Reed Elsevier disappoints
publication date: Feb 8, 2006
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author/source: R Taylor
While the champagne corks have been popping at Pearson, at Reed Elsevier, Reed Elsevier’s Chief Executive Sir Crispin Davis had a far more dour set of preliminary results to announce. The bottom line was that most of the business was doing well with the exception of Harcourt Education and most particularly its’ assessment division who were trounced in the US market by Pearson.
Sir Crispin’s thundering pronouncement that ‘firm action is being taken’, will play well to financial analysts and fund managers whose primary interest is in short-term results. But the inevitable management restructure, revised marketing and cost-cutting will do little to improve the all-important morale that seems lacking at Harcourt.
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