Profits up 4,150% at Quercus, as Larsson drives sales up 75%
26.05.10 | Catherine Neilan in The Bookseller
Stieg Larsson's UK publisher Quercus has reported strong results for the 2009 calendar year, with turnover up 75%, profits up 4,150% and a positive cash flow for the first time in the company's history.
According to a statement released to the markets this morning (26th May), the publisher saw revenue grow from £10.9m in 2008 to £19.1m last year, with consolidated operating profit up from £28,000 to £1.19m. The publisher said this was carried out with "a comparable cost base" and headcount to 2008. Cost of sales were all reduced in percentage terms. Cash flow was £420,000 for 2009, compared with a net outflow of £1.54m the year before.
The results also highlighted that Quercus was the fastest-growing trade publisher of last year - a point revealed by The Bookseller this January - climbing from 42th largest to 18th largest overall.
In his review, chief executive Mark Smith said much of the publisher's success had come from the Larsson trilogy, the first volume of which last week passed the seven-figure sales mark. The company is still expecting to benefit from this, as it holds rights to the US, Canada, Australia, New Zealand and South Africa. Quercus also has e-book and audio rights to the three books.
Full report at The Bookseller.
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