BARCELONA, Spain (Reuters) - Anglo-Dutch publisher Reed Elsevier said on Thursday it expected a gradual recovery in 2011 after underlying sales rose 2 percent in 2010, broadly in line with forecasts.
The company, which publishes scientific and academic information and runs the world's biggest exhibitions business, said increased spending on product development, and sales and marketing, had been largely offset by cost-efficiency gains.
It added the bulk of its restructuring was now complete.
"Most of our markets are stable or improving, and we are building on the actions taken in 2010 to strengthen the business further. Overall, we expect a gradual recovery and a continued improvement in performance," the company said in a statement.
Revenue was 6.06 billion pounds, while operating profit slipped 1 percent to 1.56 billion pounds.
Analysts had expected sales of 6.02 billion pounds and operating profit of 1.54 billion, according to Thomson Reuters StarMine SmartEstimates, which weights analysts' forecasts according to their past accuracy.
The company said it had continued to make disposals in Reed Business Information, its trade magazines division, and had reduced costs at the unit significantly.
(Reporting by Georgina Prodhan; Editing by David Hulmes)
