Pearson, the owner of Penguin, announced its results today. Penguin turned over £804 million and made an operating profit of £60million for the year, which is so-so.
The good news appears to be that the publishing company is to double the number of new authors it publishes to 250 a year.
It's also going to cut back on big-time advances. But I don't think that should bother us unduly.