UPDATE 1-Reed Elsevier sees growth in 2013
AMSTERDAM Feb 28 (Reuters) - Anglo-Dutch publishing and events group Reed Elsevier expects a continued shift to electronic formats to help drive growth this year, and it has earmarked a further 300 million pounds ($454 million) for share buybacks.
The owner of the LexisNexis legal database and Science Direct, the scientific article database, said about 80 percent of its revenue is now derived from electronic publications and from its exhibitions and conferences business.
"Although the outlook for the macro environment, and its impact on our customer markets, is mixed, we have entered 2013 with positive momentum, and expect another year of underlying revenue, profit, and earnings growth," Chief Executive Erik Engstrom said in a statement.
The publisher of scientific, business and academic information said adjusted pretax profit rose 8 percent to 1.50 billion pounds in 2012 as operating profit at all of its business areas increased.
Adjusted earnings per share rose 7 percent to 50.1 pence, and group revenue rose 2 percent to 6.12 billion,
Analysts in a Reuters poll forecast pretax profit of 1.48 billion pounds and revenue of 6.20 billion.
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