Quercus, the publisher that brought the world the sensational Girl With the Dragon Tattoo trilogy, announced today that in 2011 it saw strong e-book revenue growth of 158% versus 2010. E-book revenue now accounts for 11% of the total at London-based Quercus.
Quercus Publishing Plc Results for the year ended 31 December 2011
Quercus Publishing Plc (“Quercus” or the “Company”) the PLUS Quoted publishing company (symbol: QUPP on PLUS), today announces its audited results for the year ended 31 December 2011.
Commenting on the results David Potter, Chairman of Quercus said:
“In 2011 we benefited from our efforts to broaden the revenue stream and invest the Larsson legacy wisely. We have developed our digital strategy and recruited new talent. By increasing the size and scope of our business I believe we are well positioned for the future, and this confidence is underlined by our 5% dividend increase.”
Mark Smith, Chief Executive of Quercus added:
“We made further good progress in 2011 towards Quercus becoming a well-diversified, multi-platform, entrepreneurial publishing business. We continue to invest more each year in securing books and authors to enhance the intellectual property portfolio of the business and to generate increasing revenues in the short, medium and long term.“
2011 Financial Highlights
The highlights for the twelve months ended 31 December 2011 include:
• The Group’s revenue was £24.8m (2010: £31.8m)
• Operating profit (PBIT) of £5.9m (2010: £7.6m)
• Operating profit margin of 23.8% (2010: 24.0%)
• The Group’s profit for the year after taxation was £4.4m (2010: £5.4m). This gives basic earnings per share of 22.31 pence (2010: 30.81 pence)
• The Group ended the year with net assets of £13.2m (2010: £9.9m) and cash balances of £4.3m (2010: £5.5m)
• The directors recommend payment of an ordinary dividend of 5.25p per share in respect of the year ended 31 December 2011 (2010: 5.0p ordinary, 7.0p special).
2011 Operating Highlights
• Quercus named Publisher of the Year 2011 (Bookseller publishing industry awards)
• Improved quality of earnings: trade sales from non–Millennium trilogy publications 74% ahead
• 179 new titles (2010: 128 new titles): intellectual property enriched with new authors
• Strong growth in digital: e-book revenues up 158% on 2010 (now 11 % of 2011 revenue)
• The Children’s list grew 49% in 2011: position in 9+ age group fiction strengthened
• Investment in infrastructure: new HQ premises and upgraded IT systems
• Key author awards in the year were Christie Watson (Costa first novel award), Jaimy Gordon (National Book Award).