Hachette Book Group’s profits were up 180 percent during the first half of 2016, as compared to the same period in the first half of 2015.
The company released its first half of 2016 results today. These figures are like for like and do not include the Perseus business. Despite increases in profits, the company’s net revenue dropped about 6 percent.
“These profitability gains are thanks to disciplined cost management, and this positive performance was achieved against a backdrop of tremendous change and growth in the first half of the year, in which we we closed our largest acquisition ever, went live with a major new distribution client, opened a new warehouse, and created a joint venture,” stated Michael Pietsch, CEO at Hachette Book Group.
During the first half of the year, the publisher had success with titles including: Hamilton: The Revolution by Lin-Manuel Miranda and Jeremy McCarter and Before the Fall by Noah Hawley. In addition, James Patterson’s new imprint BookShots helped drive revenues, as did having 119 New York Times bestsellers.