OPERATING AND FINANCIAL REVIEW REED ELSEVIER ANNUAL REPORTS & FINANCIAL STATEMENTS 2003 5 southern Africa. Total revenues for the year ended 31 December 2003 were £898 million/ € 1,302 million. The long standing commitment across the world to improving educational standards remains strong and there is a continuing requirement to deliver proven educational programmes to support this. In recent years, there has also been a developing trend for the measurement of the educational results of students, both to monitor and assist improvement in individual educational outcomes and to improve accountability. Overall funding for education is expected to continue to increase.  The Global Library business publishes reference materials for school libraries.  Business In the United States, Harcourt School Publishers is a publisher of print and technology enabled instructional materials for students in kindergarten to 6th grade. Holt, Rinehart and Winston offers educational textbooks and related instructional materials for students in middle and secondary schools. Harcourt Achieve is a publisher of supplemental school and adult education materials as well as providing professional development services for teachers. Greenwood- Heinemann publishes monograph and reference lists and professional resources for teachers. Harcourt Education has achieved good performances in recent years both in the adoption states and in open territories based on strong curriculum product in key subjects such as reading and literature, science and health and elementary maths and social studies. Harcourt Assessment develops assessment products and services for elementary, secondary and higher education as well as tests for practising and research psychologists. In educational testing, it provides a range of achievement, aptitude and guidance testing services for measuring student progress. It is well known for the Stanford Achievement Test, now in its 10th edition, which is used in school districts in every US state. In clinical testing, it provides psychologists with assessment tests for many aspects of human behaviour, intelligence and development. The Wechsler products, including the Wechsler Preschool and Primary Scale of Intelligence, are licensed for publication in over 30 countries.  Outside the United States, Harcourt Education International is a provider of textbooks and related instructional materials to the UK primary and secondary schools market through the Heinemann, Rigby and Ginn imprints and other English language markets in Australia, New Zealand and southern Africa. Reed Exhibitions organises trade exhibitions and conferences internationally, with over 430 events in The majority of Reed Business Information’s magazines drive further value through companion websites. In addition, Reed Business Information has been particularly successful in developing online products and services, which have been growing at well over 20% per annum and at $140 million now represent 7% of the division’s total revenues. These products include totaljobs.com, a major online recruitment site in the UK; ICIS-LOR, a global information and pricing service for the petrochemicals sector; zibb.nl, a business information service in the Netherlands; and an online version of the Kelly’s directory which is being launched internationally.  Reed Business Information publishes over 500 trade magazines, directories, newsletters and loose leaf publications. Important magazine titles include Variety and Publishers Weekly in the United States, Computer Weekly, Estates Gazette, Flight International and New Scientist in the United Kingdom, and Elsevier and FEM in the Netherlands. Reed Business Information also publishes directories in selected markets, including the industrial directory Kelly’s and The Bankers’ Almanac. Through its Reed Construction Data business, it provides nationwide coverage of construction project information for the United States.  Business to business magazines and exhibitions provide an effective marketing channel through which buyers and sellers are connected, increasingly through leading brands in each sector. Alongside print magazines, demand is growing for online products which provide improvements in productivity through quicker and easier access to more comprehensive and searchable data. Business to business marketing spend has been driven historically by levels of corporate profitability, which itself has followed overall GDP growth. Over the economic cycle, growth in marketing spend has historically at least equalled growth in GDP. The business division, Reed Business, provides information and marketing solutions, including trade shows, to business professionals in the United States, the United Kingdom, continental Europe, Australia and Asia. Total revenues for the year ended 31 December 2003 were £1,328 million/  € 1,926 million.