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 […]
Publishers
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 […]
Wiley Reports a Strong Fourth Quarter, with a Favorable Outlook
Wiley reported fourth quarter and fiscal year results for the period ended April 30, with sales of $536 million, up from $474.6 million, a 13 percent increase, including $14.8 million in foreign exchange variance and acquisitions. Operating income was $51.2 million, improved from a loss of ($170.7) million a year ago, and adjusted EBITDA was $112.7 million, up from $92.8 million. Academic & Professional Learning (which includes trade books) grew 15 percent as reported, “driven by strong growth in Education Publishing and trade publishing, accompanied by further recovery in corporate training.” For the full year, sales were $1.94 billion, up […]