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Profit down, turnover flat at Anova
17.04.12 | Benedicte Page
Increased investment in digital and a reduction in stock ahead of a new distribution agreement led to a 44% drop in net profit at Anova in its past financial year, with sales flat but on budget.
Anova reported a net profit of £330k, down 44% on its reported 2011 post-tax profit of £586k. Turnover, subject to audit, was £11.014m for the financial year to end February 2012, level with the publisher's 2011 result (£11.015m).
Chief executive Polly Powell said that turnover was "exactly where we budgeted" with "standout" sales in the UK and export markets making up for a shortfall in the "increasingly narrow" US co-edition market. The company said its profit was "a cause for satisfaction given the sizeable investment in new projects and new technology".
Powell said: "One noticeable difference from the previous year was the growth in sales of the backlist, with backlist sales in the UK trade now representing 55% of total UK sales," she said. Sales were good "across all imprints" with Collins & Brown's Best in Show: Knit Your Own Dog and Knit Your Own Cat, as well as Pavilion's Style Me Vintage series outperforming expectations, Powell added.
In anticipation of a new UK distribution agreement, Anova undertook a sizeable reduction in stock and invested significantly in a number of new publishing initiatives in the fiscal year, the publisher said. "Proper investment in IT, specifically to facilitate a push into digital content and online presence, meant that net profit of £330k was just shy of the budgeted figure, but nonetheless a cause for satisfaction given the sizeable investment in new projects and new technology," Anova said.
Powell said 2012 had started well, with both March and April 2012 ahead of budget and Anova approaching the Jubilee celebrations and Olympic Games "with a strong list of London-focused books".