|
Full year |
2010 |
2009 |
Δ |
Δ CC |
Δ OG | ||||
|
|
|
|
|
|
| ||||
| |||||||||
|
|
|
|
|
| |||||
|
Electronic & service subscription |
640 |
627 |
2% |
(1%) |
0% | ||||
|
Print subscription |
303 |
322 |
(6%) |
(8%) |
(8%) | ||||
|
Other non-cyclical |
65 |
70 |
(7%) |
(10%) |
(1%) | ||||
|
Total recurring revenues |
1,008 |
1,019 |
(1%) |
(4%) |
(3%) | ||||
|
CLS transactional |
144 |
125 |
15% |
12% |
12% | ||||
|
Books |
154 |
154 |
0% |
(3%) |
(2%) | ||||
|
Other cyclical |
205 |
220 |
(6%) |
(9%) |
(7%) | ||||
|
Total revenues |
1,511 |
1,518 |
0% |
(3%) |
(2%) | ||||
|
Operating profit |
240 |
169 |
|
|
| ||||
|
326 |
315 |
3% |
0% |
0% | |||||
|
Ordinary EBITA margin |
21.6% |
20.8% |
|
|
| ||||
|
Net capital expenditure (CAPEX) |
49 |
43 |
|
|
| ||||
|
Ultimo FTEs |
7,915 |
8,193 |
|
|
| ||||
Revenues by media
Recurring/cyclical revenues
In 2010, division revenues of €1,511 million were materially in line with 2009 (2009: €1,518 million). The division performance improved over prior year as retention rates and new sales levels increased. Corporate Legal Services (CLS) posted 4% organic growth, with transactional revenues increasing by 12% as corporate activity in the U.S. accelerated through the year. Product innovation across the division supported 2% organic growth in online and software revenues. These results were offset by a steady decline of print-based revenues and the adverse impact of the economic cycle on advertising and other cyclical product lines.
The division’s ordinary EBITA margin improved to 21.6% (2009: 20.8%), reflecting the contribution of higher margin electronic solutions, improved growth in the CLS business, and the contribution from Springboard initiatives.