Reed Elsevier reports solid growth

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London--Reed Elsevier plc, the giant Anglo-Dutch publishing company that owns Cahners Business Information, reported robust profits for 2000 and promised to deliver double-digit earnings growth by 2002. Reed CEO Crispin Davis said the company had saved $362.5 million by transferring core businesses to the Internet. Despite the downturn among dot-com companies, Reed's revenues from the Internet tripled to $631.4 million. Reed said it exceeded its online revenue target because sales were driven by subscriptions, rather than advertising and e-commerce. Reed's earnings report was tempered by news earlier this week that the U.K. Competition Commission would investigate Reed's $4.5 billion purchase of medical-science publisher Harcourt General Inc.
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