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Organic growth bolsters CUP
13.10.08 | Catherine Neilan
Cambridge University Press has recorded organic sales growth of 9% in its last financial year, to 30th April 2008, which its c.e.o. Stephen Bourne said would offer "a measure of security during these uncertain times".
The growth, which swells to 11.8% when the acquisition of Japanese wholesaler United Publishers' Services is included, marks a record turnover of £179.5m for the firm. Despite the strong growth, the firm posted an operating profit of just £3m. A CUP spokeswoman attributed this figure, which she said was "lower than expected", to "the weak US dollar over much of the year".
Bourne said he was "very pleased with the results". He said: "A robust structure has been put in place over the last few years, which will enable Cambridge University Press to continue to enjoy steady growth and will help to maintain our current position as one of the world's most prominent and prestigious publishers. [This] gives us a measure of security during these uncertain times."
In particular, the c.e.o lauded the performance of CUP in emerging markets such as China and India, where its English Language Teaching series was growing steadily. Asia now makes up 11% of the firm's overall revenue, with China growing by 44% and India by 20%. Africa has also grown, now accounting for 5% of the business.
Although sales were split "evenly" between the learning and academic & professional branches, CUP said its learning stream, which includes ELT, had generated "most" of the year's growth.