2010 profits fall at Canongate

Profits at Canongate for its 2010 financial year fell by 42.7%, which the publisher said reflected the cost of acquiring specialist audio publisher CSA, as well as investing in staff and systems.

In accounts recently filed at Companies House, the independent revealed sales were largely level with 2009 at £13.39m, down from £13.89m for the year ending 31st December 2009. Profits for the 2010 financial year were £1.06m, down from £1.85m in 2009. However, Canongate noted it was the third consecutive year profit exceeded £1m. E-books accounted for 5% of total sales during the 2010 year.

Jamie Byng, Canongate m.d., said: "2010 was a challenging year for our whole industry and so it was satisfying that Canongate managed to turn in another good set of results and to do so while continuing to publish books of real quality and originality. The list has never been stronger, nor the outstanding team of individuals who help to make Canongate what it is."