Operating profits (million USD) and profit margin of Reed-Elsevier as a whole (A) and of its Scientific, Technical & Medical division (B), 1991–2013.

Compilation by the authors based on the annual reports of Reed-Elsevier. (http://www.reedelsevier.com/investorcentre/pages/home.aspx) Numbers for the Scientific, Technical & Medical division were only available in GBP; conversion to USD was performed using historical conversion rates from http://www.oanda.com.