UPDATE 1-Reed Elsevier sees growth this year similar to 2013

Thu Feb 27, 2014 4:39am EST
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By Paul Sandle

BARCELONA Feb 27 (Reuters) - Anglo-Dutch business information provider Reed Elsevier said it was confident that 2014 would be another year of growth after it met expectations with a 7 percent rise in earnings last year.

Reed Elsevier, which competes with Thomson Reuters, is moving more of its content to digital platforms, where data can be more easily organised, searched and analysed.

Its risk solutions business, which provides data to clients in financial services, achieved underlying revenue growth of 8 percent last year, driven by a strong take-up of new products by the insurance industry.

"We think our growth prospects, that we see at the beginning of the year, are very similar to the growth we had in 2013," Chief Executive Erik Engstrom told reporters on Thursday.

The owner of the LexisNexis legal and ScienceDirect medical and science databases posted adjusted 2013 earnings per share of 54 pence for its London-listed entity and 0.99 euro for the Dutch group, up 7 percent on a constant currency basis.

Analysts were expecting adjusted EPS of 53.5 pence, according to a company-supplied consensus forecast.

Revenue in Reed Elsevier's legal business grew 1 percent on an underlying basis, reflecting "subdued" demand from lawyers in the United States and Europe, it said.   Continued...