1 December 2021
From the Chief Executive, Peter Philips', Overview
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"This has been a period of extraordinary challenges and achievements for Cambridge University Press. It began as the full force of the Covid-19 pandemic hit customers and colleagues. It ended positively, as we formed a single organisation with Cambridge Assessment, which will make the University an even greater force for education and scholarship around the world.
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Revenues in the 15 months from May 2020 to July 2021 were £384 million compared with £336 million for the 12 months of 2019/20. The pandemic had a significant impact on our 2020/21 financial results, which varied widely across the Press.
Our Academic group performed strongly, led by North America, and enjoyed strong digital sales as universities supported teaching and learning from home. The English Language Teaching business was hard hit by lockdowns, the closure of language schools and a sharp fall in international migration. Revenues fell most where infections were highest, but in Europe, and particularly Spain, demand proved resilient once lockdowns lifted, with China strong too. The shift towards digital and the impact of Covid-related cost savings helped to mitigate that impact, as it did across the Press more generally. Education’s markets are less discretionary in nature than English and in difficult circumstances the business performed robustly overall.
Over the course of the period sterling strengthened against a number of other currencies and that was a further factor in holding back revenues and profits. All that resulted in operating profits of £20.7m in the 15 months from May 2020 to July 2021, compared to £23.6m in the 12 months of 2019/20.
Despite the disruptions of Covid, we can look to the future with great confidence. The Press’s core strengths are the commitment, passion, skill and creativity of our people around the world – as demonstrated so vividly in our response to the pandemic. Becoming a single organisation with Cambridge Assessment brings us together with their equal commitment to the same underlying goals, values, excellence and professionalism."
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