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Bertrams has reported an underlying operating profit of £4m over the last year (to 31st August) helped by strong internet and international sales. In its first full year owning Bertrams, parent company Smiths News reported a like for like sales increase of 6.8% at the book wholesaler.
The book wholesaler's sales increased from £53.5m to £137.1m and profit from £0.7m to £4.0m for the year ending 31st August. However, the results are not comparable as Smiths News acquired Bertrams during its 2009 financial year.
Smiths News said: "Bertrams plans to increase its book range to 220,000 and is currently talking to a number of retailers about supporting their internet offer. Ongoing discussions with retailers and further commercial initiatives remain central to supporting Bertrams organic growth."
Bertrams Library Services won over £6m of new contracts over the past 12 months and has moved its operation from Leeds to Norwich. Over the past year new book supply and fulfilment contracts were also secured with Mail Newspapers, HMV and WH Smith.
Smiths News reported a growth in group profit of 14.8%. The group saw underlying profit before tax rise from £30.5m to £35m and also saw revenues grow by 38% up from £1,326m to £1,829m.
Mark Cashmore, group chief executive, said: "We continue to deliver on our strategic goals having completed the integration of the new business and driven a strong performance from Bertrams since acquisition in 2009. The 9% increase in dividend reflects our ongoing confidence in the business."
Cashmore said the group has plans to remove £20m of costs over the next three years and added he is "confident the business will continue to progress in the coming year".