This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Reed Elsevier Plc's CEO Discusses Q2 2011 Results - Earnings Call Transcript

Stocks in this article: RUK

Reed Elsevier plc (RUK)

Q2 2011 Earnings Call

July 28, 2011 4:00 am ET


Mark Armour - Chief Financial Officer, Member of Executive Council, Member of Executive Board and Executive Director

Anthony Habgood - Chairman, Member of Remuneration Committee and Chairman of Reed Elsevier NV

Unknown Executive -

Erik Engstrom - Chief Executive Officer, Member of Executive Board and Executive Director


Claudio Aspesi - Sanford C. Bernstein & Co., Inc.

Patrick Wellington - Morgan Stanley

Polo Tang - UBS Investment Bank

Vighnesh Padiachy - Goldman Sachs Group Inc.

Paul Gooden - RBS Research

Colin Tennant - Nomura Securities Co. Ltd.

William Packer - Exane BNP Paribas

Richard Menzies-Gow - BofA Merrill Lynch

Thomas Singlehurst - Citigroup Inc

Mark Braley - Deutsche Bank AG

Paul Sullivan - Barclays Capital

Giasone Salati - Execution Noble LLC


Anthony Habgood

Well, good morning, ladies and gentlemen, and welcome to Reed Elsevier's Interim Results Presentation. For all of you who've come, thank you so much for coming, and for those of you who are joining on our webcast, thank you for listening in.

I'm pleased to be able to report that in the first half of 2011, we had underlying revenue growth in each of our businesses if, of course, we exclude the net cycling out effect of the biennial exhibitions. Combined with good growth in operating margin, reflecting both a change in business mix and margin improvement in 3 of our businesses, this has resulted in a return to growth in adjusted earnings per share of 5% for both PLC and NV.

Reported earnings per share are again strongly ahead, being up 20% in both PLC and NV. And it's also interesting to note that we are now in a position where no restructuring costs were taken as exceptional during the period. Given the resumption of growth in EPS, the board is pleased to be able to recommend an increase in dividends, 5% for PLC and 1% for NV. But that difference, as you know, reflects only movements in the sterling euro exchange rates between the dividend announcement dates.

1 of 4

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs