Bonnier Books UK reports £1.1m profit for 2019

Bonnier Books UK has returned to profitability, reporting £1.1m in profits for 2019, following "a period of transformation, consolidation and continued growth".

The results for the UK business were broken out after its parent, The Bonnier Group, reported delivering a 35% increase in operating profit in its latest accounts last week. The results follow a strategic decision announced in 2018 to align the business more closely with its Swedish parent group, Bonnier Books, increasing its focus on traditional publishing, including fiction and narrative non-fiction.

For the financial year to 31st December 2019, Bonnier Books UK returned a profit of £1.1m on net sales of £85.7m. Revenues in 2019 were up by 12% on the previous year to £85.7m and Earnings Before Interest and Tax ("EBIT") improved by £4.7m on 2018.

Jonathan Perdoni, chief finance officer and chief operating officer of Bonnier Books UK, said: "2019 saw a continued improvement in the financial health of the business. Bonnier Books UK is now into profitability following a period of transformation, consolidation and continued growth. The result is testament to our staff’s hard work over the past two years and numerous achievements—both from the continued strength of our publishing and our ongoing efforts for operational improvement across the company. Recapitalisation during 2019 by our Swedish parent company has also further strengthened the company’s balance sheet, as we embark upon our growth plans in 2020."

Chief executive officer Perminder Mann said the UK business was now "primed for growth", with its publishing going "from strength to strength".

Notable highlights in 2019 included its publication of The Tattooist of Auschwitz by Heather Morris and Stacey Halls' debut The Familiars, respectively the biggest-selling novel of the year and the biggest-selling debut novel of the year. Bonnier Books UK also reported audiobook sales grew by a quarter, led by its biggest-selling audiobook yet, The Beekeeper of Aleppo, selling more than 50,000 units in 2019. It also launched a new sustainability programme driven by the UN global goals for sustainable development, which included a new internship scheme in partnership with Creative Access and school workshops in collaboration with The National Literacy Trust.

Mann said: "I’m so proud of how far we have come over the past two years and thankful for the hard work of our brilliant senior leadership team and colleagues; the talent of our wonderful authors, illustrators and brand partners; and the ongoing support of our wider publishing community. Our publishing is going from strength to strength and launching our new literary imprint, Manilla Press, earlier this year was a real highlight. With the right team in place and a fantastic list coming together for 2020 and beyond, the business is now prime for growth. I can’t wait to see what our future holds."