Continuum 'quite pleased' despite increased losses

<p>Continuum has said it is &quot;quite pleased&quot; with its annual results to end-June 2009, despite making a bigger loss than the previous year. The company recorded a group loss of &pound;2.8m, an increase on the &pound;2.14m loss for the 12 months to end-June 2008. Turnover also fell, from &pound;11.42m to &pound;10.47m. </p><p>But chairman Patrick Austen said in a statement the &quot;fundamentals&quot; of the business had improved, leaving it in better shape than before. Sales were &quot;particularly strong&quot; in the UK publishing market with an 11% improvement year-on-year, he said. The US was a different picture, with both retailers reducing inventories and university libraries under &quot;unfamiliar&quot; budgetary pressure. However, the strength of the US dollar left sales &quot;level with the prior year&quot;. </p><p>Chief executive Oliver Gadsby explained that the main reason for the drop in turnover was Contiuum&#39;s sale of Orca Book Services in October 2008. He added: &quot;Generally we&#39;re feeling quite pleased that we have shown organic growth in a tricky year... We&#39;ve been working consistently over the last couple of years on e-publishing, print on demand...[and] that is playing its part.</p><p>&quot;It&#39;s going well for us - there&#39;s a nice balance of strength with the US, UK and rest of the world sales - core academic sales are motoring along nicely and our e-publishing is becoming a valuable part of our business.&quot;<br /><br />In the last year, the company has relaunched its website, has made 1,500 e-books available and has increased its use of print on demand methods, with sales through this production route up 77% on the previous year. </p>