Gloomy fortunes seem to beckon for Reed Business Information. Parent company Reed Elsevier put out an interim management statement this morning, ahead of its AGM in Amsterdam, which said that revenues at RBI were expected to fall further in 2010.
Profits at RBI – which includes UK magazine brands such as Farmers Weekly, News Scientist and Flight International – slumped by more than a third in 2009, parent company Reed revealed last month.
Reed said today pressure was being put on RBI’s subscriptions and ad markets continued to be ‘difficult’despite its growth in its data services.
Reed said it would continue to ‘reengineer’the RBI portfolio – namely selling RBI Germany and closing a load of its US magazines – and that it would continue to reduce costs.