Pearson announced results for the first half of the year, with sales of £1.79 billion, up 12 percent from the same period last year. Operating profit grew substantially from £9 million last year to £148 million (an increase from £107 million in 2020). Major restructuring costs affected last year’s profits—particularly reorganizing the business into five distinct segments—and this year’s increase is also attributed to “the net gain related to acquisitions and disposals compared to a loss in 2021.” Most business segments saw improvements in the period. Assessment & Qualifications grew 22 percent, including 45 percent growth in US Student Assessment, […]
Earnings Reports
Lagardere Publishing Maintains Guidance, Expects Revenue to Be Stable in 2022
Lagardere announced first-half and second quarter results, with publishing segment sales of €1.216 billion for the first six months, up €86 million or 7.7 percent from last year. Recurring EBIT was €81 million in the first half, down from €110 million in 2021—a record-breaking result—due to the rising costs of labor, transportation, and production. Sales in the second quarter were €662 million, an increase of 6.8 percent. In the US, like-for-like sales were down 1.9 percent compared to last year’s particularly strong first half, due to a “lighter release schedule” in 2022. But, as Hachette Book Group ceo Michael Pietsch […]
Scholastic Returns to Pre-Pandemic Levels As Book Fairs Rebound, Forecasts 8 to 10 Percent Growth in Next Year
Scholastic announced fourth quarter and full-year results for 2022, for the period ended May 31, with gains that “exceeded expectations for this rebuilding year,” president and ceo Peter Warwick said on a call with investors, due to a rebound in in-person book fairs and strong results in the educational business. Q4 sales were $514 million, up 28 percent from last year and ahead of the same periods in 2018 ($496 million) and 2019 ($471 million). Operating income was $65.5 million, up significantly from $9.7 million in the same quarter last year. Earnings were $53.7 million compared to $8 million last […]
Bloomsbury Trade Increases 26% In First Third
Bloomsbury released a trading update for the first four months of the fiscal year, ended June 30, ahead of its annual meeting today. Trade sales rose 26 percent over the same period last year to £49.95 million, with adult sales of £16.7 million (up 12 percent) and children’s sales of £33.3 million (up 34 percent). Company-wide, sales were up 27 percent to £80.3 million. Results were driven by a Paul Hollywood cookbook and, as always, Sarah J. Maas and Harry Potter. Given the strong start, market expectations are for full-year sales of £242.6 million and profit before taxation and highlighted […]
BNED Finishes Less Poorly Than Last Year, But Still Loses Money On Sales Below Norm
Barnes & Noble Education reported results for the fourth quarter and fiscal year ended April 30, and restated the results of fiscal year 2021, due to “certain out of period adjustments related primarily to income tax benefit, and restructuring and other charges.” Those adjustments increased the fiscal year 2021 net loss by $8 million. The company finished the fiscal year by doing less worse than before: Sales for Q4 2022 were $261 million, up 17 percent from the revised $223 million last year. But that’s still well below the pre-pandemic level, which saw sales of $334 million in Q4 2019. […]
Bloomsbury Reports Record Sales, Profits
Bloomsbury announced results for fiscal year 2022, ending February 28, reporting its highest ever sales and profit. Sales were £230 million, up 24 percent from last year and 41 percent from 2020. Profit before tax was £22.2 million, up from £17.3 million last year. Recent acquisitions, led by Head of Zeus, accounted for £17 million of the increased sales, with “organic” sales up 15 percent for the year. “Both the Consumer and Non-Consumer divisions gave outstanding and resilient performances, highlighting Bloomsbury’s unique strength in combining general and academic publishing,” ceo Nigel Newton said. “Bloomsbury plans to invest robustly in continued […]