Operating profits fell to £55m to £91m at while revenues slipped 1%, according to Reed Elsevier's preliminary results.
, in a statement, said: "We were disappointed not to be able to sell Reed Business Information but the macro-economic environment 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."
Overall Reed Elsevier reported a 16% rise in 2008 revenues to £5.3bn most of which come from scientific and legal professional products.
The rise in revenues and a 15% rise in adjusted earnings per share as Reed's low exposure to advertising helped it weather the early days of the economic down turn.
Reed Elsevier said its $290m restructuring and cost saving programme was on track and had been expanded to RBI, publisher of and .
In January RBI made 35 of its UK staff redundant and reduced its US workforce -- the team behind titles such as , , and .
Reed Elsevier announced its intention to sell RBI in February 2008 saying that its ad revenue model no longer fit the subscription-based model of Reed Elsevier.
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