Cappelen Damm consolidates its position as Norway's leading publisher
With sales and critical successes in general literature and strong digital development, Egmont-owned Cappelen Damm consolidates its position as Norway's leading publishing house. Restructuring costs nevertheless reduced the result.
“We are back on a par with the record year 2021 for general literature. We are actually seeing growth in education when we adjust for “Fagfornyelsen” and the digital progress continues. At the same time, developments in the book market call for restructuring throughout the industry. After several years of record results, 2023 was a tougher year for everyone who works with literature and teaching materials,” says Publishing Director and CEO Sarah C. J. Willand
Staying on top
Cappelen Damms' operating income totalled NOK 1,185 million in 2023, compared to NOK 1,273 million in 2022, a year in which new curricula generated extraordinary income in education.
Operating profit fell from NOK 92 million to NOK 22 million and includes significant restructuring costs within education.
In addition, increased costs of goods put pressure on profitability. Willand is nevertheless pleased with the publisher's performance in a tough book market.
“I'm impressed by everyone who has worked hard at Cappelen Damm over the past year and proud to lead a publishing house with so many dedicated employees and talented authors. Together we have achieved a solid 2023 despite a challenging cost trend. We had to adjust the cost level in the education sector. At the same time, we have made these changes with an eye on the future, which makes us better prepared to meet future developments,” says Willand.
Will fight for the book
In 2023, Cappelen Damm once again characterised the publishing year with many of its bestsellers in the general market, with more than 2,500 publications and several awards and nominations for the publisher's authors. The digital textbook ‘Skolen’ has also been a success. Willand has great faith in Cappelen Damms' competitiveness going forward:
“We will fight for the physical book, even though it is under pressure. But above all, we will fight for quality in literature and teaching materials. Our task is to bring the book - in all its forms - closer to the readers,” says Willand.
Cappelen Damm is experiencing strong growth in both digital services and audiobooks. Almost every third krone in Cappelen Damm's revenue stream is now digital revenue.