Full Year |
2010 |
2009 |
Δ |
Δ CC |
Δ OG |
||||
|
|
|
|
|
|
||||
|
|||||||||
|
|
|
|
|
|||||
Electronic & service subscription |
392 |
348 |
12% |
7% |
7% |
||||
Print subscription |
69 |
73 |
(4%) |
(9%) |
(9%) |
||||
Other non-cyclical |
57 |
45 |
27% |
20% |
20% |
||||
Total recurring revenues |
518 |
466 |
11% |
6% |
6% |
||||
Books |
147 |
130 |
13% |
7% |
7% |
||||
Advertising/pharma promotional |
151 |
154 |
(2%) |
(7%) |
(7%) |
||||
Total revenues |
816 |
750 |
9% |
3% |
3% |
||||
Operating profit |
68 |
(87) |
|
|
|
||||
117 |
106 |
11% |
3% |
3% |
|||||
Ordinary EBITA margin |
14.4% |
14.1% |
|
|
|
||||
Net capital expenditure (CAPEX) |
40 |
30 |
|
|
|
||||
Ultimo FTEs |
2,726 |
2,567 |
|
|
|
||||
Revenues by media
Recurring/cyclical revenues
Division revenues grew 9% to €816 million in 2010 (2009: €750 million) and were supported by 12% growth in electronic and service subscriptions. Organic revenue growth of 3% was driven by double-digit growth in Clinical Solutions and Healthcare Analytics, strong new sales performance at Professional & Education Books, and good retention at Medical Research.
2010 ordinary EBITA grew 11%, with ordinary EBITA margin expanding to 14.4% (2009: 14.1%). These results reflect the solid contribution of revenue growth to profitability, results from Springboard cost savings, as well as investments in growth initiatives such as international sales expansion and product innovation.