Business summary
| 2009 £m |
2008 £m |
% change |
% change at constant currencies |
% change underlying |
|
|---|---|---|---|---|---|
| Revenue | |||||
| Elsevier | 1,985 | 1,700 | +17% | +4% | +4% |
| LexisNexis | 2,557 | 1,940 | +32% | +14% | -4% |
| Reed Exhibitions | 638 | 707 | -10% | -21% | -22% |
| Reed Business Information | 891 | 987 | -10% | -18% | -18% |
| 6,071 | 5,334 | +14% | 0% | -6% | |
| Adjusted operating profit | |||||
| Elsevier | 693 | 568 | +22% | +9% | +9% |
| LexisNexis | 665 | 513 | +30% | +13% | -15% |
| Reed Exhibitions | 152 | 183 | -17% | -28% | -31% |
| Reed Business Information | 89 | 126 | -29% | -35% | -34% |
| Unallocated items | (29) | (11) | |||
| 1,570 | 1,379 | +14% | +1% | -9% |
Adjusted operating profit is presented as an additional performance measure used by management and is stated before amortisation and impairment of acquired intangible assets and goodwill, exceptional restructuring and acquisition related costs, and is grossed up to exclude the equity share of taxes in joint ventures. Reconciliations between the reported and adjusted figures are provided in note 11 to the combined financial statements.
The percentage change at constant currencies refers to the movements at constant exchange rates, using 2008 full year average and hedge rates.
Underlying growth rates are calculated at constant currencies, excluding acquisitions and disposals.
