Edinburgh University Press breaks £4m sales revenue mark for first time

Edinburgh University Press (EUP) book sales were up 6% on the previous year with sales revenue surpassing £4m for the first time, its latest financial results show.  

The annual report for the 12 months to 31st July 2021 showed how the press performed amid various lockdowns throughout the pandemic, with e-book and digital journal downloads rising in particuar. It ended the period with consolidated sales of £4.1m and a net profit of £316,000 post interest, up from a loss of £127,000 in 2020 and a profit of £87,000 in pre-pandemic 2019.

EUP published 256 new books and commissioned 344 titles alongside nine new series, signing authors from Australia to Israel, and Iran to Turkey, with 40% of new contracted authors based outside the UK and US. There was an 11% increase in the number of authors returning to EUP to publish their work, “reflecting the value placed in putting authors at the centre of all that they do”.  

The results meant the press broke a record for sales revenue. “We had multiple goals, hopes and expectations and so ending the year 6% up on the prior year, and breaking sales revenue of over £4m for the first time, was an incredibly satisfying result,” the report reads. 

Digital sales rose in particular. The report states: “The top line has been driven by the tremendous growth in e-book sales (49% more than the previous year), where we have achieved revenues of over £1m for the first time. This shift to digital-first purchasing among our library customers was in progress prior to the pandemic (e-book sales accounted for 22% of our book revenue in 2018, 24% in 2019, 28% in 2020 and 37% in 2021; we are forecasting 41% in 2022). The growth in e-book sales impacted our print book revenue, where we saw a decline of 6% against the previous year. Meanwhile journals sales remained more or less flat against the previous year.” 

Journals also performed strongly. EUP published 50 journals in the financial year, with revenues of £1m including rights. Two journals joined the fold in 2021: Burns Chronicle and Legalities. There were a total of 1,306 journal articles in the yerar – just under 17,000 pages of journal content – and a 26% increase in downloads against the year before. 

Nicola Ramsey, c.e.o. (pictured), said: “In what was undoubtedly a challenging year it is fantastic to see such a strong performance for Edinburgh University Press. In our previous business plan we had set the target of reaching the £4m milestone by the end of July 2022. To have hit that goal a year early, and during a pandemic, speaks to the high quality of publishing across our books and journals programmes, and to the hard work of all our staff in delivering this result.” 

Head of finance and operations Aga Wojda-Gacka said the results were better than anticipated: “[The] financial year for 2021 exceeded all our expectations in terms of the top and bottom line. We were bracing ourselves to see a drastic decline in sales and substantial losses but instead, we generated a healthy profit. Not without sacrifices though – the effort of the whole team was extraordinary. If this is what we can achieve in times of crisis and unprecedented change, then the future looks bright for EUP.’ 

Chair of the board of management Margaret Hewinson commented: “The commitment and creativity demonstrated by all staff has been exceptional and the international growth of the list as well as reaching the £4m milestone reflects that. This is a great foundation for the new leadership of the press as it plans for increased innovation and partnerships in its ambitions to serve the humanities and social sciences community at a new level.”