Lexis parent says no breakups or sell offs
Reed Elsevier has published its latest results showing a total revenue decline by 1% to £6002 million in 2011 but its pre-tax profit rose from £768m to £948m, whilst net debt was cut from £3.5bn to £3.4bn year-on-year. Company CEO Erik Engstrom said the group would keep its five main assets: Elsevier, LexisNexis Risk Solutions, LexisNexis Legal & Professional (the bit the legal market is most familiar with) Reed Exhibitions and Reed Business Information – this is in contrast to some analysts calls to break up the company.
In an interview with the Financial Times, Engstrom said “High quality global journalism requires investment. We have no plans to divest any of our five major operating business areas. We have no plans to divest our main events business. … We expect to continue to make small disposals within all of our five main operating divisions, just as we have over the past two years. And we expect to dispose of businesses that we don’t think are aligned to the strategic direction that we want to go.”