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Annual Report of the Press Syndicate for the year 2002

The PRESS SYNDICATE beg leave to report to the Council as follows:

During the academical year 2001-02 the Syndicate met eighteen times, the main business of these meetings as usual being to consider all new proposals for publication, whether of individual books, series, journals, electronic products, or other items, and to have regular reviews of the Press's principal activities.

The Executive Summary from the Report follows. The full Report and Accounts will be posted on the Press website at http://www.cambridge.org/annual-report and will be distributed to all subscribers to the Reporter.

EXECUTIVE SUMMARY

Despite lower revenues in a recessionary climate, publishing trading performance saw improvements. Tight cost controls led to more satisfactory gross margins, but additional provisions were required, reflecting slow economic activity.
Cambridge Printing recorded a second year of surpluses, following re-focusing around four niche activities, including the excellent SecurePrint operation for UCLES exam papers.
The Cambridge University Press Bookshop in Trinity Street delivered yet another record year's trading.
Stocks and work in progress continued on their downward trend, liberating cash for investment in other income generating activities.
Break-even cash flows were generated from operations, despite heavy investment in future publications.
Two acquisitions, Roedurico Trust and Wizard Books Study Guides, will boost the Press's coverage of schools markets in South Africa and Australia respectively, from 2003.
The Press's vulnerability to the unpredictable costs of defined-benefit pension plans was exposed, resulting in a decision to close the two UK plans to new participants, but providing an opportunity to offer staff access to plans with a greater element of personal choice.
A further serious decline in the world's stock markets caused heavy paper losses in the investment portfolio.
Accompanied by a focus on staff training and development, new organizational structures were put in place, designed to enhance business performance.
The Press's authors achieved an impressive array of awards for their work.
Despite the adverse economic conditions, the Press continued to support the University, to the tune of £2.5 million in cash and kind.

MEETING WITH THE FINANCE COMMITTEE

During the course of the year, a sub-group of the Finance Committee of the Council held their annual meeting, chaired by the Vice-Chancellor, with the Chairman of the Press Syndicate and senior officers of the Press to consider the accounts of the Press. They expressed themselves satisfied with the underlying financial strength of the Press, with its plans for future developments, and with the corrective action being taken in the face of market difficulties and the global downturn in share prices.

G. JOHNSON (Chairman)D. F. FORDJ. S. MORRILL
D. M. BROOMG. P. HAWTHORNO. O'NEIL
W. A. BROWNA. B. HOLMESE. S. PAYKEL
S. A. COLLINIC. J. HUMPHREYSR. N. PERHAM
T. M. COXT. W. KöRNERM. STRATHERN
J. R. CRAWFORDD. J. MCKITTERICKJ. M. WOMACK
P. E. EASTERLING


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Cambridge University Reporter, 8 August 2003
Copyright © 2003 The Chancellor, Masters and Scholars of the University of Cambridge.