Reed Reports 2014 Results and Renames to RELX Group
London-listed RELX Group (formerly Reed Elsevier) reported its results for the year ended Dec. 31, 2014.
The group’s revenues were £5.8 billion (US$9.0 billion), while excluding for biennial exhibition cycling, revenues were up by 3 percent. Adjusted operating profit in the period was £1.7 billion (US$2.7 billion), an increase of 5 percent.
The group’s exhibitions business generated revenues of £890 million (US$1.4 billion) were up 3 percent year-on-year.
While excluding for biennial cycling effect, revenues grew 7 percent. Adjusted operating profit in the year rose by 9 percent, amounting to £217 million (US$338 million).
Reed’s management highlighted its operations in the U.S. and Japan recording strong growth, while China saw strong and moderate growth in certain sectors.
In 2014, Reed Exhibitions launched a total of 36 new events.
As part of the announcement, the company renamed itself as RELX Group plc, and simplified its corporate structure.
“We are now extending our efforts to modernise and simplify the company to our corporate structure, our share listings, and our corporate entity names,” said Reed’s CEO Erik Engstrom.
He added, “We are announcing a set of changes that represent a significant simplification without impacting the economic interests of our shareholders.”