HarperCollins earnings up six percent in fiscal 2018–19
In the US, HarperCollins has reported a six percent rise in earnings despite flat annual revenue for the 2018–19 fiscal year, reports Publishers Weekly.
EBITDA (earnings before interest, taxes, depreciation, and amortisation) was up from US$239 million in 2018 to US$253 million (A$372.9m) in 2018–19, on revenue of US$1.75 billion (A$2.58b), slightly down from US$1.76 billion (A$2.59b) on the previous year.
According to parent company News Corp, HarperCollins outperformed expectations despite facing a loss of income from licensing revenue from the Lord of the Rings trilogy (due to a sublicensing agreement with Amazon), foreign currency fluctuations and the adoption of new revenue recognition standards.
All major US and UK divisions saw sales rises in 2018–19, with strong performances by Rachel Hollis, Joanna Gaines, Mark Manson, David Walliams, Karin Slaughter, Daniel Silva and Don Winslow.
Digital audiobook sales grew by 40% compared to the previous year, with overall digital sales up seven percent and accounting for 20% of consumer revenue in in 2018–19.
Category: International news