Educational demand drives CUP growth
Global demand for English language teaching and general education literature has driven a 12th successive year of growth at Cambridge University Press despite stiff currency headwinds.
The Press notched sales of £263.4 million – a rise of five per cent at constant currency rates from the same period in 2013 – and a pre-tax operating surplus of £8m.
With some 90 per cent of the Press’s sales originating from customers based outside the UK, the business has continued to see strong underlying growth across Latin America, Southeast Asia, China, South Africa, Australia and Spain – all delivered against a background of continued economic challenges in many markets, according to chief executive Peter Phillips.
He said digital revenues continued to rise, with e-book sales growing by almost a third on the previous year.
Throughout 2013/14, the Press has launched a host of innovative digital products across its Academic, Education and English Language Teaching operations. This included the massive open online course (MOOC) for GCSE Computing, launched in partnership with Cambridge Assessment’s OCR exam board and RaspberryPi, and The Cambridge Edition of the Works of Ben Jonson Online, a vast digital archive representing 15 years of the most meticulous scholarship uniquely available as a digital product.
The English Language Group has seen significant underlying growth over the past 12 months with particular success in Latin America, Asia and Spain, driven by exceptionally strong growth in schools and exams.
Highlights include the first ever fully interactive e-books for Complete IELTS 4-5, The Official Cambridge Guide to IELTS, the first-ever official Cambridge publication for IELTS, and the release of Unlock, CUP’s new four-level course launched in March at TESOL Arabia.
Phillips said: “Our continued commitment to quality and innovation have paid dividends this year. In spite of unfavorable currency movements, we have seen sales grow with particularly strong expansion in English Language Teaching and Education.
“As we move into an exciting and challenging new publishing age, we are investing heavily to ensure that the Press is in the strongest position to succeed in the rapidly evolving global and digital world.”