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Simon & Schuster had been on course for a record year in 2008 but this was scuppered by the collapse of Entertainment UK, according to its managing director. Ian Chapman said UK sales grew 2% in 2008 with profits and margins staying flat because of the collapse of the wholesaler.
Chapman was speaking after the S&S parent company, CBS, published the group’s financial results for 2008 this morning. Chapman said the UK business had "very aggressive" targets for 2009. He said the publisher's plans for the year ahead were to be "disciplined" about costs. He added: "If you don't need to spend the money then don't spend it."
However, Chapman was optimistic. He said: "We continue to punch above our weight. We are controlling our costs and I feel quietly confident. It will be a challenge this year but we have had an excellent two months so far."
He singled out the children's wing for praise, saying turnover grew by 21% off the back of sales of The Spiderwick Chronicles, Sophie McKenzie's Blood Ties and Waterstone's Children's Prize winner Michelle Harrison. He said: "It had a very very strong performance."
Chapman said that following its record year in 2007, the publisher was on course to beating that until Entertainment UK went into administration in November. He said that it was the publisher's adult business and its paperback wing, Pocket Books, that were hit by EUK's collapse.
However, Chapman said he was pleased with the performance of titles by the likes of Lynda La Plante, Jackie Collins and Christopher Ciccone's memoir, Life with my Sister Madonna. He said that the performance of Richard Madeley's memoir, Fathers and Sons, was "disappointing but it generated a lot of revenue". He said both of the publisher's debut launches in 2008, Tom Rob Smith's Child 44 and Jane Costello's Bridesmaids, were "fantastic".
The publisher would continue its growth plans but would look "carefully" at recruitment of new staff. Lists would continue to be kept tight. "We are trying to keep our lists small and have been for some time. We are trying to buy less books and bring them to market in a focused way that will take advantage of commercial opportunities." Although he warned that the "more serious" areas of non-fiction were "challenging".
Digital investment would continue and the publisher is seeking to employ a digital and audio manager after the departure of online communications and marketing director Caroline Turner last month. Simon & Schuster will also relaunch its website this summer.
However, Chapman was confident about the year ahead, pointing to new titles to come from the likes of Tom Rob Smith, Philippa Gregory's debut for the publisher, Adriana Trigiani, Jackie Collins and Serena Williams. He said: "We have a lot of titles to play with."