John Wiley & Sons has reported a 6% rise year-on-year in second quarter revenue to $477m, due to growth in its Research and Education divisions, up 5% and 3% respectively, as well as to contributions from its recent acquisitions CrossKnowledge and Profiles International.
The quarterly result means first half revenue for the company was up 5% on a constant currency basis to $915m ($860m last year).
President and c.e.o. Steve Smith said: "Our second quarter revenue growth reflects sustained momentum in Research journals and the expansion of our digital solutions portfolio across Professional Development and Education. We delivered another quarter of solid earnings growth, resulting from the combination of continued revenue growth and efficiency gains from restructuring."
However the company noted that it expected to record a restructuring charge of approximately $18m in the third quarter, with roughly half of that to cover severance costs for "reorganisation and consolidation plans, primarily in Research and books." Wiley said the reorganisation "will provide sharper focus on managing the portfolio of journal-related products and services," with the book-related portion of Research to be managed "toward increasing operating synergies with the Professional Development books business."
Wiley also noted that the impact to journal subscription revenue from the SWETS bankruptcy in September "is expected to be in the order of $5 million", saying its investigation into the matter was "ongoing".