Anglo-Dutch publisher and information group Reed Elsevier PLC (ENL, RUK) Thursday said full-year net profit fell 61%, mainly due to high profits in 2007 due to the disposal of Harcourt Education.

The company said that while the economic environment will be challenging going forward it expects adjusted earnings growth at constant currencies to be positive in 2009.

"The key professional markets served by Elsevier and LexisNexis whilst not immune to the impact of the economic downturn, are more resilient," Chief Executive Crispin Davis said.

He warned that in business-to-business markets the demand for advertising and marketing services is much more affected, and that it expects its businesses here to show "a significant profit decline" in 2009.

But overall he said adjusted earnings growth for 2009 at constant currencies expected to be positive.

Net profit for the full year fell 61% to GBP241 million compared with GBP624 million last year, with the year-ago result boosted by the sale of Harcourt Education for GBP2 billion.

Revenue for the year rose 16.4% to GBP5.33 billion compared with GBP4.58 billion last year, which beat a Factset survey of 19 analysts, which forecast revenue at GBP5.2 billion.

Davis will step down as the company's Chief Executive in March and will be replaced by Ian Smith, previously CEO at U.K. house builder Taylor Woodrow PLC (TW.LN).

Reed Elsevier shares have fallen only marginally in the last year as the company is viewed as a relatively resilient media stock due to its focus on professional publishing.

Shares Wednesday closed at 521 pence.

Company Web site: www.reed-elsevier.com

-By Erica Herrero-Martinez, Dow Jones Newswires; 44 20 7842 9353; erica.herrero-martinez@dowjones.com