HC UK reports three year high

HC UK reports three year high

HarperCollins UK and International recorded its highest turnover and best margin for three years in the 12 months ending in June 2011, the publisher has reported.

Turnover rose 4.7% to £254m, up from £243m in 2010. Turnover in the UK rose to £126.9m, up from £118m in 2010, though in the "challenging" Australia market it dipped from £49.8m in 2010 to £47m. Pre-tax profits, however, halved from £28m to £14m.

In a statement, the publisher said: "Operating profit has dropped in comparison to the year before but that is purely because of exceptional rights income in the prior year.  On a like for like basis, stripping out the exceptional rights income, operating profit has increased by 120%."

The publisher added that the result was "particularly significant in a tough economic climate and shows restructuring and publishing strategy of the past few years beginning to bear fruit.  In the UK, digital sales continue to expand, growing seven fold year on year, accounting around 10% of home trade revenue."