You are viewing your 1 free article this month. Login to read more articles.
Academic publisher Taylor & Francis has recorded its "best ever" financial results, according to parent company Informa, which announced overall profit growth of 17% this morning (4th March).
Publishing, which now accounts for 50% of the Informa's revenues and 57% of its profit, was described as "the most stable part of our group", having delivered "another excellent set of results" for the 2008 calandar year. The group also revealed that 70% of publishing revenue was delivered in electronic format.
T&F grew revenue by 14%, compared with 13% for the whole group, having published 24% more journals than the previous year and selling 5.4m books across 175 countries. Revenues in e-books increased 30%. As a result of 98% renewal rates, and the high proportion of revenue generated in dollars, Informa said "the forward visibility of T & F's earnings gives significant confidence to the overall outlook for 2009".
Overall, Informa's revenue for the year ended 31st December 2008 increased by 13% to £1,278m with adjusted operating profit up by 17% to £305.8m. Adjusted profit before taxation increased by 15% to £233.4m. But the group's profit before taxation decreased to £108.9m. This came after restructuring costs for the year of £17.4m, £9.7m higher than those in 2007, which included reorganisation costs of £3.2m, and redundancy costs of £9.9m. The company said these "largely reflect[ed] the response of the businesses to changing market conditions".