It’s nice to leave on a high note. When Sir Crispin Davis, chief executive of Reed Elsevier, steps down next month after nearly a decade at the helm of the Anglo-Dutch publisher, he will leave it in better shape than most publishers to weather the downturn. Investors rewarded a strong farewell performance on Thursday, pushing Reed’s shares up more than 4 per cent in London trading. Full-year operating profit – excluding the impact of divestitures and restructuring charges – rose more than a fifth in sterling terms, owing to a strong performance by the group’s exhibitions business and growth in scientific publishing.

The prospects facing Ian Smith, the former Taylor Woodrow chief who will take the reins next month, are decidedly less rosy. Reed’s exhibitions business is likely to be a drag on performance this year as the recession hits trade-show budgets. Mr Smith will also have to grapple with Reed’s struggling business information division – a stable of trade publications that are overly reliant on advertising. Last year’s failed sale of that unit, which is exposed to stricken industries such as media, construction and property, is a nagging blemish on Sir Crispin’s otherwise well-engineered exit. Planned restructuring costs– not usually reflected in the company’s operating figures – will take an additional bite out of net earnings this year.