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Wednesday, November 11, 2009
Reed: First-half Trends To Continue; Names New CEO
By Barbara Kollmeyer
MarketWatch Pulse
MADRID -- U.K.-Dutch publisher Reed Elsevier on Wednesday said trends for its businesses seen in the first half of the year have "broadly continued" into the second half. Reed said it sees a modest reduction in adjusted operating margin in 2010. Its major professional markets are "proving more resilient than most but not immune from late-cycle pressures" owing to the fact they rely on subscriptions for revenue. Advertising and promotion markets have been particularly impacted by the global recession, while restructuring programs are on track to deliver cost savings, said Reed. The company also announced Ian Smith has stepped down as chief executive officer with effect from Wednesday, to be replaced by current Elsevier CEO Erik Engstrom.
Copyright © 2009 MarketWatch, Inc.
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