Reed promises trading statement

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The Independent Online
SHARES IN Reed International, which fell 23p on Thursday on rumours that the company would use a briefing for analysts as an opportunity to issue a profits warning, fell a further 5p to 487p.

They briefly regained a few pence after the company said the briefing was a routine meeting on the activities of Reed's business publishing and information division. The division accounted for about 45 per cent of sales and 35 per cent of profits in the last financial year at Reed International, whose chief executive is Nigel Stapleton (pictured).

The briefing showed that Cahners, the US business information division, had generated revenues of pounds 397m - up 13 per cent on 1996 - but revenues from travel publishing fell 11 per cent to pounds 183m. A trading statement will be issued on 3 December.