Reed reveals slip in profits at exhibitions

Reed Exhibitions has posted a 4% drop in adjusted operating profits to £234m in Reed Elsevier's results for the year ended 31 December 2002. Turnover was down slightly to £425m from £446m in 2001.

Excluding acquisitions and disposals, however, the exhibition arm only saw a 1% dip in underlying revenues and flat operating profits.

Events in Asia Pacific and most in North America grew, but this was offset by a struggling US manufacturing sector and a weak European market. But Reed did benefit from a series of biennial shows held in 2002.

Reed Elsevier chief executive Crispin Davies said: "The exhibitions business delivered a very satisfactory performance reflecting the strength of its shows."

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