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Revenue decline at McGraw-Hill

30.04.08

The McGraw-Hill group saw a decline of 6.1% in revenue to $1.2bn for the first quarter of 2008, with revenue for the education division decreasing by 0.5% to $330.2m.

Operating loss in education was reduced by 0.5% to $90.3m, and Harold McGraw III, chairman, president and c.e.o. of The McGraw-Hill Companies said that "another good year is shaping up for McGraw-Hill Education even though our elementary-high school business got off to a slow start in a seasonally small quarter."

Revenue for the McGraw-Hill School Education Group declined 4.8% in the first quarter to $138.8m, while revenue for the McGraw-Hill higher education/professional/international Group grew by 2.9% to $191.4m.

The company said that "the uncertainty in financial markets and a weakening economy continue to make 2008 a challenging year for The McGraw-Hill Companies".

It still expects revenue growth of 6% to 8% at McGraw-Hill Education and Information & Media and anticipates operating profit improvement "in the low single-digit range at McGraw-Hill Education".

The company added that "stepped up investments in technology to accelerate the digital transformation of this business" could lead to a decline this year in the segment's operating margin.

Financial McGraw-Hill Harold McGraw

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