Reed Elsevier
£294m spent on 25 acquisitions
In a third-quarter reporting season that has seen its share of disappointments, particularly among global businesses, Reed Elsevier is one of the exceptions. It has been grinding out revenue growth at 3 per cent, excluding the one-off effects of the timing of various big exhibitions and currency movements, for the past three years.
That rate was maintained at the halfway stage. Third-quarter revenue growth duly came in at 3 per cent, too. That methodical reliability is appreciated by the market and Reed Elsevier shares have gained 5 per cent since I recommended them in February for just that reason.
The gains were felt across the group, although inevitably there were differences. The scientific, technical and medical division undershot