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Tuesday 28th July

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Cengage Hit By Big Fall In Income

Posted at 4:40PM Monday 12 Nov 2012

Cengage Learning, the Apax-owned educational publisher, rattled lenders on Friday with news of a 22 per cent fall in revenues and a 49 per cent drop in operating income for the first quarter of its financial year.

The results, described as "very disappointing" by Michael Hansen, Cengage's recently appointed chief executive, could complicate the group's efforts to refinance more than $2bn of loans coming due in 2014.

FT (registration required)




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