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Emerging markets drive growth for Oxford University Press
03 July 2014
Oxford University Press (OUP) today reported another year of growth in its 2013/14 Annual Report. In a year of significant investment in infrastructure, digital innovation, and emerging markets, OUP achieved a total turnover of £759m—an increase of 7% at constant currency. Growth excluding acquisitions was 3.6%. The Press produced a surplus of £114m, an increase of 3.9% excluding acquisitions.
In 2013/14 OUP furthered its mission of excellence in education, scholarship, and research by extending its global reach in the following ways:
Turnover from emerging markets increased by 10.9%, to £307.3m, equivalent to 41% of total turnover. OUP’s Asia Education division, comprising China, India, Malaysia, Singapore, and Pakistan, saw double-digit growth, driven by schools and Higher Education in India and a growing market for private school provision in Pakistan.
OUP South Africa delivered a strong performance off the back of the implementation of the new school curriculum for Secondary grades, while strong growth in Turkey was due in part to the Press’s increasing provision of digital materials.
Digital sales grew by 7.5% to £144 million – representing 20% of overall sales. OUP’s Global Academic Business digital turnover now accounts for almost half of its overall turnover, and the growth in digital sales in OUP’s educational markets accelerated—for instance, OUP’s English Language Teaching division delivered a 34%growth in digital turnover. This increase is due in part to new products such as The Oxford Learner’s Bookshelf, an app that is now being used by more than 50,000 students worldwide.
OUP invested in a programme of structural change in 2013, designed to facilitate global working, improve efficiency, and manage risk. OUP’s infrastructure is being transformed to create a stronger global foundation and to support the Press’s future growth.
Nelson Thornes, a leading educational publisher with a range of primary, secondary, and vocational resources, was integrated into OUP in 2013/14. The combined OUP and Nelson Thornes lists have increased the Press’s reach in the primary and secondary markets, placing the Press in a strong position for upcoming curriculum change in the UK.
OUP’s financial success enables it to support the educational and research activities of the University of Oxford. OUP was able to transfer £50 million to the wider university.
Nigel Portwood, Chief Executive of OUP, said: “By investing in the quality of our products and services, our presence in emerging markets, and our digital capability, we are strengthening OUP and building a platform for future growth. I am pleased that the work of the past year has increased our reach and our ability to make a positive impact on the lives of people around the world.”
Visit the OUP 2014 Annual Report site for full details of the report.