Turnover dips at OUP after 'challenging' year in Education | The Bookseller

"Turnover dropped 0.9% at Oxford University Press in the year to 31st March 2018, to a total of £840.1m, after “challenging and unexpected market conditions” in its Education business, offset by a “very strong” year for the Academic division. Meanwhile after what was described as “significant investment” in technology projects at OUP, the publisher's overall trading surplus dropped 7.3% (1.5% on a like-for-like basis at constant currency rates) to £114.9m. The Press’s total transfer to the University for the year was £205.7m. Although no divisional figures were broken out, c.e.o. Nigel Portwood said in the publisher's annual report that the Academic division's “very strong” year had seen journals a key source of turnover growth, with a 10% increase to the online journals platform and an 18% uplift in journal articles downloads. Academic books, higher education and dictionaries also grew their revenues. Digital products accounted for more than half of the Academic division’s overall revenue. The report noted that growing expectations from funders for Open Access and Open Education Resources had affected library sales, and sales in higher education. “In response, OUP agreed combined Open Access and subscription deals with two major consortia for  the first time this year,” it said. “This is a positive step for the industry, although it will add future complexities for authors, librarians, and therefore for OUP." But OUP’s Education business, encompassing Schools and Higher Education, was hit by fewer curriculum reform opportunities than in previous years across the major markets, as well as new government education policies in several countries, such as in India where there had been increasing pressure on schools to use government produced materials...."