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Annual Report

Annual Report for the year ending 30 April 2010

Cambridge University Press is the printing and publishing house of the University of Cambridge, whose right to print and sell ‘all manner of books’ was granted by Henry VIII in 1534. It is the oldest Press in the world and has printed and published continuously since 1584.


Executive Summary

The continued economic turmoil in western markets failed to deflect the Press from the positive performance trends of recent years, except in the key market of the USA, which experienced a torrid first half, before recovering momentum toward year-end.

Principal financial performance indicators for the year ending on 30 April 2010 were as follows:

Overall, these are extremely satisfactory figures. The strategy of the past few years is now coming to fruition, with greater scale delivering much-improved rewards for the Press, which in turn will enable us to invest further in pursuit of our mission of disseminating knowledge in the world.

Not surprisingly, we remain concerned about the widening gap between the liabilities and assets of the pension funds. This situation is influenced by improved life expectancy, falling interest rates and depressed equity values. We continue to monitor these factors.

The policy of the Press's management and the Syndics has been to continue building the business, with an eye to the general economic recovery, whenever that may come. Given the substantial opportunities offered by the onset of the digital age, this involves a major transformation in the Press's attitudes and activities. We estimate that revenues attributable to digital products already exceed one-fifth of the total, and this figure could rise above two-thirds by 2020. These are exciting times, in which the future shape of Cambridge University Press will be defined. The Press looks forward to addressing that challenge.

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