The truism that success or failure depends as much on good timing as efficient execution was amply demonstrated by trade publisher and exhibitions specialist Reed Elsevier; a raft of trade shows and exhibitions in high-growth markets boosted the group's profits in the first half, compared with otherwise pedestrian performance from publishing.
Adjusted for amortisation charges, non-operating items and gains on disposal, underlying operating profit rose 7 per cent in the six-month period, which was largely down to a storming performance at Reed Exhibitions. The division benefited from 15 new events being launched in growing markets, as well as good timing from traditionally strong markets such as the US. Combined, this boosted both divisional revenues and operating profits by a third to £486m and £151m, respectively.