RBI revenue drops 20% after disposals and closures
Drop in revenue for Reed Business.
Revenue at Reed Business Information dropped 20 per cent last year as a result of the closure and sell off of scores of business magazines, its parent company said today.
Reporting full-year results this morning, Reed Elsevier said that RBI, which generates six per cent of its overall adjusted operating profits, drew revenue of £718m last year, down from £891m made in the previous 12 months.
Reed Elsevier said that over the last year it had sought to reshape RBI's portfolio by significantly reducing costs and channelling investment into successful data services.
Disregarding the impact of the disposal or closure of many of RBI's titles, Reed Elsevier said underlying revenue at its business publishing division was down two per cent year on year with underlying operating profit up four per cent at £89m.