REED ELSEVIER, one of Britain’s biggest media groups, has reassured investors wary of a slowdown by promising that its steady growth of last year will continue in 2013.
The business publishing and events firm, which owns a range of publications from Farmer’s Weekly to medical textbooks such as Gray’s Anatomy, said that growth in the first quarter of the year has been similar to 2012, once the effects of biennial exhibitions had been stripped out.
Last year, Reed Elsevier’s revenues grew by four per cent, and yesterday’s update will have reassured shareholders who were cautious about macroeconomic trends hitting the firm.
The FTSE 100 company has been systematically disposing of less stable publications in recent years, selling assets including Hollywood magazine Variety, and it now counts just New Scientist amongst its widely-recognised titles.
“The positive momentum with which we entered the year has been maintained, and we continue to expect 2013 to be another year of underlying revenue, profit, and earnings growth,” the firm said.