S&S UK before-tax profit doubles in 2017
In the UK, Simon & Schuster (S&S) made a before-tax profit of £5.9 million (A$10.9m) in 2017, up 56% from 2016, reports the Bookseller.
Turnover was up from £42.1 million (A$77.9m) in 2016 to £44.8 million (A$82.8m) in 2017, propelled by strong sales of the company’s US distributed product and by bestselling American titles such as Hilary Clinton’s political memoir What Happened and Instagram poet Rupi Kaur’s poetry collections Milk and Honey and The Sun and Her Flowers. The company also reported a reduction in the level of returns as a result of ‘strategically selling through more profitable channels’ according to S&S UK CEO Ian Chapman.
Chapman said: ‘The results are brilliant and we are building on this for this year.’
In the first nine months of 2018, S&S UK has generated £15.7 million (A$29m) in sales, slightly down from the £15.9 million (A$29.4m) it reported the same time last year. However, according to the Bookseller, these figures don’t include the sales of the company’s first UK number one in two years, Bob Woodward’s book on the Trump presidency Fear: Trump in the White House.
Category: International news