Profile Books managing director Andrew Franklin has called the company's latest results "solid" despite its turnover decreasing 14%. The independent publisher reported a turnover of £7.12 million for the year to March 2010, with a pretax profit of over £335,000. However, in the previous year turnover was £8.28m with operating profits at £1.18m.
Franklin said: "This is the 13th year of continuous profitability since the company was founded in 1996. We made a healthy profit after paying everyone in the company a good bonus under the company scheme. We didn’t have a top bestseller, so naturally we are down on last year, but these are solid results and we are very proud of our publishing."
Looking ahead to next year Franklin said there are "big plans" for Profile's 15th birthday and Serpents Tail's 25th.
You can see more about Profile and Serpent's Tail on their web site along with contact e mails.
Meanwhile sales at Bloomsbury rose 4.5% in the first half of the year, to £36.8 million, though pre-tax profit fell by a little more than half, at £949,000. Profits on the publishing side fell by 23%, mostly due to the inclusion of the new Bloomsbury Professional unit (based on their acquisition of law and tax publisher Tottel), 'which is typically loss making in the first half of the year.'
Bloomsbury USA was one of the company's best-performing units in the period, with sales up 2.3% at £8.9 million and a rebound to profit contribution of £600,000 after virtually no margin a year ago. Berlin Verlag was among the weakest performers, with sales falling 34 %.
The company will launch Bloomsbury Australia in 2011, along with an Australian version of their successful Public Library Online subscription program, which debuted in the US this summer.
Full Statement available.