The Bookseller.com

2nd December 2008

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Book People bullish for 2008

03.09.08 Catherine Neilan

The Book People is "absolutely on target" for meeting its 2008 goals, having posted strong results for the last financial year, according to its chief executive Seni Glaister. Accounts for the Book People Group show sales growth of 6% on the previous year, up from £78.1m in 2006 to £82.3m, with acquisitions, Index Books and Books Plus, generating an additional turnover of £4.9m. However, due to an increase in cost of sales and other expenses, which Glaister attributed to the acquisitions and investment in other parts of the business, pretax profit was down from £3.1m to £2m.

Glaister said: "2007 was a pretty solid year for us. We achieved some growth, which for such a mature business is great, and we are focused firmly on the future." She added TBP was "well into the integration process" of the two acquisitions, with that process due to be completed by the end of this year.

The online relaunch had seen growth through that channel, with other areas of the business, such as corporate events, to undergo an "aggressive" expansion plan over the next few years. "2008 was never going to be a year of organic growth, but one of consolidation, to integrate Index fully and increase the number of people we have out there actually selling the books," said Glaister. "We are meeting all of those goals, and are absolutely on target. We will see growth, because of the acquisitions, but that was not our primary objective – it was to ensure the health of the underlying business was as strong as possible."

Although Glaister acknowledged 2008 had been slightly tougher than 2007, she was still optimistic on the outlook. "We are buying quite well and keeping costs down as much as we can," she said. "Our main purpose is to continue to provide books to our customers at the best possible price, and that won't change." Despite August being "very, very flat", Glaister said September would offer a better indicator of the impact deteriorating economic conditions were having on the buying public.

"Our sales people are very buoyant, very bullish," she said. "We grew in a recession, so it is not alien to us. We shouldn't be complacent, but we are selling books at very good value, so we are in a pretty good position."

Retail Financial Home The Book People Seni Glaister Catherine Neilan