Taylor & Francis hunts for pounds 100m US acquisition

TAYLOR & FRANCIS, the academic journal and book publisher, is looking to make an acquisition in the US of up to pounds 100m by the end of next year.

Anthony Selvey, the chief executive, said: "Though there is perhaps 10 per cent organic growth, we're still looking for further acquisitions both small and large, and would aim to buy something larger during the next 18 months for up to pounds 100m."

His comments coincided with the group announcing a near-doubling in interim pre-tax earnings to pounds 5.4m, boosted by its acquisition in December of Routledge, the social science and humanities publisher. That also helped first-half sales soar 149 per cent to pounds 42.7m. "We bedded down the Routledge business by the end of March," said Mr Selvey. "There are a just a few areas we need to amalgamate."

Taylor & Francis, which publishes journals such as The Philosophical Magazine and Social Epistemology, is also close to finalising the acquisition of the international division of Scandinavian University Press, based in Oslo. The takeover is expected to cost about pounds 4.4m. SUP has annual sales of about pounds 5m and publishes 61 journals in English covering medicine, humanities and various sciences.It will increase the group's number of journals to 550 with a further 19 to be launched next year. Taylor & Francis shares closed down 1.5p at 399p.