The Book People returns to profit after 'team effort'

<p>The Book People has turned its fortunes around, posting a pretax profit of nearly &pound;1.7m for the 2009 calendar year, compared with its <a href="../news/102258-year-of-consolidation-at-the-book-people-leads-to-losses.html" target="_blank">&pound;1.2m loss in the previous 12 months.</a> This was despite sales dropping roughly 6% from &pound;76.5m to &pound;71.9m. Thanks to the cost of sales dropping nearly &pound;3m and other expenses falling more than &pound;4m, operating profit rose from &pound;262,360 to &pound;2.8m. </p><p>The figures only apply to The Book People LTD; the full group accounts had not been filed as of this morning (28th June).</p><p>The director&#39;s report said: &quot;All areas of the business performed as expected, this being the effect of pro-active management and a good team effort from all employees.&quot;</p><p>It also acknowledged risks to the business would include failing to respond &quot;to changes in the use of technology to both advertise and expedite the delivery of our product&quot;. As a result, the directors said the company would be investing in solutions to &quot;ensure that the business remains at the forefront of the bookselling industry&quot;. </p><p><a href="../news/73223-insurer-cuts-off-borders-and-the-book-people.html" target="_blank">In 2008, The Book People was one of many companies, including Borders UK, to have its credit insurance withdrawn by Euler Hermes. </a></p><p>Earlier this year, <a href="../news/111685-new-15m-loan-deal-for-the-book-people.html" target="_blank">the retailer signed an asset-backed loan deal worth &pound;15m with Bank of Ireland offshoot Burdale to support &quot;current and future working capital requirements&quot;. </a></p>