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RE: Reed Elsevier Financial Statement

>From another perspective:

Reed Elsevier ups profits to �1bn 
Feb. 20 Evening News 

PUBLISHING group Reed Elsevier has posted a better-than-expected ten per
cent rise in annual profits after overcoming the impact of the global
economic slowdown.

Heavy investment in web-based services was more than offset by an ongoing
cost-cutting drive that has delivered more than �350 million in annual

More than 1000 employees were laid off last year, mostly in the United
States, although the company said there are no specific plans for more job
losses in 2004.

Annual pre-tax profits increased to �1.01 billion at constant exchange
rates in the 12 months to the end of December, compared with �927m a year
ago. Revenues before currency fluctuations were up one per cent at �4.9bn.

Additional reporting from Bloomberg 

Reed Elsevier 2003 Profit Rises 85% on Lower Costs (Update2) 

Feb. 19 (Bloomberg) -- Reed Elsevier Group Plc, the world's largest
scientific publisher and the owner of entertainment industry newspaper
Variety, said profit jumped 85 percent in 2003 on lower amortization costs
and expenses. The shares rose as much as 4.2 percent.  


Chuck Hamaker