WORLD - Improving exhibition attendance has boosted Reed Elsevier’s first-half results for 2010, where exhibition performance figures have improved alongside a more stable advertising market.
In the six months to June 30, group revenue at the media company dropped by one per cent at constant currency to £2.99bn, from £3.06bn the previous year. Turnover rose one per cent, excluding disposals.
However performance at subsidiary Reed Exhibitions was much better, with revenues up eight per cent to £383m, helped along by several biennial events. And, while revenues from annual shows fell six per cent, this was a slower rate than the previous year’s 17 per cent.
“We are seeing an emerging economic recovery in exhibitions,” said chief executive Erik Engstrom. “Not just our revenue decline moderating but also we’re seeing increasing attendance levels at most of our annual events”.
Pre-tax profit for Reed Elsevier more than doubled from £188m to £412m, due largely to the lack of exceptional charges taken in 2009. Adjusted operating profit, including amortisation and acquisition costs, fell from £782m to £758m, beating consensus forecasts for £715m.
“We did see an improved overall trading performance compared with the first half of last year,” adds Engstrom. “In addition to revenue stabilisation, we’re also making considerable progress against our priorities in each business unit.”
