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Reed Elsevier profits up in ’93

Pretax profits at Reed Elsevier, parent company of Variety and Daily Variety , surged by 30% to T534 million ($ 801 million) for the year ended Dec. 31.

The results cover the first full year of the merger between Reed Intl. and Elsevier’s publishing and information businesses.

Operating profit at the Anglo-Dutch media giant rose 17% to T558 million.

Reed shareholders have seen a 17% and Elsevier shareholders a 16% increase in their earnings to 35.8 pence and 7.63 florins, respectively.

Double Dutch dividend

In dividend terms, that results in a doubling of the full-year dividend to 5. 9 guilders a share for the Dutch but a rise of 12% to 18.75 pence for Reed.

The merger has also resulted in a lower tax charge. Margins rose from 19.3% to 20%.

Merger equally beneficial

“The fact that the two earnings-per-share growth figures are so similar, despite the sterling/guilder profit translation exchange rate having decreased by 10% vs. 1992, demonstrates that the agreed merger terms have provided broadly equivalent financial benefits to both sets of shareholders,” the company said in a statement.

Revenue rose 14% to T2.796 billion. The strongest growth came from professional and scientific publications, now spearheading the group’s expansion , and from exhibitions. Consumer magazines fared less well.

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