Reed Elsevier leads FTSE 100 risers on profits leap
REED Elsevier was the highest riser in the FTSE 100 yesterday, jumping almost three per cent as the publishing group reported a profit increase of 18 per cent to £760m.
Chief executive Erik Engstrom assured investors the company will not make any significant divestments as each of its five businesses grew underlying revenues in 2011 for the first time since 2007.
However, total revenues slipped one per cent to £6bn.
The group ended the year with net debt of £3.4bn.
The coming year, which marks the twentieth year since British trade publishing house Reed International and Dutch science publisher Elsevier merged, is expected to bring another year of profit growth.
Shares closed 2.9 per cent up at £5.50.