Record-breaking 2020 results for Canongate
10 September 2021
Canongate Books has reported that 2020 was a record-breaking
Group consolidated turnover for Canongate Books in 2020 was
£13.86M, a 16% increase on its 2019 results, and the pre-tax profit
grew to £2.58M. During 2020, the group paid its authors and their
agents £3.4M, representing 24.5% of the company's turnover.
Canongate's individual turnover grew by 26%
from £9.4M to £11.8M with pre-tax profit increasing from £342k to
£2.18M. Frontlist turnover saw a 10% increase on 2019, and it was
another outstanding year for backlist sales which reached £4.1M, an
11% increase on 2019. The ebook and audio divisions also delivered
impressive numbers with a combined year end of £2.4M, a growth of
62% on 2019.
Canongate appeared on a record-breaking six Nibbies shortlist
categories and went on to win Independent Publisher of the Year and
Rights Professional of the Year (awarded to Caroline Clarke).
Severn House's turnover in 2020 reduced by
11.5% to £2.3M, a shortfall that is primarily due to the decision
to postpone a third of the frontlist publishing into 2021. However,
pre-tax profit grew by 3% to £545k.
CEO & Publisher, Jamie Byng said:
"2020 was a year full of uncertainties and unprecedented
challenges for everyone and for every business. However, the
publishing sector was fortunate in being relatively unscathed
compared to others, and the pandemic and the various lockdowns made
books play a more important role in people's lives than ever.
This has been one of the few silver linings in what has been an
unquestionably tough year.
Consequently, we saw a sizeable uplift in sales and across every
part of the Canongate business in 2020 and we ended up having a
record-breaking year, both in terms of turnover and
profitability. The resilience of our business is matched by
the resilience of our skilled and dedicated team and all the superb
authors we publish, without whom none of the above would have been
possible. And it was gratifying that this overall performance
was recognized by Canongate being crowned Independent Publisher of
the Year for the third time.
This outstanding performance has continued into 2021 and has
helped us to the strongest first half year in the company's
history. And with an exceptional Autumn publishing programme
in place, and the ongoing success of the Severn House imprint, I am
confident that we can follow 2020 with another stellar set of
Canongate press release 10 September