum 10 percent growth in adjusted earnings per share at constant currencies.
The company has said that Elsevier, LexisNexis and Reed Business divisions are performing well with good underlying revenue growth as they execute against their online and workflow solution strategies. Revenue growth and firm cost management are improving operating margins across the business. A wide ranging programme to drive further cost efficiency is well in hand and will contribute to continued underlying margin improvement in future years, according to the company.
The disposals of the Harcourt Assessment and Harcourt US Schools Education businesses are on track and are expected to be completed in late 2007/early 2008 following US regulatory approvals. The aggregate net proceeds for the sale of the Harcourt Education division of about $4 billion will be returned to shareholders by way of special dividend following completion.
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