Turnover for travel publisher Lonely Planet fell by 5% in 2018, while profit before tax increased by 111% on the previous year in a "solid" performance for the company.
According to the latest financial results for the year ended 31st December 2018, turnover decreased from £13m in 2017 to £12.4m in 2018, partly due to selling some new titles at lower price points.
The report, filed at Companies House, said: "The Company's performance in the UK market was solid in the face of a declining market as well as some of our new titles being at lower price points, which effected turnover. There was a 5% decrease in turnover in the 2018 financial year, however due to controlled spending operating profit increased by 46% and profit before tax increased by 111%."
Profit before tax surged to £1m from £499k the year before and operating profit increased 46% to £1m compared to £697k the year before. Profit increased to £848k compared to £187k in 2017.
The report highlighted "inconsistent trading conditions" and Brexit as "key risks" for the company. "The UK market as a whole remains challenging with inconsistent trading conditions caused by a range of reasons," said the report. "We continue to work with all our distributors and retailers to ensure that suitable levels of supply and terms support their business and out customers in their markets...One of the bigger risks identified at the current time is the uncertainty that has arisen from the UK's decision to leave the EU. Trading with customers will not be affected however what impact Brexit will have on dealings with European suppliers is yet to be quantified given the UK have been unable to define an exit plan with acceptable conditions and arrangements."
Earlier this year Lonely Planet appointed Luis Cabrera as president and c.e.o. and revealed a new strategy which will “reinvigorate” its digital properties and launch ventures such as festivals, tours and a membership programme. Cabrera's appointment came nine months after the departure of Lonely Planet's previous c.e.o. Daniel Houghton.