Independent academic publisher Continuum has reported a profit for the first time, in what chief executive Oliver Gadsby called “a transformational year”.
The company reported a 6.5 per cent growth in sales to £10.3m in the year to 30 June 2010, up from £9.7m last year, on which it generated a profit of £256,000, compared to a £740,000 loss last time. Over the past three years, publishing sales have grown by £1m, and Ebitda (earnings before interest, taxes, depreciation, and amortization) has increased by over £4m.
The company, which published over 600 new titles during the year from its offices in London and New York, also ceased distribution from its Pennsylvania facility, following the earlier closure of its UK distribution centre. All Continuum’s distribution is now handled by specialist firm NBN, and the company will concentrate solely on publishing.
“This was a transformational year, where the figures demonstrate the progress we have made. The group showed a profit at the Ebitda level for the first time. Continuum is now a company which is resilient and growing,” said Gadsby in a company statement.
Continuum international Publishing was formed in 1999, when the US firm Continuum merged with the London-based Cassell’s academic and religious publishing division.