Tuesday 24 April 2012 8:27 pm

Reed Elsevier shares climb on promising first quarter update

REED Elsevier yesterday warned that its legal and professional division LexisNexis, which competes with Thomson Reuters, has limited scope for short term growth. But the publishing and events group said it had a positive growth outlook for 2012 partly due to growing demand for its electronic products and tools. The Anglo-Dutch company reported strong portfolio development in its first quarter, particularly in emerging markets, and good subscription renewal figures in its Science & Technology and Health Sciences divisions. Its science and medical publishing arm, Elsevier, accounts for 47 per cent of group profit. The division was also boosted by good growth in global medical research despite weakness in its print book sales to individuals. The Reed Business Information division is undergoing the greatest degree of portfolio adjustment, with the sale earlier this month of job website TotalJobs expected to dilute overall revenue growth amid plans to sell further magazine titles. London-listed Reed Elsevier’s shares climbed two per cent to £5.26 yesterday.