RBI sale will complete by end of year, says CEO

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There used to be something here that couldn't be migrated - please contact us at info@journalism.co.uk if you'd like to see this updated! Reed Business Information (RBI) will be sold by the end of the year, the CEO of its parent company Reed Elsevier told staff today.

In an email seen by Journalism.co.uk, Sir Crispin Davis said the company had seen 'strong interest in the business [RBI]' and that it hoped 'to complete the sale in the second half of the year'.

In February Elsevier announced the 'divestment' of RBI, as part of a move towards a more subscription-based and online model.

The financial figures for the first six months of 2008 released by Reed Elsevier today show the ongoing transition made by RBI, whose UK division publishes 95 websites including Estates Gazette and New Scientist, from print to online.

The division's online properties grew by 20 per cent over the period, with online revenues now accounting for 34 per cent of its turnover, the results suggested.

Online advertising now represents more than 50 per cent of RBI's total UK revenue - a rise of 4 per cent since the end of 2007 - boosted by recruitment website TotalJobs, which posted a 31 per cent growth in revenue.

“Whilst some weakness has been seen in [RBI] sectors such as property and technology, overall momentum is encouraging driven by the growing demand for online services which provide quicker and easier access to more comprehensive and searchable data for users and increased marketing effectiveness for advertisers,” said a news statement to investors .

Revenues for Reed's continuing operations – discounting RBI and Harcourt Education, which was sold in July 2007 - rose by 5 per cent to £1.97 million.

“We are now facing a more challenging and uncertain economic environment. But our businesses today are increasingly based in markets that, while not immune to the tougher conditions, are certainly more resilient than most,” said Davis in the email to staff.