EUP reports ‘robust’ sales, driven by further increases in e-book and journal sales

Edinburgh University Press (EUP) has reported “robust” sales in the year to end of July 2022, growing 7% to £4.3m, driven by further increases in e-book and journal sales and a “perhaps unexpected resilience” in print revenues. 

Profits were down 14.6% to £270,000 from £316,000 in 2021. The press budgeted a drop in profit because it anticipated doing more by way of travel and conference attendance than the previous year. In 2020 the press made a loss of £127,000.  

The press said “it was encouraging to see a return to more stable sales patterns and a very strong end to the financial year” after “the turbulence of the pandemic”. Revenue consisted of 79% books and 21% journals, both of which increased year on year.  

EUP said e-book sales grew “significantly” in 2022 but at a slower rate than the previous year (24% growth in FY22 compared with a 49% growth in FY21). “Thankfully, print book sales revenue did not decline but instead remained stable, as has been the pattern over the past three years, with the number of books published per year staying more or less equal as well,” it added. 

At the end of the financial year, books consisted of 58% print and 42% e-books. The press forecasts it to be 50:50 in a few years’ time. Print books revenue came in at just under £2m, and remains the press’ largest source of revenue.  

North America was the largest region for sales revenue (42%) and saw significant growth last year “primarily due to a substantial reduction in print book returns that we saw the prior year in the pandemic, along with a favourable exchange rate”.  

EUP’s e-books and journals were “particularly strong in the US and Canada”, whereas print book revenue was highest in the UK. The UK was the press’ second largest market overall (27%), but this market saw a decline in print and e-book sales “primarily due to budget restraints” and an increase in journals revenue “following increased institutional sales activity and adding new content”.  

Germany and Benelux (Belgium, the Netherlands and Luxembourg) saw a “notable decline” in print books largely due to budget cuts and a transition to e-books. China and Japan saw overall growth, due to a rebound of print and journals, driven by the opening up of universities and in-person selling opportunities.  

Nicola Ramsey, chief executive, said: "Our Annual Report provides an excellent opportunity to reflect on the last year, serving as a reminder of what we’ve achieved at EUP over that period. Not only our financial performance – of which I’m very proud, and which is fundamental to enabling us to fulfil our mission as a University Press – but also the investment of the entire EUP team in the creation of our Strategic Plan for the next five years. This will take us towards our vision of connecting people and ideas, to inspire creative thinking, open new perspectives and shape the world we live in. Having laid the groundwork, I’m excited for what lies ahead."

In 2023 EUP will publish a record 270 new books and 56 journals.