Reed Elsevier on track to grow profits this year

Reed Elsevier, the Anglo-Dutch media company changing its name to RELX Group, said its full-year outlook remains unchanged with business trends in the first quarter consistent with last year.

The FTSE 100 group said it was continuing to focus on organic growth with only £28m of acquisition activity in the first three months of 2015, compared with £385m over the whole of 2014.

"We remain confident that by continuing to execute on our strategy, we will deliver another year of underlying revenue, profit, and earnings growth in 2015," Reed said.

The outlook across the company's four main divisions - scientific, technical & medical, risk & business information, exhibitions and legal - remains positive, though market conditions in legal were limiting the scope for underlying revenue growth.

Reed had announced a name change back in February alongside plans to simplify its corporate structure. The simplification is on track to complete on 1 July subject to shareholder approval, it said.

The stock was flat in early trading on Wednesday at 1,138.25p.