OUP turnover drops 0.9% following ‘unexpected market conditions’
Oxford University Press (OUP) has recorded a 0.9% decrease in turnover to £840.1 million (A$1.5bn) for the year ending 31 March 2018, reports the Bookseller.
The results were attributed to ‘challenging and unexpected market conditions’ in its education business, including fewer curriculum reform opportunities than in previous years across the major markets. New government policies in some countries, such as India, where there has been increased pressure on schools to use government-produced materials, also affected the education division.
The publisher saw its overall trading surplus drop 7.3% (1.5% on a like-for-like basis at constant currency rates) to £114.9 million (A$205.4m), after ‘significant investment’ in technology projects.
According to OUP’s annual report, the academic division had a ‘very strong’ year, with journals being a key source of turnover growth. This included a 10% increase to the online journals platform and an 18% rise in downloads of journal articles. Academic books, higher education and dictionaries also saw revenue growth. Overall, digital products accounted for more than half of the academic division’s overall revenue.
Within OUP’s academic division, higher education achieved market share growth in the US (12%), Canada (14%), and the UK (1%).
Last year, OUP’s turnover increase of 3.3% to £847.4 million was attributed to ‘good underlying growth’ in the academic and educational businesses, and a return to double-digit growth in emerging markets.
Category: International news