Cambridge University Press reports strong growth

Cambridge University Press says a continuing focus on digital products and services has helped deliver strong results while pursuing its mission to advance learning, knowledge and research. The Press’s recent annual report says strong growth in the last year will allow it to continue its investment in learning and research solutions.

The results for 2018/19 show a rise in operating profits from £17.2 to £24.4 million – an increase of more than 40 per cent – driven by sales growth and a focus on controlling costs. Revenues of £327 million were up by five per cent.

Chief executive Peter Phillips said: ‘Digital technology is disruptive and demands heavy investment. But it offers us greater opportunities to fulfil our purpose as part of the University, to advance learning, knowledge and research worldwide. It allows us to extend our already large international footprint, reaching customers around the globe instantly, and to develop better experiences for teachers, learners and researchers, using their data to help them.’

The organisation launched several products aimed at academic researchers:

• Cambridge Elements, digital-first publishing model for research and writing that sits in between the traditional formats of book or journal article;
• A focus on ‘read and publish’ deals, which it sees as an important stepping stone in a sustainable transition to open access. This included an agreement with the University of California;
• An open platform was announced for early-stage research, pre-prints and research collaboration, Cambridge Open Engage, with the American Political Science Association as its first partner; and
• Cambridge Core Share, the first sharing service launched by a university press, went live in September, allowing journal content to be shared quickly, easily and responsibly online.

Phillips continued: ‘All of this demonstrates how the Press contributes to society by furthering the mission of our University. Our ability to develop the new products and services our customers require, and to invest in the technology to support that, depends on our financial performance.’