Feature articles about Oxford University Press around the world
Today, we have released our Annual Report 2021-22 showing that, despite the challenges of the past two years, we have managed to return to growth post-pandemic and continue our digital transformation.
Read this year’s Annual Report here.
We have released our 2021/22 Annual Report today, reporting a turnover of £781.3m which was up 3.6 per cent on the prior year (5.9% at constant exchange rates). Our surplus from trading was £107m—a £37m increase—reflecting post-pandemic recovery. The proportion of digital sales also increased, we continued to transform its products and services.
Our Academic Division maintained its good trading momentum thanks to strong demand for high-quality research content. The shift to digital continued, with more than 73 million visits to online academic products. In Higher Education publishing, 37 per cent of turnover came from digital formats. The Division also maintained its commitment to open access, reaching the milestone of 100,000 open access articles.
In the Education Division, schools publishing achieved 12 per cent growth. Recovery was especially notable in Kenya, Pakistan, and India, while in the UK sales of digital and blended products grew 15% year on year. Other highlights included the success of the Oxford International Curriculum, which focuses on supporting well-being alongside academic attainment, and licensing Oxford Primary English Reading Assessment (OPERA) content for use in a reading comprehension app in China.
The ELT division, similarly, saw encouraging recovery, with digital product sales growing 28 per cent. A major success last year was the launch of the Oxford English Hub, enabling teachers and learners to access digital course materials in one place. The curriculum reform cycle in Spain has created further publishing opportunities and resulted in the introduction of several new primary and secondary courses. However, Covid-19 restrictions continued to impact on trading in some markets, such as in Southeast Asia. Regulatory changes in China also had an impact on the learning of English outside of school.
Commenting on the year, Nigel Portwood, CEO, said: ‘Our results reflect both the strength of our publishing as well as the progress towards our digital ambitions as we respond to the changing needs of our customers. I am proud of the significant steps we have made recovering our business post-pandemic and in rapidly evolving our products and services. It is testament to the hard work and commitment of all our colleagues at OUP. I look forward to seeing what the next year holds.’
The report includes additional information on the 170 awards we have won for our publishing, as well as research reports launched last year. It also shares the steps we have taken to operate responsibly, such as the launch of our sustainability strategy, commitments to diversity, inclusion, and wellbeing, and support for charities like Book Aid and Computer Aid.