Revenue up, profit down at Wiley
In the UK, Wiley has reported a marginal gain in revenue and a drop in profit in the year to April 2020, reports the Bookseller.
Wiley reported revenue of US$1.83 billion (A$2.68b), up 2% on the previous year. Adjusted earning before interest, taxes, depreciation and amortisation (EBITDA) for 2020 fell 8% to US$355.8m (A$490m).
Wiley spent US$230 million (A$336m) on acquisitions during the year, including digital courseware company zybooks and Knewton. Excluding these acquisitions and currency fluctuations, revenue was down 1% on the previous year.
In a statement, CEO and president Brian Napack said: ‘I am proud of our team’s accomplishments during this difficult period, including the steady execution of our strategy to gain scale in research, accelerate digital courseware adoption, and expand our university partner base.’
‘While the broad shutdown caused by Covid-19 has created near-term headwinds and uncertainty, our financial position is strong and our strategic plans are tightly aligned with important trends in peer-reviewed research and outcome-oriented online education which are continuing to progress through this crisis,’ Napack said.
Wiley has not issued guidance for the 2021 fiscal year due to uncertainty about the lockdown and its impact on student enrolments, university budgets and corporate spending.
Category: International news