Reed Elsevier NV's (Reed Elsevier) top-line remained relatively flat y-o-y in FY 2009 and was lower than our expectations. There was some positive impact on revenues from currency movements over the period, however on a constant currency basis the results were unimpressive at the top-line level. Reed Elsevier isn't excepting much from 2010, as advertising and promotion markets are set to remain weak in the near to medium term....

The strengthening of the euro against Sterling and the US dollar had a significantly positive impact on the revenue growth rate expressed in euros. However, in constant currency terms, top-line registered only a 3% y-o-y increase. With further anticipated appreciation of the euro against the US dollar, we expect the positive impact on Reed Elsevier's top-line to continue. Integration of ChoicePoint led to robust y-o-y growth in the LexisNexis segment, supported…

Reed Elsevier NV’s (Reed Elsevier) Reed Business Information (RBI) division announced an agreement to sell its travel publishing business in the UK for an undisclosed consideration. We believe that the sale is a positive sign that the company continues to pursue its objective of focusing on its core business and reducing dependence on businesses heavily vulnerable to economic cycles....