Unveiling its full year 2008 results, the company said it remained its intention "to divest RBI in the medium term, when conditions are more favourable".
In December, Reed shelved the proposed sale of the division, which publishes titles such as New Scientist, claiming the economic downturn made a deal impossible.
Today (19 February), Reed Elsevier chief executive Sir Crispin David said: "We were disappointed not to be able to sell Reed Business Information, but the macroeconomic and poor credit market conditions made it too difficult to structure a transaction on acceptable terms.
"While the short-term outlook for RBI is very challenging, RBI is a high quality business, with a strong management team and a record of success in developing online services. It remains our intention to divest RBI in the medium term when conditions are more favourable."
Reed said RBI's profits were down almost 40% year on year, according to 2008 results released today. Pre-tax profits dropped from £91m to £55m at the division, while revenues dipped 1%.
_1.jpg)
.jpg)
