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New Holland has nearly doubled its year-on-year operating losses, from around £720,000 to nearly £1.4m for the year-ending 31st March, as turnover dropped roughly 10%.
The company is also anticipating revenues to stall "for the foreseeable future", with the directors outlining a "refocusing of the business" in the face of continued economic pressure.
Turnover at the non-fiction publisher dropped to less than £5.5m, compared with £6.1m the previous year. New Holland had made a gross profit of almost £1.9m, however it was hit with administrative expenses exceeding £3.2m. The last time the company made a "small" profit was for the year ending March 2007.
"The directors consider that the outlook presents significant challenges in terms of the level of demand for the company's products, the exchange rate between sterling, the euro and the US dollar and the subsequent impact on overseas sales," the accounts said.
"We do not anticipate a significant growth in revenue for the foreseeable future and will meet the business challenges through better utilisation of existing resources. We believe that this refocusing of the business will enable us to be better placed to respond to changing market conditions."
The publisher made seven roles redundant in March this year, in a move to reduce fixed costs and ensure the publisher "lives within [its] means". The cuts were across its UK trade sales, publicity, editorial and finance departments, and accounted for almost 20% of the full staff of 37.
Steve Connolly, managing director, told The Bookseller: "The last two years were very tough and characterised by the ongoing decline of high street sales and US co-edition sales. We expanded our publishing programme and some of these new ventures didn't work, while our core specialities remained stable.
"This year's publishing programme is probably 20% smaller than last year, but we are already experiencing better levels of sell-in than forecast with the frontlist, while backlist sales have remained steady."
Connolly blamed the rise in expenses largely on foreign exchange losses "on the intercompany loans with South Africa", describing the current year as "encouraging", and signalled that there would be no more redundancies. "We feel that the core staff base we have is what we need to carry us through this process of consolidation," he explained.