Bloomsbury released a trading update for the first six months of the fiscal year, ended August 31, reporting sales of £123 million (up 22 percent from last year on a topline basis, and 12 percent higher on an organic basis, leaving aside recent acquisitions). Profits before tax and highlighted items were £15.9 million, up 23 percent. In a release, CEO Nigel Newton said these are the highest-ever sales and profits in the first half. “These results demonstrate the strength and resilience of our strategy of publishing for both the consumer and academic markets, our growth of digital revenues and our […]
Earnings Reports
Pearson Reaffirms Expectations for the Year
Pearson released brief results for the third quarter in their 9-month trading update, with sales and operating profit on track to meet expectations for the year. “Underlying” (currency-neutral) sales grew 7 percent in the quarter. Higher Education sales continued their longstanding steady decline — falling 4 percent overall, and 4 percent in the US, “consistent with expectations.” Ever-chipper in the face of this erosion of what once was their core business, the company reports, “Pearson+ is performing well with robust growth versus prior year Fall semester.” The company’s biggest gains were in English Language Learning as borders reopen—up 36 percent—and […]
Storytel Gains 27 Percent in Q3, Above Expectations, Even As the Stock Continues to Suffer
Swedish audiobook streaming service and publisher Storytel reported preliminary results for the third quarter ended September 30, with streaming sales of SEK742 million ($70.4 million), up 27 percent from last year and just above their forecast of SEK 724-731 million. Excluding Russia, where the company ceased operations at the end of September due to the war with Ukraine, sales were SEK732 million, up 29 percent. Streaming sales in the Nordic segment were SEK492 million, up from SEK447 million last year. In the non-Nordic segment, streaming sales were SEK249 million, a leap from SEK135 million in Q3 2021. Incoming ceo Johannes […]
Bertelsmann Touts Growth Investments
Penguin Random House senior management is in Gutersloh, Germany now, joining over 500 Bertelsmann colleagues from around the world, for a management meeting. Bertelsmann’s leaders are touting their “Boost” growth plans, expecting to invest between €5 and €7 billion euros across the company’s divisions by 2025. The objective, chief executive Thomas Rabe said, is to raise their results to sales of €24 billion and group profits of €2 billion.
Scholastic “On Plan” for First Quarter, with Bigger Seasonal Loss
Scholastic announced earnings for the first quarter of 2023, ended August 31, with sales of $263 million, up 1 percent from last year. The company said results were “on plan” for the quarter, which usually reports an operating loss, with a typical dip in the summer when kids are out of school and investments in Education Solutions. That operating loss this quarter was $(58.1) million, compared to $(32.0) million last year. The greater loss was due to increased freight costs and lower sales in Education Solutions. Last year results also benefited from “the timing of shipments related to the pandemic.” […]
Wiley Reports Flat Sales, Operating Loss
In the first quarter of fiscal 2023, Wiley reported sales of $488 million, flat with the same period last year and up from the past several years (Q1 2021: $431 million; Q1 2020: $423.5 million; Q1 2019: $411 million). Operating loss was $(17) million, compared to a $41 million gain last year. The company also reported a net loss of $(18) million, down from net income of $14 million in 2021. Adjusted EBITDA was $64 million, down (34) percent, “due to investments in Research, higher employee costs, increased T&E spend related to the resumption of in-person activities, and market-related challenges […]