Reed Elsevier promises big buyback
Reed Elsevier has recently highlighted its commitment to returning cash to its shareholders instead of spending on big acquisitions, promising £600 of share buybacks in 2014. In 2013 the company completed £600m of share buybacks; Reed Elsevier had planned to buy the same amount of shares this year.
Erik Engstrom, chief executive has stated: ‘Our number one priority for capital is organic investment.’ He goes on to state: ‘early trends across our business in 2014 remain broadly consistent with 2013.’ Mr Engstrom is ‘confident’ that the company would deliver on their promise for 2014. (Financial Times, 27 February 2014)
For more on Reed Elsevier’s corporate responsibility, take a look at their case study…