'Strong sales' for Thames & Hudson in 2016

Illustrated publisher Thames & Hudson saw a 7.4% revenue increase in the 12 months ending 31st December 2016, although post-tax profits were down by almost 30% in the same time.

According to results newly filed at Companies House, turnover for the publisher was £28.7m in 2016, up 7.8% from £26.7m the year before. While gross profit rose 10.3% to £18m, post-tax profits fell 28.6% to £1.9m from £2.6m in 2015. That year, post-tax profit saw a massive rise of 1,631% on the previous year, due in part to the huge success of colouring books in 2015.

Chief executive Rolf Grisebach was cautiously optimistic about the results, saying that the flat revenue was pleasing due to the distorting effect of the colouring book boom in 2015.

"We were quite pleased with the 2016 results", Grisebach told The Bookseller. "The reason we are pleased with flat revenue is that it was the year after we did colouring books with Laurence King. 2015 was distorted by this effect and we have had to make up for it. We have had two years of strong sales and hope to continue this."

Meanwhile, he said the profit decline the company suffered is the result of "special effects" such as pension liabilities which are unconnected to the company's trading.

Grisebach said that David Hockney exhibitions such as Tate’s [which become the fastest-selling exhibition in the gallery's history] had a positive impact on the books.The company has also seen growth in its children’s department. He said: “We’ve worked on children’s books for a while but we are starting to get more of a presence in Waterstones and have more of a relationship with them. That is why reason why our children’s publishing is growing."

Thames & Hudson is also expanding with more generalist titles which introduce readers to certain subjects. “We are expanding our introductory guides, we are cementing this segment. We are considering out different types of reader", said Grisebach.

Grisebach said he is seeing “more positive signs” in 2017 from a number of areas including Brazil, Greece, Russia, Italy and Hong Kong. “We will be putting more emphasis on the Russian market and we are seeing growth in Australia.”

Grisebach also said that they will be focusing on their partnerships with the British Museum and the V&A and expanding the list with these two museums considering “more ambitious titles in terms of scope, extent and depth”.

He revealed that the company had increased its staff over the last few years and said that it is an important to get the “right mix” of outside talent with insight from within the organisation.

Earlier this year, fellow illustrated publisher Laurence King Publishing brought its sales to a selection of national accounts in-house, marking its departure from  Thames and Hudson, which has sold LKP’s list internationally (outside the Americas) since LKP was founded in 1991. Of the results, Grisebach said: "There are markets where we are still representing Laurence King so the effects [of this change] are still to be seen."