Wiley reaffirms 'flat' revenue for FY16

Wiley has reported third quarter revenue of $436m, a 3% decline year-on-year excluding foreign exchange fluctuations (a 6% decline without that exclusion). The publisher said the figure represented a 3% increase if a $29m transitional impact of shifting to time-based journal subscriptions, taking place this calendar year, was excluded.

Adjusted operating profit was $53.3m, down 27% in comparison with the same quarter in 2015.

Revenue across the nine months was "essentially flat" at $1,293m ($1,380m in 2015), with operating profit down 14% year-on-year excluding foreign exchange fluctuation to $166m. The company reaffirmed its fiscal year 2016 outlook of flat revenue and flat adjusted earnings per share (EPS) on a constant currency basis, again excluding the journal subscription shift being made this calendar year.

President and c.e.o. Mark Allin said there had been "solid progress" in the third quarter. "Operationally, our journals business achieved 5% revenue growth in the quarter, buoyed by a large backfire sale and steady subscription results," he said. "Our solutions businesses, including test preparation, corporate learning, and online programme management, continued to post double-digit revenue growth rates. The Research segment was also lifted by strong digital book sales, while Education saw solid growth in the key areas of Custom Material and WileyPLUS Course Workflow."

Meanwhile the UK business filed its 2015 full-year results with Companies House in the last week, reporting a £3m increase in turnover in the year to end April 2015, to £326.6m. However a rise in operating expenses, including restructuring costs of £2.4m, saw the company record a reduced operating profit of £63.7m (down from £72.8m in the previous year).