Reed Elsevier reported a 14% revenue growth (£ 6.071 bn in 2009 versus £ 5.334 bn in 2008).  Revenue growth at constant exchange rate was flat.  Adjusted operating income was £ 1.57 bn versus £1.379 bn or up 14% and up 1% at constant exchange rates.  LexisNexis reported revenue growth +14% and adjusted operating profit +13%, at constant currency, including full year contribution of the ChoicePoint acquisition.  LexisNexis core law firm market is flat in US and marginally lower internationally reflecting downturn in legal services industry. Risk Solutions sees strong growth in Insurance and Government markets but decline in other markets; profits grow strongly.  Proforma revenues for ChoicePoint were up 1%, adjusted operating profits were up 44%, at constant currency.  Strong growth in profitability driven by Insurance business and significant integration benefits.  ChoicePoint revenues are negatively impacted by the negative economic conditions just like its peers and the improved profit performance is largely due to the ChoicePoint integration into LexisNexis risk management services.   Source:  Reed Elsevier

BIIA Newsletter March II – 2010 Issue