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Atlantic cuts losses in 2011
09.01.13 | Joshua Farrington
Atlantic Books managed to cut its losses and increase its turnover in 2011, according to results just filed with Companies House.
The independent publisher made a loss of £193,195 on a turnover of £8,192,561 in 2011 according to the abridged results for the year ending 31st December 2011.
The loss in an improvement on its figures for 2010, which chief executive Toby Mundy branded "a dreadful year", where the company suffered a £1,814,614 loss against a turnover of £6,935,932.
Overall, it raised its turnover by 18%, while cutting its losses by 89%, during the year.
Chief executive Toby Mundy said: "I think the results represent very satisfactory progress. The company is on the road to reviving its former strength. Looking ahead, I think we have a very good programme lined up, with some great fiction and novels with real potential. Corvus, which we started a few years ago, is really starting to see its authors building their reputations nicely."
The results also show that Atlantic ended 2011 with net assets of £2,431,897, and net liabilities of £269,044.