Wiley positive after 'disappointing' year
Wiley reported adjusted rev...
Magzter to launch e-book store
Magzter, an online store fr...
Penguin channels audiobook growth
Penguin Children’s is...
The Society of Authors&rsqu...
Revamp for Pottermore
Pottermore is to unveil a n...
Record bestseller year boosts Penguin
26.02.07 | Philip Jones
Penguin saw sales rise by 5% and operating profit by 10% in 2006, according to results filed by parent Pearson today. The result lagged slightly behind Pearson Education, where sales growth of 8% led to profit growth of 16%.
Penguin's underlying sales grew by 3% despite what its parent called a "tough consumer publishing market". Pearson said that its book publishing subsidiary had a "record number of bestsellers for record number of weeks" over the year--Penguin UK had 59 titles in the Nielsen Bookscan's top ten bestseller list, up 5 from 2005, keeping them there for 361 weeks, up 42 weeks from 2005; Penguin US had 139 books on The New York Times bestseller list, 10 more than in 2005, and kept them there for 809 weeks overall, up 119 weeks from 2005.
At Pearson Education, School sales were up 6% and Higher Education sales up 4%, benefiting from what the company regarded as a "leading position in content, assessment and technology".
Overall, Pearson saw sales growth of 8% to £4.4bn, with underlying growth of 4%. At £592m, its adjusted operating profit was up 17%--its highest ever operating profit. Profit before tax was £466m, up 4%.
Marjorie Scardino, chief executive, said: "This is another strong set of results. We have built market-leading businesses and invested consistently in their content, technology and international expansion. That strategy is paying off with sustained growth in sales, margins, earnings and returns, and we expect 2007 to be another good year."