Welbeck Publishing Group has announced net sales were up for 2018 by 29% at Mortimer Books, the company it acquired when it took on Carlton this year.
Set up by Marcus Leaver and Mark Smith, Welbeck bought Jonathan Goodman Publishing, which traded as Carlton Publishing Group, earlier this year to kick off their new venture. They later changed the company’s name to Mortimer Books to reflect its new address at Mortimer Street in London.
Accounts for the year ending 31st December 2018 showed total net sales at Mortimer increased to £15.6m from £12.1m in 2017. Operating profit shot up to £1.4m from £0.1m in the same period while gross profit stood at £6.2m compared to £4.8m in 2017.
Welbeck said the results were driven by a particularly strong performance in the US, while the company also saw growth in children’s publishing, licensing and event publishing.
Official publishing for the FIFA tied into the successful World Cup, RAF 100 marking the Royal Air Force’s centenary and an official companion to the Queen movie "Bohemian Rhapsody" were singled out as highlights.
Welbeck also said management changes and better juggling of overheads helped deliver improved performance.
Leaver said: “Off the back of a challenging 2017, these 2018 results were a pleasing return to form for the business. Dean Chance, recently promoted to Welbeck’s group commercial director, and his team are to be applauded for their resilience, focus and hard work. They have provided a healthy platform from which we can grow the Welbeck Publishing Group. Great books being made by great people and being sold globally.”