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Profile Books managing director Andrew Franklin has described how he was "both pleased and relieved" after the publisher's latest financial results showed a 9% increase in turnover, compared with a decline of 17% the previous year, and a 50% increase in profits.
Turnover was £8.28m in the 12 months to 31st March 2009, up from £7.57m made during the previous year. The company, which owns imprint Serpent's Tail, also reported growth in operating profits from £773,316 to £1.18m. The previous year operating profit had dropped 64%. The results see Profile edge closer to its "exceptional" 2006/2007 fiscal year when it recorded sales of £9.1m, and made a profit of £2.1m, thanks to strong sales from its first two New Scientist titles.
Franklin said: "We started the year worrying how it would be, but like most independents we have had a great year, with very strong continuing support from bookshops." He added that turnover from independent booksellers had increased "significantly" in the period, thanks to "better terms, better support, access to proofs and promotional activity" that publishers across the Independent Alliance had offered smaller shops.
The company cited strong sales from Alan Bennett's An Uncommon Reader, the most recent New Scientist title, Do Polar Bears Get Lonely?, and the TV tie-in for David Peace's Red Riding Quartet, as the core factors in boosting revenues. Income from rights was also said to have "increased greatly".
Sales for Polar Bears reached 140,000 between its October launch and Christmas - marginally less than 2007's New Scientist title How to Fossilise Your Hamster. Meanwhile the Red Riding Quartet - 1974, 1977, 1980 and 1983 - have sold more than 74,000 copies between the titles since they were re-released in September 2008. About half of all sales took place while the mini-series adaptation appeared on Channel 4.
The publisher's statement said the global downturn had "not yet had a significant impact on trading through normal bookselling channels", despite acknowledging sales were "restricted", and "money was lost", as a result of Woolworth's collapse.
Profile said it was constantly looking to improve turnover with other outlets in order to reduce its reliance on the chains. Franklin said: "If you look at who is doing well in the food-book-chain at the moment, supermarkets, Amazon and independents are all fine, but it's very hard for the chains."
He added this also related to publishing companies. "While many of the corporates are making staff redundant we continue to expand," highlighting the appointment of editor Sarah Caro, who will join from OUP in September.