Variety and Farmers Weekly publisher Reed Elsevier (NYSE: RUK) says its Reed Business Information earned 19 percent less money through 2010, as it off-loaded many magazines to reshape its portfolio.
Accounting as though the magazines had already been sold, however, underlying revenue was down only two percent and adjusted operating profit increased four percent.
Though Reed sold most of its RBI U.S. operations, CEO Erik Engstrom says there are “no plans” to sell Variety (via Bloomberg).
Reed spent a combined £237 ($380.32) million restructuring RBI in 2009 and 2010. It says: “Data services and online marketing solutions are seeing continued good growth. Portfolio changes and improving markets are also expected to benefit 2011.”
Elsewhere across the group…
— Elsevier (medical): 2010 subs renewals met expectations, with good electronic growth. “Modest” 2011 growth forecast.
— LexisNexis (legal): Adjusted operating profit took a 12 percent hit. “Gradual” recovery.
— Reed Exhibitions (events): “Annual shows returned to revenue growth in second half; forward bookings encouraging.”
The group’s operating profit and revenue were broadly unchanged from 2009 – £1.55 ($2.49) billion on £6 ($9.63) billion respectively.