Edinburgh University Press has reported a 2% rise in sales for the year to end 31st July 2020 and announced that c.e.o. Timothy Wright will retire next year.
EUP said sales increased to £3.7m with e-book sales growing by 17% and journal revenues by 9%, although print sales were hit by the pandemic.
Overall, the business made an operational loss of £22,000, which the publisher said was better than its coronavirus forecast, with cash reserves at similar levels to last year.
The press also said Wright, who has spent 40 years in publishing with 24 of them at EUP, intends to retire in July 2021.
Wright said: “I am very pleased that we have ended the year in a much better place than we might have envisaged back in March. I have had a wonderful career at the press, and in the publishing industry more generally, but 2021 is the right time to hand over the reins although I hope to stay involved in academic publishing in a part-time capacity.
"However my immediate priority is to remain focused on working with my excellent board, management team & colleagues at the Press to navigate the numerous impacts of Covid-19 and ensure that EUP remains a strong partner for academics, libraries and the wider scholarly community.”
Inspired Selection has been appointed to lead the recruitment process for a new c.e.o., with the team working through the autumn.
Chair of the EUP board, Margaret Hewinson, said: “I knew upon my appointment in 2019 that Timothy intended to retire and am grateful that he is staying until the end of this financial year and well into 2021. All the more so because of the exceptional way he has led and continues to lead the press during the pandemic. We will have an opportunity nearer his departure date to thank him for all he has done to build the press's reputation and financial strength during his time.”