The Bonnier Group has delivered a 35% increase in operating profit in its latest accounts.
The Group, which includes Bonnier Books, said all of its companies bar one improved their profit. For Group as a whole, sales were SEK 28.74billion, (£2.3bn) up from SEK 26.92bn (£2.2m) last year, with an operating profit was SEK 1.54 bn (£127m).
Bonnier Books increased its revenue to SEK 5.8 billion (£470m) in 2019 from SEK 5.5bn (£450m) in 2018.
"The British publishing operation reports increased sales and a positive result, following changes that were initiated in 2018," said the Group, with Bonnier Books in Germany recording its best results in 10 years. Further details of the UK division were not broken out.
Bonnier Group’s c.e.o. Erik Haegerstrand said: “Several important steps forward have been taken during the past year in our efforts to develop a Bonnier with stronger and operationally more independent companies. Bonnier increases its profit for the first time in many years, as operating profit is improved and central costs are reduced. Revenue growth and operating cash flow from the remaining businesses improved. To move from a financial position with a large net debt to managing a net cash position creates good financial conditions for the future. We are happy about what we have achieved during the past year and we still have many important activities ahead of us.”