Lonely Planet turnover down, profit up in 2018
In the UK, Lonely Planet recorded a five percent drop in turnover and a 111% increase in profit before tax for the 2018 calendar year, reports the Bookseller.
The publisher’s financial report showed turnover decreased from £13 million (A$23.3m) in 2017 to £12.4 million (A$22.2m) in 2018, in part due to selling some titles at lower price points, while ‘controlled spending’ helped boost its profit.
Profit before tax increased to £1 million (A$1.8m), up from £499,000 (A$894,000) in 2017, while operating profit increased 46% to £1 million, compared to £697,000 (A$1.2m) the year before.
‘The UK market as a whole remains challenging with inconsistent trading conditions caused by a range of reasons,’ the report said, naming Brexit as one of the biggest risks for the company. ‘Trading with customers will not be affected however what impact Brexit will have on dealings with European suppliers is yet to be quantified given the UK have been unable to define an exit plan with acceptable conditions and arrangements.’
Category: International news