Storytel released its interim financial report for second quarter of 2024 ended June 30, with sales up 9 percent to SEK924 million ($86.4 million). Operating profit was SEK47 million, up from a loss of SEK(29) million last year, with EBITDA of SEK110 million, compared to SEK42 million in 2023. According to CEO Johannes Larcher, this is “the best financial performance in the history of the company.” “The continued revenue growth coupled with a higher internal share of content, and a significantly improved cost structure due to the measures implemented late last year and early this year, has made us firmly […]
Earnings Reports
Pearson Expects Higher Ed Growth in the Second Half of the Year
Pearson released their interim financial report for the first half of the year, reporting sales of £1.75 billion ($2.21 billion), down 7 percent from £1.88 billion in the same period last year. Operating profit was flat at £219 million. In Higher Education, sales were £358 million, down 6 percent, with an operating loss of £(1) million. The company said these results are “in line with our phasing guidance,” and due to “currency movements and portfolio changes.” They expect to return to growth in the segment in the second half of the year. Assessments and Qualifications sales were up 2 percent […]
Lagardere Publishing Has Strong Second Quarter, Record First-Half Earnings
Lagardere Publishing reported a strong second quarter on Tuesday afternoon, with sales of €733 million, up €56 million from a year ago, or 8.3 percent higher. For the first half of the year, sales were €1.309 billion (up €62 million), with recurring EBIT of €113 million, up a significant €48 million from the same period a year ago, a new high for the first half of the year — though traditionally they record most of their profits in the second half. Earnings were “driven by growth in the United Kingdom and the United States, a favorable sales mix in physical […]
Scholastic’s Slow Sales in Final Quarter Lead to Declines for the Year
Scholastic reported fourth quarter and full year results for the period ended May 31. For the quarter, sales were down 10 percent to $475 million, owing to lower book club sales, “as a result of the resizing efforts to create a smaller, more profitable core business,” the company said in a release. Adjusted EBITDA was down 21 percent to $90.7 million and operating income decreased 49 percent to $47.2 million, due to lower sales per book fair, as well as decreased sales in the Education Solutions segment. “That’s in contrast to our expectations for modest growth,” CEO Peter Warwick said […]
Bloomsbury Reports Strong First Quarter
Bloomsbury released a brief trading update on Tuesday for the four months ended June 30, reporting “strong performance” that was in line with expectations for the year (£319.3 million in sales and £37.6 million in profit before taxation and highlighted items). The company acquired Roman & Littlefield’s academic publishing business during the period, which they expect will boost their Bloomsbury Digital Resources sales from £27 million in 2023/24 to £41 million in 2027/28. “The enlarged Academic business will focus on wider international sales, subject area expansion and continued innovation in digital scholarship and learning,” they said in a release. “The […]
BNED Looks Forward to Normal Payables, Lower Interest Costs
After a completing complicated refinancing plan, Barnes & Noble Education released earnings for the fourth quarter and full year ended April 27, 2024. Results were in line with their preliminary report from May: For the year, sales were up 1.6 percent to $1.57 billion, owing to major growth in the First Day Complete business, and offset by the closing of several store locations. Net loss was $(62.5) million, compared to $(90.1) million the previous year. Adjusted EBITDA was $45.2 compared to a loss of $(8.1) million in 2023. The company said in a release that “due to vendors tightening payable […]