Reed Elsevier 2009 Full-Year Results Announced Today

From Interactive Investor:

Reed’s earnings are likely to show the company has felt the sharp sting of the recent dollar weakness, given that dollar earnings account for a hefty proportion of the company’s business. It was forced to streamline its operations in reaction to the recession, but experienced some difficulty in offloading its assets.

Thursday’s results should offer up some indication of how newly-appointed chief executive Erik Engstrom expects to tackle 2010.

Paul Richards of Numis Corp said: “We are cautious ahead of the update, and expect that late-cycle pressure will persist across the group’s subscription businesses. We note recent press speculation that the group will announce heavy investment in its Legal division, which has fallen behind Thomson Reuter’s Westlaw, in addition to the suggestion that the group will exit both Exhibitions and RBI to pay down debt.”


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