John Wiley & Sons reported that revenue in the fiscal year ended April 30, rose 5.1% over fiscal 2017. Operating income was up 16.1%. The gains in both sales and earnings benefited from favorable exchange rates.
Total revenue in the year was $1.80 billion, up from $1.72 billion in fiscal 2017. Operating income was $239.5 million in the most recent year, compared to $206.2 million in fiscal 2017.
The revenue gain was driven by sales increases in Wiley’s two biggest operating units—research and solutions. Publishing continues to be a weak spot for the company. Sales in the publishing group fell 2%, to $617.6 million, for the year. Both the group’s two largest businesses had declines in the year. Revenue for STM and professional publishing dropped 1% in the year, to $287.3 million, and sales in education publishing declined 5%, to $187.2 million. Revenue at WileyPlus fell 5%, to $59.4 million, while revenue in test prep and certification was basically flat, at $35 million.
In Wiley’s biggest segment, research, sales increased 9%, to $934.4 million. Within the research unit, the increase was driven by a 6% gain in journal subscriptions, to $677.7 million, and a 47% increase in open access revenue, to $42 million.
Wiley’s solutions business posted a 5% increase in sales, hitting $244 million.
Commenting on results, Brian Napack, president and CEO of Wiley, said in the company was “pleased with our team’s performance this year, which landed ahead of guidance, and we are energized about the future.”
For the immediate future, Wiley is projecting low-single digit revenue growth in fiscal 2019 in both the research and solutions businesses, offset by a low-single digit revenue decline in publishing.