Wiley is positioned to “become a solutions leader in professional learning and development”, its president has said, while revealing print sales were down to 29% of revenue in the last year.
The academic publisher has released its financial results for 2014, with revenue from print books down but sales of digital books making up some of the shortfall in two of its three divisions.
Results for the financial year ending April 2014 show the company’s adjusted revenue was $1,775m, up 4% on the previous year.
Wiley also said adjusted revenue for the fourth quarter of the financial year was $457m, up 2% from the same period the year before.
Steve Smith, President and c.e.o. of Wiley, said: “We are very pleased with our operational performance this year, including our continued progress in expanding Wiley’s depth and breadth as a provider of knowledge-enabled solutions.”
Wiley announced in April it was buying distance learning training company CrossKnowledge, and that plus the acquisition of pre-hire assessment and talent management provider Profiles International in April “position Wiley to become a solutions leader in professional learning and development” said Smith.
Wiley has spent $67.2m in restructuring charges since it announced its restructure programme in January 2013, and it said there are plans to “achieve $80m in run rate savings” beginning next year. Around half those savings will be reinvested in the company.
Smith said Wiley had “successfully executed on our restructuring plans to achieve a lower and more flexible cost structure”.
“Our share of revenue from print books is down to 29%, and through organic investment and targeted acquisitions, and by integrating content, technology, and services, we have accelerated our strategy to provide professionals, students, and researchers with valued solutions that serve their needs from education through employment,” he added.
Revenue in the research division was up 3% on the year before to $1,044million, driven by journal subscriptions, open access and digital books, the latter of which were up 27%.
Education revenue was up 12% for the year to $367.0 million, mostly due to the acquisition of Deltak, an online education company, in fiscal year 2013.
There was strong growth in WileyPLUS, an online teaching and learning environment, digital books, and binder and custom products, which “mostly offset a decline in print textbooks”.
The professional development division was down 2% for the year, to $363.9m, and in the fourth quarter was down 2% to $93m. In the fourth quarter there was a 10% decline in print books, and an 8% decline in digital books, which offset the 31% growth in online training and assessment.