Publisher's revamp dents profits

PROFITS AT the magazine publisher Huveaux, which owns titles such as Dod's Parliamentary Companion, Public Affairs and The House, have fallen far short of analysts' expectations due to restructuring costs and problems at its European and training divisions.

Pre-tax profits doubled to pounds 2.4m last year but were well below market expectations of pounds 3.3m. For this year, analysts predict earnings of pounds 3.6m.

The group, which has built a UK political publishing business through acquisition over the past few years, closed four offices in London and moved into Westminster Tower, incurring costs of pounds 200,000.

John van Kuffeler, the chairman, said: "We have invested in new offices in London to bring our UK political division under one roof and this will generate significant benefits going forward.... The outlook for 2005 is for another year of growth." He said he was "comfortable with analysts' estimates for this year.

Profits this year will benefit from the delayed publication of the second volume of Eurosource, a parliamentary reference book for the European Parliament and Commission, with sales of pounds 250,000 already booked. It was due to be published in November but that was postponed after the European Parliament rejected the proposed EU Commission. That meant Eurosource sales were nil last year, compared with a value of pounds 178,000 in 2003.

Mr Van Kuffeler said: "We were completely stymied because the Parliament voted down the Commission, but it's a plus for this year." He said the book would be published in three weeks, followed by annual updates.

Huveaux also produces training journals and organises work seminars. Its training manual and video sales were down 13 per cent last year, prompting a revamp of its sales method.

The UK political division generated pre-tax profits of pounds 1.2m last year, while its European counterpart achieved pounds 317,000. The training division had profits of pounds 460,000.

Huveaux shares slid 11.5p to 54.5p yesterday.

PROMOTED VIDEO
News
ebookA unique anthology of reporting and analysis of a crucial period of history
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Account Manager - (Product & Account Management, Marketing)

£26000 - £30000 per annum + Benefits: Ashdown Group: Account Manager - (Produc...

Training/Learning and Development Coordinator -London

£28000 - £32000 per annum: Ashdown Group: Training/Learning and Development Co...

Training Programme Manager (Learning and Development)-London

£28000 - £32000 per annum + benefits: Ashdown Group: Training Programme Manage...

.NET Software Developer (.NET, C#, ASP.NET, front-end)

£30000 - £45000 per annum: Harrington Starr: A Global Financial Service Organi...

Day In a Page

A new Russian revolution: Cracks start to appear in Putin’s Kremlin power bloc

A new Russian revolution

Cracks start to appear in Putin’s Kremlin power bloc
Eugene de Kock: Apartheid’s sadistic killer that his country cannot forgive

Apartheid’s sadistic killer that his country cannot forgive

The debate rages in South Africa over whether Eugene de Kock should ever be released from jail
Standing my ground: If sitting is bad for your health, what happens when you stay on your feet for a whole month?

Standing my ground

If sitting is bad for your health, what happens when you stay on your feet for a whole month?
Commonwealth Games 2014: Dai Greene prays for chance to rebuild after injury agony

Greene prays for chance to rebuild after injury agony

Welsh hurdler was World, European and Commonwealth champion, but then the injuries crept in
Israel-Gaza conflict: Secret report helps Israelis to hide facts

Patrick Cockburn: Secret report helps Israel to hide facts

The slickness of Israel's spokesmen is rooted in directions set down by pollster Frank Luntz
The man who dared to go on holiday

The man who dared to go on holiday

New York's mayor has taken a vacation - in a nation that has still to enforce paid leave, it caused quite a stir, reports Rupert Cornwell
Best comedians: How the professionals go about their funny business, from Sarah Millican to Marcus Brigstocke

Best comedians: How the professionals go about their funny business

For all those wanting to know how stand-ups keep standing, here are some of the best moments
The Guest List 2014: Forget the Man Booker longlist, Literary Editor Katy Guest offers her alternative picks

The Guest List 2014

Forget the Man Booker longlist, Literary Editor Katy Guest offers her alternative picks
Jokes on Hollywood: 'With comedy film audiences shrinking, it’s time to move on'

Jokes on Hollywood

With comedy film audiences shrinking, it’s time to move on
It's the best of British art... but not all is on display

It's the best of British art... but not all is on display

Voted for by the British public, the artworks on Art Everywhere posters may be the only place where they can be seen
Critic claims 'I was the inspiration for Blanche DuBois'

Critic claims 'I was the inspiration for Blanche DuBois'

Blanche Marvin reveals how Tennessee Williams used her name and an off-the-cuff remark to create an iconic character
Sometimes it's hard to be a literary novelist

Sometimes it's hard to be a literary novelist

Websites offering your ebooks for nothing is only the latest disrespect the modern writer is subjected to, says DJ Taylor
Edinburgh Fringe 2014: The comedy highlights, from Bridget Christie to Jack Dee

Edinburgh Fringe 2014

The comedy highlights, from Bridget Christie to Jack Dee
Dame Jenny Abramsky: 'We have to rethink. If not, museums and parks will close'

Dame Jenny Abramsky: 'We have to rethink. If not, museums and parks will close'

The woman stepping down as chair of the Heritage Lottery Fund is worried