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Anova Books has said it is "quite content" with its underlying performance after results released today (21st July) showed that its profit dropped more than 80% in the year to end-February 2009. Sales grew 2% during a period when the company faced what chief executive Polly Powell described as "extraordinary challenges".
Anova Books operating profit dropped to £110,692, compared to £825,591 in the previous year, with sales up marginally to £12.8m. This followed the previous year when profit climbed by more than 340% to £825,591, despite a fall in turnover of 11% to £12.6m. EBITDA (earnings before interest, tax, depreciation and amortisation) were £244,111 for the year, compared with £497,330 in the previous year.
Polly Powell, who took over as chief executive in November last year, said: "We're really quite content with these figures given the extraordinary challenges we have faced over the last year. Despite the collapse of Entertainment UK, which had an impact on UK sales in the run up to Xmas 2008, and the softness of the American market, this represents a 2% increase in revenue."
She added: "Obviously, we might have preferred a higher profit figure, but last year we had to absorb some currency exchange losses. Given that in the previous year we had made modest currency exchange gains, the underlying business has performed remarkably similarly to the previous year. Our strategy has always been to invest in the business, producing good books that stock and replenish our IP library and imprints."
Powell said that this year's Autumn line up was its "best yet". She added: "Our National Trust imprint continues to grow from strength to strength and is benefitting from the 23% increase in visitor visits to NT sites. Like virtually everyone in London, we toyed with the idea of doing a big Michael Jackson book, but in the end decided that we didn't need it. Instead, we have decided to buy in a very modest quantity of a Michael Jackson title in our successful Life In Pictures series with a £25 beautiful book."