Reed Elsevier mags hit by advertising squeeze

Publishing and exhibitions giant Reed Elsevier, owner of New Scientist and Farmers Weekly, today warned that some of its print magazines are under renewed pressure.

The FTSE 100 giant, which has already sold or closed a raft of titles in Britain, Germany and other countries, said: "While leading brands have stabilised, other business magazines and services continue to be impacted by difficult print advertising markets particularly in continental Europe."

Reed Elsevier indicated that its Dutch titles and some other specialist construction and property titles are worst hit.

Chief executive Erik Engstrom was more upbeat about the group's overall performance in the first three months of the year, citing "underlying revenue growth" in its five main divisions.

Exhibitions in emerging-market countries grew at double-digit rates while its research business LexisNexis for the legal industry also performed well.

Even its Reed Business Information division, which includes the magazines as well as data and online marketing services, returned to growth.

Engstrom said the economic climate is "constrained in many markets" including the US because of government cuts.

He still expects "continued improvement" in 2011.

Shares rose 3p to 538.5p.