Anglo-Dutch publisher Reed Elsevier today matched forecasts with a 3 per cent fall in first-half pre-tax profit to £398 million sterling (€610 million).
The publisher, which has won a reputation as a safe haven among media stocks badly hit by a slump in advertising revenues, had said its first-half results would be slightly weaker than the year-ago period.
Reed said its four core operations - science, legal, business and education - were well positioned for the second half despite a tough environment, but warned that advertising markets in its business unit was difficult with no real signs of recovery.
The company said its education businesses, including US-based Harcourt bought last year, were performing well and should have a good outcome for the year as sales and profits were seasonally weighted to the second half.
Reed Elsevier shares, which have outperformed this year with an 11 per cent fall compared to a 46 per cent slide on the Dow Jones Stoxx media index, traded 1 per cent higher after the results.
The shares have been rattled recently by concerns at what the declining dollar could mean for Reed Elsevier, which makes some 64 per cent of revenues in the United States.
