Turnover for publisher Phaidon Press grew by 3% in the year ending 30th June 2018 due to a “strong performance” of new titles with the business cutting losses by 60%, according to the latest accounts filed at Companies House.
Overall turnover was up 3% to £26.5m, from £25.7m the year before. Operating loss for the company was down 68% to £0.9m from £2.8m in 2017. Overall loss was down 60% to £1.9m, from £4.7m in 2017.
Phaidon said the fall in operating loss was due to an “improvement in operating performance and with the benefit of favourable exchange rate movements”.
According to the report: “Growth was achieved through the strong performance of the new titles published in the year and the continue growth in the backlist portfolio. The growth in revenues was achieved whilst maintaining a consistent gross profit margin of 46%.”
The filing said during 2018/19 Phaidon “will continue to publish its high quality books under its own imprint in English and other languages.”
Going forward, the business plans to build long-term relationships with authors and the company intends to “continue driving future revenue growth with a strong focus on costs and efficiencies within the business.”