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Special No 10

Friday 22 January 2010

Vol cxl

pp. 1–80

Report of the Press Syndicate for the year ended 30 April 2009

The Press Syndicate beg leave to report to the Council as follows:

Executive Summary

Against a background of intense turmoil in the world’s main markets, the Press delivered a remarkable performance in the financial year ending 30 April 2009.

Sales grew by 14.3%, from £179.5 million to £205.1 million, for a seventh consecutive year of revenue growth.

The ELT business grew by 25%, a fine result from a focal point of our strategy.

Academic and Professional publishing held up well, despite fears of major cutbacks in institutional libraries, though there was evidence in some quarters of a shift from the printed to the electronic medium.

The Press’s currency diversification strategy paid off, as the US dollar rose 19.8% against Sterling, from a 12-month average of $2.00 to $1.67. Since 2003, the focus has been on developing business in US dollar-related economies, from which the majority of revenues now flow.

Underlying growth was 6.2%, representing income from existing businesses expressed in constant currency terms. The previous year’s growth rate was 9.5%. A two-year compound growth figure of 16.3% relates very favourably to the Press’s competitors, among whom one of the strongest continued to be Oxford University Press (with comparative figures of 4.8%, 5.4%, and 10.5%).

Net income resources from operations rose to £3.4 million, again representing a seventh consecutive year of growth.

However, not everything in the garden was rosy.

The Press’s pension fund portfolios saw fund deficits rising by £17.8 million by 30 April 2009, in the face of a stock market collapse. The Press finished the year with funds declining by a net £14.1 million, but nevertheless in a robust financial condition.

Cambridge Printing Services were significantly reduced in scale, with the consequent loss of a number of jobs.

There were three key developments in the Press’s activities during the year.

The transformation of the Press into a digital publisher for the 21st century continued apace, with a growing share of revenues now derived from digital media including 239 journals, online book series, and learning products from Cambridge-Hitachi. New acquisitions such as English 360 will further boost this business stream.

Several smaller Press businesses performed splendidly, notably Australia, Brazil, China, India, South Africa, and Spain. Shortly after year-end, the Indian business recorded three years as a Press subsidiary, during which time it more than doubled in size.

Finally, the Press received widespread recognition at home and abroad for the many and varied initiatives undertaken by its staff to support community projects. These activities serve to confirm the Press’s presence as committed members of those communities, and to raise the profile of both the Press itself and of its University as world leaders in education and scholarship.

G. Johnson

T. W. Körner

T. N. Harper

W. A. Brown

D. J. McKitterick

M. S. Lane

T. M. Cox

J. S. Morrill

D. W. Runciman

U. C. Goswami

R. G. Barker

A. M. Lonsdale

B. J. Heal

C. Y. Barlow

A. M. Reid

C. J. Humphreys

J. K. Chothia

S. J. Webster

D. J. Ibbetson