Financial summary
| 2010
£ m | 2009
£m | Change | Change at
constant
currencies | Change
underlying |
| Revenue | | | | | |
| Elsevier | 2,026 | 1,985 | +2% | +2% | +2% |
| LexisNexis | 2,618 | 2,557 | +2% | +1% | +1% |
| Reed Exhibitions | 693 | 638 | +9% | +9% | +8% |
| Reed Business Information | 718 | 891 | -19% | -20% | -2% |
| 6,055 | 6,071 | 0% | -1% | +2% |
| Adjusted operating profit | | | | | |
| Elsevier | 724 | 693 | +4% | +4% | +4% |
| LexisNexis | 592 | 665 | -11% | -12% | -12% |
| Reed Exhibitions | 158 | 152 | +4% | +4% | +4% |
| Reed Business Information | 89 | 89 | 0% | 0% | +4% |
| Unallocated items | (8) | (29) | | | |
| 1,555 | 1,570 | -1% | -2% | -1% |
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 10 to the combined financial statements. The percentage change at constant currencies refers to the movements at constant exchange rates, using 2009 full year average and hedge rates. Underlying change excludes the results of acquisitions and disposals made both in the year and the prior year.
In 2010, Reed Elsevier announced that LexisNexis would be reorganised into two separate risk solutions and legal & professional businesses, with the separation effective from 1 January 2011. The charts below reflect the Reed Elsevier business split of revenue and adjusted operating profit including this separation. The adjusted operating profit split is a pro forma division of the 2010 LexisNexis adjusted operating profit for the two businesses.