The Bookseller.com

29th August 2008

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Sales and profit fall at Phaidon

09.04.08 Tom Tivnan

Illustrated publisher Phaidon saw a dramatic drop in both turnover and profit last year, but said the fall was a return to predicted performance following a record year. In the year ending 30th June 2007, revenue slid down to £22.1m from £24.5m the previous year. Operating profit was almost halved, to £1.1m from just over £2m in 2006, while net profits tumbled to £241,033 from £785,357.

In the directors' statement to shareholders, Phaidon said: "Group sales returned to long term trend growth following an exceptional prior year performance, due to the publication of a bestseller. Gross profit margin increased to 51% and overheads were held steady, resulting in a satisfactory net profit."

During the year Phaidon set up new distribution agreements in Switzerland and in Mexico, which covers the entire Latin American market. It also established new subsidiaries in Switzerland, Australia and Italy.

Phaidon employs 140 people in offices in London, New York, Paris, Berlin and Tokyo.

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