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Profit doubles at Canongate

08.10.07 Tom Tivnan

Canongate has announced a year of record sales with profits more than doubling. Turnover for the year to end-December 2006 increased 39%, rising to £8.1m from £5.8m the previous year. Pre-tax profits jumped to £683,000 from £273,000.

The Edinburgh independent was boosted in 2006 by two Man Booker shortlisted titles, Kate Grenville’s The Secret River and M J Hyland’s Carry Me Down. Canongate said it saw strong performances from its paperback publishing and rights department, along with a “record-breaking” year from Text Publishing, its Australian business.

Jamie Byng, Canongate publisher and m.d. said: “It’s very satisfying to see the company continuing to grow in this way and to be profitable whilst publishing books of outstanding quality. 2006 was a year in which many things came good. We reaped the rewards of wise investments made in authors and staff over the past few years, and it is particularly encouraging that success came from many quarters.”

There were a number of changes at senior level during the year. M.d. David Graham left to take over as Granta Books m.d., former John Murray publisher Anya Serota joined the company as editorial director and sales and marketing manager Jenny Todd was promoted to the Canongate board.

tom tivnan financial results Canongate

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