"Challenging" year ahead despite double-digit growth, warns EUP

<p>Edinburgh University Press has reported double-digit growth for the year to end-July, climbing 13% to &pound;2.3m. </p><p>But the chief executive has issued a stark warning for the next financial year, claiming the back-end of recessions are &quot;more challenging&quot; for academic publishers. </p><p>Net profit rose sharply to &pound;154,000 from &pound;10,000 last year. Books, journals and e-rights increased across the board. Gross margin improved by four percentage points, driven by lower production costs and a new trading agreement in North America. </p><p>The Press also paid off its outstanding loans during the year and wrote down a substantial amount of stock. </p><p>Timothy Wright, chief executive, said: &quot;This is a very strong result for Edinburgh University Press. Notwithstanding the one-off benefit of the exchange rate gains, the underlying position of the business is very healthy. </p><p>&quot;However publishers with our mix of list often catch the back end of a recession and next year will, I believe, be significantly more challenging for academic publishers with real pressure on library budgets and a general squeeze in global higher education spending.&quot;<br />&nbsp;</p>