Reed Elsevier presents new Internet strategy

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London--Crispin Davis, CEO of Reed Elsevier, unveiled a new Internet strategy Thursday that will include an investment of about $1.2 billion. The Web strategy will include the building of vertical portals for electronics, construction and entertainment--markets served by Reed Elsevier's New York-based unit, Cahners Business Information. Reed Elsevier also released its 1999 financial results, which saw revenue increase about 5%, from $5.11 billion in 1998 to $5.43 billion last year. Adjusted profit before taxation fell about 9%, from $1.24 billion in 1998 to $1.14 billion last year. Cahners contributed to the decline as its operating profits declined 40% between 1998 and 1999 on flat revenue.
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