The Bookseller.com

5th July 2009

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Harlequin improves profits in 2007

28.02.08

Torstar's book publishing unit Harlequin has seen profits rise in 2007, despite a marginal drop in sales. Book Publishing revenues were down C$1m in 2007 excluding the impact of foreign exchange; including them brought sales down to C$463m, compared with C$472m a year earlier.  Reported operating profit was C$60.6m in 2007, up C$4.3 million or 7.6% from C$56.3m in 2006.

Its UK business Harlequin Mills & Boon reported "lower results" thanks to adjustments made to its returns provisions and declining volumes in its direct to consumer market, which "more than offset improvements in retail series book sales". Mills & Boon is celebrating its centenary in 2008.

“Torstar performed well throughout 2007,” said Robert Prichard, Torstar’s president and chief executive.   “We entered the year with an absolute  determination to grow our earnings and made a number of structural and personnel changes to ensure we would.  We delivered on our commitment. 

Financial International Harlequin Mills & Boon