Book revenues decline in Wiley third quarter

Book revenues decline in Wiley third quarter

2014 acquisitions Profiles International and Crossknowledge helped John Wiley & Sons to a third quarter revenue rise of 5% on a constant currency basis (2% including the impact of foreign exchange), at $465m.

However, the company said organic revenue – excluding the impact of the buys - was "essentially flat" for the third quarter, although up 1% for the first nine months of the financial year.

Its Research division saw growth of 3% to $108.6m, including in Journal Subscriptions (up 4%), in Funded Access (up 46%) and in Other Journal Revenue (up 7%). However Books and References revenue in the division declined 8%.

Wiley's Professional Development division, including assessment company Profiles International and distance learning training company CrossKnowledge, grew 17% on a constant currency basis, to $108.6m. However excluding the contributions from both buys, revenue was down 7% year-on-year because of a 12% drop in Book sales, which outweighed growth in Online Test Preparation and Certification and other Assessment revenue. Education declined 2% to $110.9m, with Books declining a full 14%, outweighing growth in Custom Products, Education Services and Work Courseflow Solutions.

The company reaffirmed its fiscal year 2015 outlook of mid-single-digit revenue growth.