You are viewing your 1 free article this month. Login to read more articles.
Simon & Schuster Inc’s 10% revenue increase in 2007 was "quite fabulous" and it is now "time to grow" the UK publishing business, said chief executive Carolyn Reidy.
The publishing group posted an increase in revenue by 10% to $886.1m for the year ending 31st December 2007, while the UK business's revenues were up 14% to £30.1m (from £26.5m).
Although Reidy declined to reveal profits, she said that profit growth outstripped the rate of revenue growth. "[The UK business] performed exceptionally well," she said. "Ian [Chapman, UK m.d.] and his team has truly solidified and strengthened the business." Reidy referred to titles such as The Secret, The Spiderwick Chronicles and Aliens Love Underpants as some key successes.
Last year, S&S UK had a market share of 1.5% and Reidy said that a 2% market share by the end of 2008 "would be nice". "The business is now performing as it should be," she added. "And it's time for it to grow." She said that authors like Philippa Gregory, acquired by the business last year, would help drive it forward this year.
Among S&S worldwide results, which were posted by parent company CBS earlier this week, Simon & Schuster revealed its worldwide revenues dropped 4% in the fourth quarter of the year from $252.5m (in the fourth quarter of 2006) to $242.3m (in the fourth quarter of 2007). It said bestsellers this year, such as You: Staying Young, "did not match contributions from prior year titles", which included You: On a Diet and Lisey’s Story by Stephen King.
However, in the year as a whole, revenue increased to $886.1m, from $807m in 2006, driven by the likes of Rhonda Byrne’s The Secret and Become a Better You by Joel Osteen.
The publisher’s performance was lauded as "exceptionally strong" by parent company CBS. "We finished 2007 with our businesses well poised to increase revenues in 2008 and beyond," said Leslie Moonves, president and c.e.o of CBS Corporation.