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Penguin picks up thanks to Jamie's recipes
THE well-thumbed pages of Penguin books have lined millions of bookshelves for 70 years. Greg Wright Deputy Business Editor
Giants of 20th century literature such as DH Lawrence, Agatha Christie, Ernest Hemingway and PG Wodehouse first captured the popular imagination under a brand that carried its cultural clout lightly.
Most of its early readers and authors have departed to the great book depository in the sky, but Penguin's fortunes are being revived by a writer whose 'Pukka' banter would have perplexed the likes of Virginia Woolf.
The success of titles such as Jamie's Dinners, by celebrity chef Jamie Oliver, have helped stabilise Penguin's corporate performance.
Owners Pearson said Penguin was doing well on bestseller lists on both sides of the Atlantic. Penguin, which generates a large chunk of sales in the United States, was affected by the weak US dollar last year, as well as a softening in the US market as readers switched from books to newspapers ahead of the Presidential election.
It was also hit by teething problems at a new automated warehouse in Rugby – but Pearson said that the site was now operating well.
The update, which was issued ahead of Pearson's annual meeting, came as the group also announced further "significant" profit improvements at its Financial Times division, with the newspaper remaining on track to break even this year.
Pearson added that the Penguin business had a strong publishing schedule for the second half of the year and that an efficiency programme would cost around 5m this financial year but lead to savings next year.
The group said: "After a difficult 2004, Penguin is now trading in line with our expectations."
Pearson expected further progress from its FT division after the business returned to profit last year. Advertising revenues at the Financial Times newspaper were 3 per cent higher in the year to date, with recruitment, luxury goods and online advertising showing strong growth.
"If advertising revenues continue to grow at this rate, we expect the Financial Times to be around break even this year and to improve profits further in 2006," it added.
Its education arm was set for a good year, with the schools business benefiting from a sharp rebound in the US textbook market, while its higher education titles were outperforming the wider market.
greg.wright@ypn.co.uk
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