Top US/UK Trade Talk: Penguin’s Profit Slides; BISG Seeks Exec. Dir.

In Global Trade Talk, News by Edward Nawotka

By Edward Nawotka

The biggest news of the day by far has been Penguin’s earnings report: The strengthening of the dollar against the pound turned a ” 6% sales decline in the first six months of 2009 into an 11% increase,” wrote Jim Milliot in PW. The UK’s Bookseller explained that “Penguin Group’s results for the first half of 2009 show sales up 11% on a headline basis to £452m, with operating profit down 19% to £21m. But on an underlying basis sales were down 6%, with operating profit down 23%.” However you parse it, it’s a bit sobering.

Penguin chairman John Makinson said that books have sold better than anticipated, though it’s still “challenging.” Dorling Kindersley and Rough Guides were the poorest performing of the company’s imprints.

PW also notes the Book Industry Study Group is looking fore a new Executive Director to be based in New York City: Send nominations and applications to G. Angela Henry at BISGEDSearch2009@gmail.com.

Lastly, also in PW, Richard Nash recounts his career at Soft Skull Press and outlines his vision of the future, much as he did here a couple of weeks ago. His new venture has changed names, from The Round Table to Cursor.

About the Author

Edward Nawotka

A widely published critic and essayist, Edward Nawotka serves as a speaker, educator and consultant for institutions and businesses involved in the global publishing and content industries. He was also editor-in-chief of Publishing Perspectives since the launch of the publication in 2009 until January 2016.