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Strong financial result and strategic progress | ||||||||||||||||
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Revenues up 13%; adjusted pre-tax profits up 11% at constant currencies | ||||||||||||||||
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Adjusted operating cashflow of £1 billion/€1.6 billion representing 89% conversion of adjusted operating profit into cash |
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Achievement of financial targets despite difficult economic environment: | ||||||||||||||||
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revenue growth across all four businesses; • double digit adjusted earnings growth at constant currencies |
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Science & Medical, Legal and Education performing well with organic revenue and profit up 4% and 9% | ||||||||||||||||
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Business division outperformed tough market with organic revenue decline limited to 6% and profits up 2% | ||||||||||||||||
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Harcourt STM and Education businesses, acquired in 2001, make a strong contribution | ||||||||||||||||
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Confidence in future growth potential and relentless commitment to execution | ||||||||||||||||
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© 2003 Reed Elsevier | Forward looking statements | www.reedelsevier.com |
