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Reed Elsevier reports higher revenue, profits

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London--Reed Elsevier on Thursday reported its preliminary results for 2002, which showed a 13% increase in revenue and an 11% increase in adjusted profits before taxes.

The company achieved these results despite the difficult environment in b-to-b media.

The Reed Business division experienced a 6% decline in revenue but, thanks in part to cost-cutting and a focus on building market share, also posted a 2% profit.

Reed Elsevier expects to continue its growth in 2003.

“Despite the adverse economic environment, we continue to see significant opportunities for growth and have a good pipeline of initiatives to deliver on them,” CEO Crispin Davis said.

--Sean Callahan

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