Cambridge University Press has released its annual report for fiscal 2013, reporting its 11th straight year of sales growth, and a modest profit, or "operating surplus." For fiscal 2013 (ended April 30) Cambridge reported sales of £261.7 million ($426.8 million), a 7% jump from 2012 sales, and a 2013 operating surplus of £8.2 million ($13.1 million).
The report noted digital development as “a top priority” for the press, and a key driver of growth, citing “significant upgrades” to Cambridge Books Online, Cambridge Journals Online and Touchstone Blended Learning digital platforms, as well as a “variety of new apps and online courses,” including The Phrasal Verbs Machine app, designed "to help non-native English speakers use phrasal verbs to sound more natural," which was downloaded more than 400,000 times.
“The past year has seen many changes to keep the Press competitive in a fast-changing world.,” said chief executive Peter Phillips in a statement.
The report also cited advances in “operational” practices at Cambridge, including e-book book distribution and digital printing but also changes in systems. In 2013, Cambridge saw the final closure of its U.K. printing operation and the outsourcing of U.S. distribution. A new “operating board” now oversees the press’s day-to-day operations, including the rollout of “a major program to improve finance and fulfillment systems.”
