The Folio Society sees pre-tax profit up 137% for 2023-4

The Folio Society has seen pre-tax profit increase by 137%, reaching £1.9m over the last financial year with highly popular new editions resonating with the 20-something demographic and a new edition of The Hobbit selling out in 14 minutes.

The independent publisher renowned for vividly crafted books has shared its results over the 2023-24 financial year in a statement with The Bookseller, showing very strong growth. Turnover is up 16% to £16.3m, new customers up 22%, pre-tax profit up 137%, reaching £1.9m for the 2023-24 financial year, and turnover at £16.3m, the company said.

The employee-owned company, which is based in London Bridge, reported a 15% rise in its total customer base this year, reaching 76,000, and a 22% increase in new customers, now totalling 45,000. More of The Folio Society’s customers are now under 25 than over 60, with the 25-34 age group being the biggest buyers.

Continuing its expansion in the USA, the US market now accounts for apparently over 50% of the company’s overall turnover, underscoring the brand’s international appeal.

The Folio Society said: “Strategic product releases have played a key role in the company’s continued success in the 2023-24 financial year. These included: JRR Tolkien’s The Hobbit (1,000 copies at £600), which sold out in just 14 minutes last month; the limited edition of The Book Thief by Markus Zusak, which sold out in 22; Madeline Miller’s The Song of Achilles, which became a viral sensation on TikTok, with over 2 million views, requiring a reprint; and a 40th anniversary edition William Gibson’s Neuromancer, which appealed to science fiction fans.”

Joanna Reynolds, Folio’s chief executive for the last nine years, said: “Folio continues to drive forward in every area. The books have broken new ground with The Song of Achilles selling out its first edition in weeks and on launch over two million people interacted with the title.

“We have a very talented and energetic team at Folio and work with brilliant partners to produce our fantastic and beautiful books, selling via our website with social media and email and delivering across the globe. Folio will continue to change and evolve, publishing an ever wider range of books, reaching new audiences and ensuring all parts of the business work to the highest standards.”

Reynolds told The Bookseller: "It was an amazing result in light of all the global challenges - the supply chain, the wars, the climate crisis. And the most exciting thing - apart from the books, The Song of Achilles is such a star - is the new customers that we are reaching."

In line with its Employee Ownership Trust model, 10% of pre-tax profit is shared by staff, with The Folio Society continuing to donate 1% of its net profit to charity. Over the Black Friday weekend, it contributed more than £7,500 to The Book Trust, donating £1 for every book sold.