Interest expense was lower, principally reflecting the redemption of debt at the beginning of the year, giving adjusted pretax profit up 11% in sterling and at constant currencies. In euros, there were up 18%.The effective tax rate was up 40 basis points, reflecting increased profit and geographic mix. Adjusted net profit was up 11% in sterling and 10% at constant currencies. The increase in euros was 18%.
Reed Elsevier Management Discusses H1 2012 Results - Earnings Call Transcript
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