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Targets in sight at Random

19.12.07 Alison Flood

Random House is on track to hit its 2007 targets after an expansionary year, but the tone in 2008 will be on consolidation, according to an upbeat end-of-year letter to staff from RHG c.e.o. and chairman Gail Rebuck.

She told staff that RHG was likely to exceed its targets for 2007, despite losing "a couple of key books" from its schedule and "tough conditions" on the high street. She pointed to "an unprecedented November", the best trading month in the group’s history, plus a strong performance in the bestseller lists, where she said 31% of the Sunday Times charts in the year to date were taken up by RHG’s titles.

Rebuck predicted that while the group would "continue to explore new avenues of growth", its "focus will shift to consolidation" to allow newly joined companies (Tamarind, Virgin Books and BBC Books) and start-up imprints and initiatives to come to fruition--citing Preface Publishing, Square Peg, Transworld Ireland, Bodley Head and Vintage Classics, and the "one-man publishing industry" James Patterson.

"Given that each new business incurs start-up costs, it is important that, at the same time, we continue to exercise operational efficiencies in order to ensure that we remain on track financially," she wrote.

Looking ahead to 2008, Rebuck highlighted the publication of nine new Patterson titles, launching in January with 7th Heaven, plus a new Delia Smith book, autobiographies from Paul O’Grady and Dawn French and new works from heavyweights Martin Amis, Philip Roth, Robert Harris and Salman Rushdie.

"2008 is already looking like it will be another dynamic year," she said. "However, without a doubt, the challenging economic conditions we have seen in the latter part of 2007 will continue and may indeed worsen. As such, we must ensure we conˇtinue to creatively innovate, nurture and develop both new and existing talent balanced by maintaining efficiency to maximise our potential for success next year."

Gail Rebuck Random House Alison Flood

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