Pearson announced interim results for the first half of 2023 ended June 30, with sales of £1.879 billion, up 5 percent from 2022. Operating profit was £219 million, compared to £148 million last year. As far as publishing goes, which is less and less a focus of the company, the Higher Education segment grew 2 percent to £379 million — based on foreign exchange. But it declined 2 percent on an underlying basis as expected due to “a decline in enrollments and loss of adoptions to non-mainstream publishers.” Pearson restructured the sales team last year, which “helped to increase adoption […]
Earnings Reports
Lagardere Publishing Continues Slight Gains, Despite Weakness at HBG
Lagardere reported headline results for their second quarter and detailed results for the first half of the year on Tuesday. “Demonstrating its resilience amid a less buoyant publishing market,” publishing division sales for the quarter were €677 million, up €15 million from a year ago (gaining 2 percent), though recent acquisitions including Welbeck and Paperblanks provided €9 million of that increase. For the first half of the year, sales reached €1.247 billion, up €31 million, gaining 2.5 percent, or 1.6 percent on a like-for-like basis, with €21 million from acquisitions. But recurring EBIT fell by €16 million to €65 million, […]
Scholastic Finishes Year with Good Sales and Stronger Earnings
Scholastic reported fourth quarter and full-year results for the period ended May 31. For the quarter, sales were $528 million, up 3 percent over last year’s record, and operating income rose 40 percent to $92 million. Earnings before tax were up 78 percent to $95.6 million. That put earnings per share at $2.26, well ahead of last year’s $1.46 per share and of analyst expectations of $1.70 per share. With higher earnings, good sales, and a forecast of more sales growth in the year ahead, the publisher’s stock rose approximately 13 percent in the first hour of trading on Friday. […]
Bloomsbury Grows 9 Percent in First Quarter
Bloomsbury announced a brief trading update for the first quarter ended June 30, reporting a 9 percent increase in sales. The company says that results have been “in line with expectations,” expecting sales of £273 million and profit before taxation and highlighted items of £32.5 million for the year. In the consumer division, Sarah J. Maas, Samantha Shannon, and JK Rowling remained top sellers. In the non-consumer division, there was growth in Bloomsbury Digital Resources, “reflecting the ongoing shift to greater digital learning.” In a release, the company stated, “The Board remains confident in Bloomsbury’s ability to continue to deliver long-term […]
BNED Delays Earnings Report As It Renegotiates Loans, Faces Possible Going Concern Warning
Barnes & Noble Education has notified the SEC of a late filing of its year-end financial report, as it attempts to refinance its loans with creditors, or reach “other liquidity solutions,” in an effort “to strengthen its liquidity and financial position.” Notably, “If the Company does not consummate a refinancing or other transaction to sufficiently enhance its liquidity before the issuance of the Company’s audited financial statements as of and for the fiscal year ended April 29, 2023…management likely would conclude that substantial doubt about the Company’s ability to continue as a going concern exists.” They note elsewhere in the […]
Booktopia Issues Shares to Raise $6.5 Million for Distro Center
Australian retailer Booktopia announced commitments to raise $6.5 million from a big new share issuance, with a price of .12 cents per share, which will predominantly be used to fund a new distribution center. The “Next Gen customer fulfillment center” is expected to be operational in late August. “After two years of losses, completing the Next Gen CFC and with the other business improvement initiatives already announced will reset the cost base of the business,” Booktopia chair Peter George said in a release. The company expects EBITDA loss for fiscal year 2023 to be $5 million, compared to a profit […]