Phaidon made an operating loss of £1.3m in the year ending June 30th 2020, a 33% bigger loss than the previous year, due to the "adverse effects" of multiple national lockdowns, according to accounts filed at Companies House.
Overall turnover for the year came in at £25.7m, down nearly 5% from the previous year's £27m. Its operating loss increased to £1.3m from £1m the year before. The publisher said the results were "impacted by the adverse effects of national lockdowns during the coronavirus pandemic".
The report said the financial impact of the pandemic and retail closures on the group performance has been mitigated by "strong growth in our online channel and a reduction in operating costs".
In a statement on the accounts, the publisher said: "The coronavirus pandemic and the imposition of government lockdowns continues to have an impact on our key markets. At the date of signing these financial statements, it has been a year since the beginning of the pandemic, and the restrictions that governments imposed on retail outlets. The group has continued to trade throughout this period, with warehouses remaining open and supplying customers."
Last year, Phaidon bought The Monacelli Press, a publisher of illustrated books on architecture, art and design, for an undisclosed sum, and signed a deal with Macmillan Distribution (MDL) for its UK and international markets, moving to the firm from GBS.