HarperCollins releases 2017 full-year results
In the US, HarperCollins has reported a decline in revenue of US$10m ($A12.7m) in the fiscal year ending 30 June, a drop of 0.6% compared to fiscal 2016, reports Publishers Weekly.
Despite the decline in revenue from US$1.65b (A$2.09b) in 2016 to US$1.64b (A$2.08b) in 2017, the publisher saw a 7.5% rise in EBITDA (earnings before interest, taxes, depreciation, and amortization), increasing to US$199m (A$252m) from US$185m (A$234m) in 2016.
The revenue decline was attributed to several factors, including a shorter fiscal 2017 due to the extra week in 2016 and the negative impact of currency exchange. 2016 sales were also significantly boosted by sales of Go Set a Watchman, which the publisher was able to largely make up for in fiscal 2017 with strong frontlist and backlist sales, led by Hillbilly Elegy (J D Vance), The Magnolia Story (Chip and Joanna Gaines), and both Jesus Calling and Jesus Always by Sarah Young.
HarperCollins US CEO Brian Murray reported double-digit gains for digital audio. The increase helped offset ebook declines, and total digital revenue was flat, accounting for 19% of consumer sales. Murray said the publisher will be producing digital audio formats for all of its titles to meet demand.
Murray said the publisher’s priorities for 2018 is to grow physical distribution by continuing to support independent booksellers, and trying to open accounts with other retail chains.
Category: International news