I've heard it used many different ways. But in general, "sexed up" means something has been modified, usually in a non-substantive way, to have more appeal to the beholder. In a report (your example) that could include adding colors or flamboyant fonts or eye-catching graphics … none of which would add value to the actual content.

The word "sex" has found many applications for obvious reasons. We speak of people as being "sexy" of course, but I've also heard it used to describe cars, boats, and even weapons. How a weapon could be "sexy" eludes me, but to a gun collector I suppose it might make some sense.