Reed Elsevier reaffirms strong 2010 despite cautious exhibition sector
by Annie Byrne
Publishing house Reed Elsevier reaffirmed a strong trading outlook for 2010, despite its exhibition arm reporting bookings for this year's events remaining behind last year’s levels.In a statement released today, the company says subsidiary Reed Exhibitions has seen bookings drag behind that of previous years, as exhibitors remain cautious and commit to shows later than usual. This year will see Reed benefit from the next cycle of biennial shows, although revenues from annual shows are expected to be lower in comparison. However, Reed is confident that there are signs of stabilisation in the exhibition arena.Reed Elsevier itself reports momentum is picking up elsewhere in its business. Completion of its subscription renewals for 2010 met expectations, but despite the fact overall revenue growth is expected to be lower than 2009, the company says its financial position remains strong, supported by good cash generation and capital discipline.