Phaidon bounces back to profit with 8% increase in turnover

Phaidon Press recorded a turnover of £27.8m in the year ending 30th June 2021, up 8% from the previous year’s £25.7m, according to accounts filed at Companies House.

Operating profit came in at £0.5m, improving significantly on the previous year which saw losses of £1.3m for the company. Profit before tax also increased to £0.3m from a £2.1m loss in 2020. 

The gross profit margin increased from 43% to 48%, attributed to "a relative reduction in the cost of inventory sold in the year".

Phaidon’s results mark a significant change in the press’ fortunes from 2020, when the company’s revenue was hit hard by the pandemic and a spate of national lockdowns. 

Distribution costs for the company were up 21% to £4.2m in the financial year, the report showed.

The company reported it has "no material customers in either Ukraine or Russia, and does not believe the conflict will have an impact on the company’s future revenues". However, the "significant increase" in inflation in many western economies and the hike in the cost of oil is projected to increase the costs of the company’s production and distribution.