Reed Elsevier 1Q Underlying Revenue Growth in Line with 2012

LONDON--Reed Elsevier PLC (REL.LN), the professional information company behind the LexisNexis products, said Wednesday that first quarter underlying revenue growth, excluding biennial exhibition cycling and timing, was in line with full year 2012, adding that it continues to expect 2013 to be another year of underlying revenue, profit, and earnings growth.

MAIN FACTS:

-Continued to make good progress on our strategy to transform business into a professional information provider and to improve the quality of earnings, primarily through organic development.

-Proposal for GBP400 million on share buybacks in 2013; GBP181 million has been completed year to date, leaving a further GBP219 million to be deployed by the end of the year.

-Reed Elsevier's financial position remains strong with good cash generation.

-Since the February results announcement company has issued a further $389 million of 3.125% term debt maturing in 2022; retired $309 million of high coupon term debt due in 2019.

-The outlook for the macro environment, and its impact on our customer markets, remains mixed, and 2013 is a cycling out year for exhibitions business.

-Shares closed Wednesday at 779 pence valuing the company at GBP9.27 billion.

-Write to Rory Gallivan at [e-mail]; Twitter: @RoryGallivan

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