Marginal growth for OUP, as Covid-19 hits final quarter

Oxford University Press recorded turnover of £844.9m in the 12 months to end March 2020, marking growth of 0.5% on the previous year's figure (£840.5m), 0.3% like-for-like at constant currency.

The press saw its trading surplus drop for the third year running, to £108.1m, a fall of 0.4% or 2% at constant exchange rates. Its annual transfer to the rest of the university was £53.6m, up from 2019/20's £45.6m.

In the previous year, 2018/19, OUP saw a 2% like-for-like turnover rise.

In its annual report, c.e.o. Nigel Portwood (pictured) noted that "without doubt we would have seen good growth in both turnover and surplus, were it not for the impact of the coronavirus in the final quarter".

From January the lockdown in mainland China and Hong Kong affected the market with the closure of schools and institutions, and by the middle of March almost all markets were in a similar positions, with "a material impact on our turnover in the final quarter of the year", Portwood said. "Despite these challenges, I am proud of how OUP has adapted to new modes of working and found ways to support our customers and wider communities in these extraordinary circumstances."

In its Academic division, OUP saw a good performance in journals, where usage increased by 7%, and OUP's total number of fully Open Access journals reached 70, but "both OUP and the wider industry were impacted by the continued decline in print revenues, and the shift towards inclusive access in Higher Education", Portwood said.

"In its Education division, OUP retained its position as the number one publisher for Primary and Secondary in the UK, achieved impressive results in Kenya through its work supporting the government’s curriculum reforms, and was chosen by the Organization for Economic Co-operation and Development (OECD) to develop the Science framework for its Programme for International Student Assessment (PISA) in 2025," the press noted.

The English Language Teaching division saw growth in Spain, Turkey and Brazil.

Portwood said: "We are very proud of our achievements and progress in the year, and our trading results were strong, even in the face of Covid-19. OUP has been continuing to provide valuable support to learners, teachers, and researchers around the world in this difficult time and, looking ahead, we are confident that our unwavering commitment to our mission, our breadth of products and services, and our global presence, will allow us to weather this storm, build on the successes of the past year, and emerge from the pandemic stronger than ever."