Osprey cut losses in 2012

Osprey cut losses in 2012

Osprey Publishing slashed losses and grew turnover in 2012.

The publisher, which has filed accounts for the year ended 31st December 2012, saw revenue grow from £7m to £10.6m, an uplift of 50%. Part of the growth came from an organic expansion of the business, while a large portion came through the acquisition of Duncan Baird Publishers in the middle of the year.

The company's loss for the year, after taxation, stood at £76,665, falling 86% from the loss of £559,024 in 2011.

Robin Black, chairman of Osprey, said in his statement that he was pleased with the company's revenue. He said: "Against a backdrop of the general economic slowdown, and significant change within the publishing industry, this was a highly encouraging result."

He added: "This has been an important year for Osprey and the group now operates four publishing divisions. The results for the year reflect a satisfactory trading result, the injection of further share capital, a significant acquisition and the repayment of all bank debt."

Osprey now has several divisions, including its original military history list, Shire Books which focusses on non-fiction heritage, Angry Robot which publishes sci-fi and fantasy, and Watkins which publishes self-help, mind, body and spirit and food titles.

Back said that upcoming changes would see all of the group's books distributed by Random House, while the company would "continue to invest in the the transition to digital".

He added that further expansion could be possible: "Through our stronger financial backing and successful expansion, the group has become one of the mid-size UK publishers. We continue to build on our reputation and strength as the destination of choice for enthusiasts in those areas where we publish, with a shared commitment to these communities of interest. The Board is continuing to evaluate opportunities for growth, either organically or by acquisition."