Reed Elsevier advanced in London's top index on Thursday as investors welcomed earnings from the publisher, with the move helping support the broader London market.
Anglo-Dutch Reed Elsevier climbed 3.8%.
The science and legal publishing and exhibitions firm said that its adjusted profit before tax from continuing operations totaled 1.2 billion pounds in 2008, up 21% from a year ago and ahead of analyst forecasts for a 1.13 billion pound profit, according to data compiled by FactSet.
Revenue rose to 5.3 billion pounds, from 4.6 billion pounds at the same point a year ago.
"Reed Elsevier has had a very successful year with major progress in developing the business, and the strongest constant currency-adjusted earnings per share growth in a decade," said CEO Crispin Davis.
"Reed Elsevier should see positive adjusted earnings per share development at constant currencies," he added, speaking about the outlook for 2009.
Analysts at Numis Securities called the results "very strong." They added: "We are firm medium-term supporters of Reed, which was one of our key picks for 2008." The gains from Reed Elsevier, banking groups such as Royal Bank of Scotland (UK:RBS: news , chart , profile ) , up 3.3%, and mineral extractors such as Rio up 5.2%, helped shore up the broader London market.
Overall, the FTSE 100 index (UK:UKX: news , chart , profile ) climbed 0.1% to 4,008.85. Other European shares were mixed, while U.S. stock futures were higher. See Europe Markets. See Indications.
Of other London-listed companies reporting earnings, shares of aerospace group BAE Systems (UK:BA: news , chart , profile ) climbed 3.3%.
The group's 2008 pretax earnings before impairments and a financing gain rose 31% to 1.9 billion pounds. Analysts had been expecting a figure of 1.82 billion pounds.
BAE said it experienced strong organic growth in the U.S. during the year and that its order book has grown to 46.5 billion pounds from 38.6 billion pounds.
Of stocks under pressure, 3i Group (UK:III: news , chart , profile ) shares fell 3.2% after it said it intends to sell at least 55 million shares of 3i Infrastructure (UK:3IN: news , chart , profile ) , representing around 6.8% of 3i Infrastructure's issued share capital.
3i Group currently holds 347.3 million shares, or 42.8%, of 3i Infrastructure's share capital.
3i Infrastructure shares dropped 8.1%.
Shire (UK:SHP: news , chart , profile ) shares fell 3.7% after the drugmaker reported a weaker-than-forecast 6% rise in fourth-quarter sales to $765.8 million.
Elsewhere, shares of property investment trust Land Securities (UK:LAND: news , chart , profile ) fell 3% to 551 pence.
It announced that it will issue 290.8 million shares at 270 pence a share to raise approximately 755.7 million pounds ($1.1 billion), joining peers Hammerson (UK:HMSO: news , chart , profile ) and British Land (UK:BLND: news , chart , profile ) in shoring up capital bases.
Land Securities had said Monday they were weighing such a move.
Separately, Liberty International (UK:III: news , chart , profile ) , also a real estate investment firm, said that it is considering raising capital. Shares of Liberty edged down 0.5%.
