LONDON (dpa-AFX) - Anglo-Dutch publishing and events company Reed Elsevier Plc. (REL.L, RUK, ENL) Thursday said its first-half profit declined from the prior year, amid a 6 percent drop in revenues. For the full year, the company reiterated its earlier outlook.
Profit attributable to the parent company's shareholders fell to 454 million pounds ($773.2 million) from 509 million pounds in the prior year. Earnings per share were 19.7 pence compared to 21.7 pence last year.
The decrease was mainly attributable to the absence of the non-recurring deferred tax credit recognised in the first half of 2013 and currency effects.
Profit before tax was 606 million pounds, compared with 626 million pounds last year.
Adjusted profit before tax was 791 million pounds, versus778 million pounds last year.
Revenue declined 6 percent to 2.847 billion pounds from 3.025 billion pound a year ago.
Scientific, Technical & Medical revenues slipped 4 percent to 971 million pounds, but underlying revenues grew 3 percent from last year.
In Risk Solutions & Business Information, revenue slipped 5 percent to 718 million pounds. Noting that the Risk Solutions and Business Information have now been combined into one business area, the firm said underlying revenues for the combined business grew 6 percent.
Legal revenues fell 14 percent to 668 million pounds, and underlying revenue trends were unchanged in subdued market conditions.
Exhibitions generated 490 million pounds, up 1 percent from last year. Underlying revenues grew 8 percent, including around two percentage points of positive biennial cycling and timing effect.
Looking ahead, the company said its full-year outlook is unchanged. 'Underlying trends in our business continue to be positive as we enter the second half, and we remain confident that we will deliver another year of underlying revenue, profit, and earnings growth in 2014,' Chief Executive Officer, Erik Engstrom, stated.
The company recommended a 5 percent increase in interim dividend for Reed Elsevier PLC to 7.00 pence and a 14 percent increase for Reed Elsevier NV to 0.151 euro.
REL.L is up over 1 percent in early morning trade at 948.50 pence.
Copyright RTT News/dpa-AFX