Oxford uni takes a £53m dividend from its textbooks
Oxford University Press (OUP) delivered another multi-million pound dividend to the university last year, ensuring it will avoid the funding squeeze faced by large swathes of British academia.
OUP, which publishes textbooks, academic journals and English-language teaching materials, many in a digital format, is a department of the university but also its secret cash cow. It paid a £53m dividend last year, the lowest return in the last five years, during which time more than £500m has been poured into university coffers.
Nigel Portwood, OUP's chief executive, is trying to balance the funding of research and scholarships for the university with investment in expansion.
Profits last year fell 6 per cent to £115m on sales 7 per cent higher at £696m.
"We faced difficult market conditions last year, but nevertheless developed some truly innovative publishing which will help support the learning and research needs of millions of people," Mr Portwood said.
"Our ongoing investment programme, focus on new technologies, and growth in emerging markets will be important in making Oxford content available in the most appropriate formats."
The OUP was embarrassed earlier this month when it agreed to pay a £1.9m settlement after it emerged it had paid bribes to win contracts in Africa.
"The Press's management has been strengthened in the region and we have taken appropriate action in respect of those involved in this conduct," Mr Portwood added.
Many universities fear a cash crisis this year when they discover how many students have enrolled for their courses. It's the first year they have been allowed to charge higher tuition fees of up to £9,000 per annum, but applications from British students are down 9 per cent because of the increased cost.
- 1 Thailand deaths: Pair's bloodied bodies found naked on Koh Tao beach
- 2 Scottish independence: Ireland since 1919 is a lesson for Scotland in what a Yes vote means
- 4 John Travolta addresses former pilot's gay romance allegations publicly for the first time
Thailand deaths: Pair's bloodied bodies found naked on Koh Tao beach
Scottish independence: Police will be on high alert on Friday whatever the result
John Travolta addresses former pilot's gay romance allegations publicly for the first time
QS university world rankings: Imperial College London leapfrogs Oxford to join Cambridge as best British university
Scottish independence exclusive: Millions of banknotes sent to Scotland in case Yes vote sparks run on ATMs
Daniele Watts: Django Unchained actress detained by Los Angeles police after being mistaken for a prostitute
The political class is doing what Hitler couldn’t – destroying Britain
Scottish independence: Nationalist leader Jim Sillars threatens pro-union companies with 'day of reckoning' after independence
Scottish independence: Yes campaign feels the heat as Alex Salmond's NHS claims come under furious attack
Portuguese academic says British are 'filthy, violent and drunk'
£23m Birmingham cycle scheme is attacked by Tory councillor for not catering to the elderly
iJobs Money & Business
£20 - 24k (Uncapped Commission - £35k Year 1 OTE): Guru Careers: We are seekin...
£20 - 24k + Benefits: Guru Careers: This is a great opportunity for an enthusi...
£280 - £320 per day: Ashdown Group: The Ashdown Group have been engaged by a l...
£400 - £450 Per Day: Clearwater People Solutions Ltd: **URGENT CONTRACT ROLE**...