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Continuum addressing poor performance

12.03.08 Tom Tivnan

Massive restructuring, debt refinancing and slow sales have led to an exceptionally poor year at academic publisher Continuum. Results for the 12 months to 30th June 2007 show turnover slumping to £10.1m, down from £13.5m the previous year. Continuum posted a loss of £6.2m for the period, following a loss of £874,000 in 2006. Oliver Gadsby, Continuum c.e.o., said: "It was a year of poor performance, but it was a year that the company's problems were addressed."

A number of exceptional costs and investments that totalled just over £1.5m contributed to the loss, including the move of the group's distribution arm Orca Book Services to new premises in Poole. Nova/Paul Investments Capital, Continuum's private equity owners, took a number of strategic refinancing decisions in the year, which saw the group's equity and capital reserves rise to £2.7m, up from a debt of £7.1m the previous year. Continuum said the disposal of its teacher training division Critical Skills Programme in 2006 led to a loss of £1.4m in revenue.

Joining the company along with c.f.o. Bob Marsh in July 2007, Gadsby said he came into the job with "eyes open". He added: "We knew the difficulties the company faced but we do have a sense of optimism about the future and how we can develop the business."

Moves this year include a significant increase in the group's digital offer, and an expansion into new subject areas, with lists to be launched for history and politics. Gadbsy would not comment on specifics on the current financial year, but said it was a "definite improvement." He added: "Our focus is firmly on organic growth and the continued development of our programme as a strong academic and social sciences publisher."

Financial tom tivnan Continuum

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