| |
2008
£m |
2007
£m |
%
change |
%
change at
constant
currencies |
Continuing operations |
| Revenue |
| Elsevier |
1,700 |
1,507 |
+13% |
+4% |
| LexisNexis |
1,940 |
1,594 |
+22% |
+13% |
| Reed Exhibitions |
707 |
577 |
+23% |
+9% |
| Reed Business Information |
987 |
906 |
+9% |
+1% |
| Total |
5,334 |
4,584 |
+16% |
+7% |
| Adjusted operating profit |
| Elsevier |
568 |
477 |
+19% |
+11% |
| LexisNexis |
513 |
406 |
+26% |
+18% |
| Reed Exhibitions |
183 |
139 |
+32% |
+14% |
| Reed Business Information |
126 |
121 |
+4% |
-4% |
| Unallocated items |
(11) |
(6) |
|
|
| Total |
1,379 |
1,137 |
+21% |
+12% |
Discontinued operations |
| Revenue |
12 |
752 |
|
|
| Adjusted operating profit |
– |
121 |
|
|
Adjusted figures and constant currency growth rates are used by Reed Elsevier as additional performance measures. Adjusted operating profit is stated before amortisation of acquired intangible assets and goodwill impairment, exceptional restructuring and acquisition related costs, and is grossed up to exclude the equity share of taxes in joint ventures. Exceptional restructuring costs principally relate to the major restructuring programme announced in February 2008 and to Reed Business Information (RBI). Constant currency growth rates are based on 2007 full year average and hedge exchange rates.
Unless otherwise indicated, all percentage movements in the following commentary refer to performance at constant exchange rates. Underlying growth rates are calculated at constant currencies, excluding acquisitions and disposals. The reported operating profit figures are set out in note 1 to the combined financial statements and reconciled to the adjusted figures in note 11.
Discontinued operations relate to the Harcourt Education division, sold in separate transactions in 2007 and January 2008.