Restructuring at Cengage as company reports 9% first-half revenue fall

Restructuring at Cengage as company reports 9% first-half revenue fall

Cengage has reported revenue of $693m in the six months to end September 2019, a fall of 9.1% from the first-half in the previous financial year ($762.6m). Adjusted cash revenue was down 8% to £771m, the company told investors.

Operating income was reported down 72% year-on-year to $11.6m (from $41.5m).

The company reported that its Learning segment was down by $60m for the first-half period, "primarily driven by declines in the higher education non-profit market and school channel"; the decline in the HE non-profit market being "mainly attributable to a decrease in core digital sales and...

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