Reed Elsevier
First quarter underlying revenue growth, excluding biennial exhibition cycling and timing, was in line with full year 2012.
In 2013 we have continued to make good progress on our strategy to systematically transform our business into a professional information solutions provider and to improve the quality of our earnings, primarily through organic development.
We have also continued to evolve our portfolio through selective small acquisitions of content and data assets, and through the completion of several disposals so far this year, including Screening, RBI Australia and a number of smaller assets across southern Europe.
In February we announced our intention to mitigate the dilution associated with disposals by deploying a total of £400m on share buybacks in 2013, of which £181m has been completed year to date, leaving a further £219m to be deployed by the end of the year.
Reed Elsevier’s financial position remains strong with good cash generation. Since the February results announcement we have issued a further $389m of 3.125% term debt maturing in 2022. Related to this transaction, we have retired $309m of high coupon term debt due in 2019.
Full year outlook: The outlook for the macro environment, and its impact on our customer markets, remains mixed, and 2013 is a cycling out year for our exhibitions business. However, the positive momentum with which we entered the year has been maintained, and we continue to expect 2013 to be another year of underlying revenue, profit, and earnings growth.


Trading performance and full year outlook by business area:

Scientific, Technical & Medical
First quarter growth in research continued to be driven by solid growth in journal subscription revenue across the scientific, technical and medical segments.
Good growth continued in scientific databases & tools and electronic clinical reference & decision support, driven by strong new sales and new product roll outs. Sales of print books to individuals and pharma promotion revenues continued to decline.
Full year outlook: The scientific, technical & medical business is on track to deliver another year of modest underlying revenue growth in 2013.

Risk Solutions
Positive revenue momentum was maintained in the first quarter overall. Insurance growth reflected increasing volumes in the core business and good take up of new products. Business Services growth was driven by strong demand for anti-money laundering, identity verification and credit decisioning solutions in the financial services and corporate segments.
In the Government segment good revenue momentum in tax and revenue products in the state & local sector was maintained, and federal government revenues returned to growth.
Full year outlook: We continue to expect good growth in the Insurance and Business Services segments, while some uncertainty remains in the outlook for government markets.

Business Information
Underlying revenue growth was maintained in the first quarter reflecting strong demand for data & analytics across most markets, although print and advertising revenues remained weak.
Growth was primarily driven by Major Data Services, with strong growth in both ICIS and BankersAccuity.
Full year outlook: We continue to expect good growth in Major Data Services, stable Leading Brands, and further benefits from portfolio reshaping.
Legal

First quarter underlying revenue trends were similar to 2012, with legal markets in the US and Europe remaining subdued. In the US, growth in online research and litigation services continued despite challenging market conditions, with on-going declines in print revenues. Outside the US, growth in online revenues was largely offset by print declines.
During the first quarter we made good progress on the introduction and roll out of new products, with 55% of our US customer base now having been activated on the New Lexis platform.
Full year outlook: Our customer markets remain subdued, limiting the scope for growth.

Exhibitions
In the first quarter underlying revenue growth rates were maintained at levels similar to the second half of last year (excluding biennial exhibition cycling and timing).
While growth in Europe was modest, the US, Brazil, Japan and emerging markets all performed well.
Full year outlook: We continue to expect growth to be good in the US and Japan, limited in Europe, and strong in other markets. However 2013 is a cycling out year, reducing underlying revenue growth by 5-6 percentage points.

-ENDS-
Appointment of Senior Independent Director and Remuneration Committee Chairman
Reed Elsevier today announced changes to its Senior Independent Director and Remuneration Committee
Chairman.
Lisa Hook has been appointed Senior Independent Director with immediate effect. MsHook has been a
member of the Supervisory Board of Reed Elsevier NV and a Non-Executive Director of Reed Elsevier PLC
since 2006. She is a member of the Remuneration Committee, Nominations Committee and Corporate
Governance Committee.
Dr Wolfhart Hauser will be appointed Chairman of the Remuneration Committee following the conclusion
of the Annual General Meeting of Reed Elsevier PLC to be held on 25 April 2013, subject to his election as
a Director at that meeting and at the Annual General Meeting of Reed Elsevier NV to be held today.
-ENDS

tijd 09.13
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