While revenues were more or less unchanged at £ 6 06bn last year, the absence of write-downs - 177 m £ last time - and greatly reduced costs of restructuring saw all year profits Bond 77pc 768 m £ before tax.
At the time, analysts acknowledged the focus of Reed to the conduct of operational performance improvement. Further positive news came from Erik Engstrom, Chief Executive since the end of 2009, saying that the greater part of the Group of the restructuring programme are now completed. However, some analysts were downbeat, citing a worrying decline in the group legal and professional firms.
"The markets of the group be controlled pressure end-cycle on multi-year subscriptions, while Reed would give no indication where he expects legal margins to recover" said Numis. "" we do not consider as dear Reed 12 times earnings, but neither see catalysts in the short-term performance of the price part of the disk. ""
Other concerns came yesterday from Bernstein Research, concerned about the potential performance of science and technology from Elsevier in 2012. They emphasize the pressures encountered by academic institutions around the world: "while the evidence summary of the changes in the funding of academic libraries is still rudimentary, anecdotal evidence suggests that academic and research libraries are still affected by budget additional pieces in 2011." We believe that, overall, Elsevier revenues will increase 1pc in 2pc annually in the best of cases, well below the history at the rate of growth FP6 5MC. »
High-growth areas include enterprise risk, while the Group has accelerated the launch of new exhibits in the high-growth markets and sectors. And with more, Mr Engstrom includes the companies after the arm of Elsevier.
An other potential upside is that the chance of the group could possibly consider the sale of its exhibitions. There is certainly interest.
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