Revenues in 2010 were €3,556 million, compared with €3,425 million in 2009, up 4%. Acquisitions contributed growth of 1%, offset by divestments, while underlying revenue remained flat. The positive impact of currencies contributed 4% to total growth as is demonstrated in the revenue bridge table:
|
Revenue bridge |
|
% | ||
|
|
|
| ||
| ||||
|
Revenues 2009 |
3,425 |
| ||
|
Organic change |
12 |
0 | ||
|
Acquisitions |
19 |
1 | ||
|
Divestments |
(27) |
(1) | ||
|
Currency impact |
127 |
4 | ||
|
Revenues 2010 |
3,556 |
4 | ||
Revenue growth components
|
Full year |
% of Total |
2010 |
2009 |
Δ |
Δ CC |
Δ OG | ||
|
|
|
|
|
|
|
| ||
| ||||||||
|
Electronic & service subscription |
50 |
1,775 |
1,660 |
7% |
3% |
3% | ||
|
Print subscription |
13 |
473 |
504 |
(6%) |
(9%) |
(9%) | ||
|
Other non-cyclical |
8 |
287 |
271 |
6% |
2% |
3% | ||
|
Total recurring revenues |
71 |
2,535 |
2,435 |
4% |
0% |
0% | ||
|
Books |
10 |
352 |
336 |
5% |
1% |
1% | ||
|
Cyclical product lines |
19 |
669 |
654 |
2% |
(1%) |
0% | ||
|
Total revenues |
100 |
3,556 |
3,425 |
4% |
0% |
0% | ||
Total revenues grew 4% in 2010 to €3,556 million (0.3% organic). Supported by strong product development efforts, electronic and service subscriptions grew 7%, underpinned by 3% organic growth. Print subscriptions declined 9% (organically) as customers continue to migrate to online solutions and as a result of economic conditions. The subscription portfolio was further strengthened as the company successfully delivered improved retention rates. Total recurring revenues, which include subscription and other non-cyclical revenues, now comprise 71% of total revenues.
Revenue from books improved 5%, with organic growth of 1%, driven by strong performance in the Health & Pharma Solutions division. Cyclical revenues, which accounted for 19% of total revenues, showed marked improvement and finished in line with 2009, reversing a negative growth trend (2009: -11%; 2010 HY:-2%). With a strong finish to the year, transactional revenues from Corporate Legal Services and Financial Services contributed positively by posting organic growth of 12% and 2%, respectively. These trends helped to offset continued pressure in advertising, training, and consulting activities, particularly in Europe.
|
Full year revenues |
2010 |
2009 |
Δ |
Δ CC |
Δ OG | ||
|
|
|
|
|
|
| ||
| |||||||
|
Legal & Regulatory |
1,511 |
1,518 |
0% |
(3%) |
(2%) | ||
|
Tax & Accounting |
922 |
886 |
4% |
0% |
1% | ||
|
Health & Pharma Solutions |
816 |
750 |
9% |
3% |
3% | ||
|
Financial & Compliance Services |
307 |
271 |
13% |
9% |
4% | ||
|
Total revenues |
3,556 |
3,425 |
4% |
0% |
0% | ||
For a detailed overview of the financial development per division see ‘Divisional Financial Performance’ below.