Revenues were up 13% to £2bn in the six months to June 30. Adjusted pre-tax profits rose 17% to £410m.
The results reflected a strong performance from Reed's science and medical, legal and education publications. Analysts had forecast profits in the range of £380-£395m for the period.
The company is predicting double-digit growth for 2001, following its £1.7bn takeover of US publisher Harcourt General last year.
The bad news for Reed was its US magazine business Cahners Business Information, which has been hit hard by the downturn in advertising revenue.
A spokesman for the company said, "The slowdown within business to business is deeper and more protracted than had been envisaged, but is largely compensated by the actions we have taken and the stronger performance across the rest of the businesses."