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The History Press returns to profit

12.08.08 Catherine Neilan

Royalties owed to authors commissioned by The History Press since its inception in December have been paid in full, and the company has started making a profit, according to its chief executive Tony Morris. "We are turning our business around with remarkable speed," he said.

Morris said that NPI-commissioned authors were still in the process of being paid, and this would be completed by the end of the year. Morris said THP had acted "scrupulously" and was "committed" to paying back NPI's debts, despite there being no legal obligation to do so, after it fell into administration. "We have been as transparent as we can be," he added.

Authors commissioned by the now-defunct NPI spoken to by The Bookseller said there was still confusion over when NPI royalties would be paid and the extent of any payments. Agent Andrew Lownie said: "The problem is we still don't know who is owed what."

Last week THP sold its Pathfinder and Short Walks series to Crimson, in order to free up ready cash to invest in other parts of the business. This would include launching three new series - a local crime range, a series focusing on schools at the centre of local communities and one to "build ambitiously" on THP's series of histories in old photographs.

As part of its turnround plan, THP has outsourced its distribution to Oxfordshire-based Marston Book Services, and has started using "printer-broker" Jellyfish Solutions. The firm has also restructured its editorial and marketing departments, and is looking to recruit new editorial teams.

"We have changed our top management team, moved offices, exited printing, agreed a new distributor, overhauled our IT systems, restructured our editorial and marketing departments in their entirety, and moved into operating profit," Morris added.

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