Resilient global book market, especially in illustrated books. Unrivalled footprint and size. Substantial IP with a back catalogue of 10,000 titles and an annual investment of $35m – in line with three-year amortization policy. Solid expertise and performance in foreign language rights.
Clear focus on enduring IP long-term. Market, channel and customer diversity. Not dependent on immediate best-sellers with more than 60% of sales p.a. from back catalogue. Co-edition model is lower risk with high revenue visibility.
Commitment to debt management and dividend growth, supported by strong cashflow. Debt reduced 23% since 2012.
Solidity and balance – both geographical and genre. Increasing exposure to Children’s books, one of the faster growing areas in publishing. Organic growth supplemented by acquisitive growth.
International publishing platform is both flexible and scalable. Clear acquisition strategy with magnitude of possible opportunities in the short to medium term. Systems and people in place; M&A capabilities and track record.
2016 Annual Report
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12 October 2017