LONDON (Brand Republic) – Anglo-Dutch publisher Reed Elsevier confirmed Wednesday (August 9) that it is considering bidding for medical textbook publisher Harcourt General.
The company has spent £876m on acquisitions so far this year and said it had plenty of funding for more. Harcourt is thought to be worth around $6bn (£4bn). Dutch publisher Wolters Kluwer, Bertelsmann and Canada’s Thomsom Corporation are also said to be considering bidding.
The announcement was made as the company unveiled its first half-year results. Pre-tax profits were better than expected at £351m, down from £371m the previous year due to hefty internet investment. The company beat analysts’ expectations of between £324m and £340m.
Crispin Davis, Reed Elsevier’s chief executive who joined last year from Tempus, said that the company is firmly on track with its strategy to turn around the company’s performance.
The strategy, drawn up in February, aims to achieve above market revenue growth and double digit earnings growth by 2002. A target of £1bn in internet revenues was also set for that date.