Annual Report for the year ending 30 April 2009
Cambridge University Press is the printing and publishing house of the University of Cambridge, whose right to print and sell ‘all manner of books’ was granted by Henry VIII in 1534. It is the oldest Press in the world and has printed and published continuously since 1584.
Report
- Annual Report for the year ending 2009 (PDF, 2.8MB)
- 2008 publications
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 stellar 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 our 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 incoming 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 our 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 has more than doubled in size.
- Finally, the Press has 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 our presence as committed members of those communities, and to raise the profile of the Press and our University as world leaders in education and scholarship.
Previous reports
- Annual Report for the year ending 30 April 2008 (PDF, 3.73MB)
- Annual Report for the year ending 30 April 2007 (PDF, 892KB)
- Annual Report - for the sixteen months up to 30 April 2006 (PDF, 1.2MB)
- Annual Report 2004 (PDF, 457KB)
- Annual Report 2003 (PDF, 352KB)