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Independent publisher Salt has seen the funds raised through its Just One Book campaign "wiped out" after a tough August and September.
The company published its results for the year to end-March 2009 this morning, showing a loss of £8,100. But publishing director Chris Hamilton-Emery, said it would be a "struggle" to get through the current financial year.
"We raised close to £30,000 from the Just One Book campaign, and all of that has been eroded in autumn sales - they were just awful," he said. "The impact of just two months has wiped out all the money raised from the Just One Book campaign."
Despite a better October, Hamilton-Emery said sales had still come in "under budget". He added: "The cash reserves are gradually depleting, so we are back to where we were before - and we have two months of Q3 and all of Q4 to get through. It's going to be very tough. The outlook for trade sales is still fantastically bad."
As a result, a contract has not been renewed for one member of staff. "We are not quite panicking, but are taking measure to reduce costs again," he said.
In the last financial year, the directors took "a very substantial pay cut", and book production was altered to find a cheaper route, after funding from Arts Council England was not continued. However, Hamilton-Emery said he wanted to avoid cutting the frontlist, because "I don't think that is the right response to the recession."
Salt's future is now largely pinned on its three key Christmas titles: Short Circuit: A Guide to the Art of the Short Story, Contourlines and Shop Girl Diaries.
"This is where the gamble comes in, because we are hoping the Christmas highlights will sell," said Hamilton-Emery. "If they work we are saved, and if they don’t we are in trouble."