Reed Elvesier boss predicts tough year

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Engstrom was drafted in last November after previous chief executive Ian Smith quit — having been in the job for less than a year — amid disputes with the board about strategy.

Analysts today expressed disappointment that Engstrom had little to say about his own future strategy for the group. But chairman Anthony Habgood said he had "hit the ground running", and added: "Our professional information revenues held up relatively well in what was a difficult year. However, businesses dependent on our customers' marketing budgets were hit hard.

"In the near term, some of our customers remain under pressure but longer term our prospects are encouraging."

Engstrom said he expected exhibition and business information revenues to fall this year. Elsevier, the scientific publisher, is likely to see slower growth as academic budgets are hit while LexisNexis database is hit by pressure in the legal industry.

Reed's profits rose 6% to £1.28 billion last year which was in line with City forecasts. Revenues were 14% higher at £6.1 billion. The dividend is almost flat at 20.4p a share.