POSITIVE START TO THE YEAR
Revenues up 6%, adjusted pre-tax profits and earnings per share up 5% at constant exchange rates
Good underlying performance across business; momentum in revenue and profit growth building for second half
o Strong subscription renewals and growing online sales at Elsevier
o Further revenue growth momentum at LexisNexis from product and marketing investment
o Good performance in winning state textbook adoptions at Harcourt Education; well placed for strong second half sales season
o Continuing improvement at Reed Business; rapid online growth and exhibitions performing well
o Good contribution from recent acquisitions
Sustained investment in building online business
Seasonality in Education and Health Sciences accelerates growth in second half
On track to deliver 2005 organic revenue growth of at least 5% and double digit growth in adjusted earnings per share at constant currencies.

Sir Crispin Davis, Chief Executive Officer of Reed Elsevier, commented:

“The first half of 2005 sees Reed Elsevier in good health and firmly on track to deliver on our 2005 goals, with momentum building in our revenue and profit growth. Our businesses are performing well in their respective markets and the sustained investment programme is now making a real difference. Particularly pleasing has been the acceleration in growth in LexisNexis and the continuing recovery and rapid growth in online services in Reed Business. Harcourt Education is well positioned for a strong second half and Elsevier should also see an acceleration in growth with the Health Sciences publishing programme. We continue to target above market revenue growth, with at least 5% organic revenue growth, and double digit earnings per share growth at constant currencies for 2005 and beyond."