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Wed 07 Jul 2007Riverdeep projecting $1bn profits after Reed acquisitionThe enlarged HM Riverdeep group is projecting annual profits before tax and finance costs of some $1 billion (€725.8 million) after bedding down its $4 billion purchase of Reed Elsevier's US education arm.The deal comes eight months after Irish education software group Riverdeep completed a mammoth $4.95 billion reverse takeover of Boston publisher Houghton Mifflin, itself the second-largest transaction by an Irish company.