Quarto reported sales for the first half of 2021, with revenues rebounding to pre-Covid levels: They had sales of $56.9 million — “against a weak comparative” of $46.9 million last year, and in line with $56.4 million in 2019, and $56.2 million in 2019. They showed an actual profit before tax as well, of $3 million, compared to a loss of ($4) million last year. Notably, the outlook for the second half of the year includes a warning that many publishers are experiencing: “One area of concern is the volatility in freight, with capacity issues and freight costs increasing 3 […]
Publishers
Pearson Recovers A Bit, Launches Textbook Subscription
Pearson announced six-month results for the period ended June 30, with sales of £1.597 billion, up £105 million or 7 percent from last year’s pandemic low. But those sales are still low compared to the £1.83 billion recorded in the same period in 2019. Global Online Learning was up 25 percent, “driven by strong growth in US Virtual Schools.” North American higher ed courseware sales were £346 million, down £29 million from a year ago (-8%) but up 2 percent on an “underlying” basis, excluding foreign exchange and portfolio changes, as increases in Canada outweighed the decline in US. Global […]
Lagardere Publishing Has “Decade-High” First Half Earnings
Trade publishers have had a strong first half of the year, with Lagardere Publishing the latest to produce evidence: Sales for the first six months registered €1.130 billion, up 16.4 percent from €971 million a year ago, when sales had fallen €70 million in the second quarter. This year’s second quarter sales were €621 million — compared to €514 million in 2020, and €584 million in 2019. Significantly, the group reported “decade-high” recurring EBIT for the six-month period of of €110 million — compared to just €27 million in 2020, and €36 million in the first-half of 2019. (Lagardere Publishing […]
Scholastic Up for the Quarter but Down for the Year
Scholastic reported earnings for the fourth quarter of fiscal 2021, ending May 31, with sales of $401 million, rebounding strongly from $284 million a year ago — the first pandemic quarter — up 41% percent. In a release, the company cites “improving market conditions, strong demand for foundational literacy programs and summer reading, and top selling trade titles.” The company showed operating income of $9.7 million, back in the black compared to an operating loss a year ago of $46.2 million. Earnings were still held back by one-time pre-tax items, including settlement charges of $20 million “related to intellectual property […]
Bloomsbury Up 28% In First Third
Bloomsbury issued a trading update ahead of today’s annual meeting, reporting sales for the four month period ending June 30, with trade sales of £39.7 million, up 26 percent from £31.5 million last year. Adult trades revenues rose 17 percent and children’s sales were up 32 percent. Company-wide sales of ¢63 million were up 28 percent, from £49.5 million a year ago. Their recent acquisitions of Head of Zeus added £859,000 in consumer adult sales, and Red Globe Press added £478,000 to the non-consumer academic and professional segment. They still “are actively targeting further acquisition opportunities in line with our […]
McGraw Hill Reports Q4
In advance of the closing of their pending sale of McGraw Hill to Platinum Equity, the company reported fourth quarter and full-year results. As of March 31, their total debt had a face value of $2.159 billion. They paid debt service of $227 million in the fiscal year, and ended the year with $354 million of cash. The risk factors section notes plainly, “We are a leveraged company that has substantial indebtedness.” Higher ed sales were $649 million in the year, and K-12 sales were $584 million. Like HMH, Pearson and other education companies, McGraw Hill touts its digital transformation […]