To: Albert D Sump
From: Donald Trask
Re: Poetry Audit 2006After last month?s Publishing Development Meeting it has become apparent that margins and sales have slipped further from 2002?s performance. I?m concerned that the poetry list isn?t making any real contribution to our overall profits and I?d like to initiate a review with you and Malcolm. Could you please assess the list?s contribution to profit over the last 36 months? I?d like you to split this into first year sales and subsequent sales of new books, and separate out rights income and reprint sales. Can you also please talk to Peter about the stock situation and report back on the stock valuation for poetry, too? We may need to embark on a white sale to improve the balance sheet.
Ask Bob in Finance to give you a hand with the figures. I think for the moment we had better cease any further commissioning and wait until we?ve got to grips with the money. Could you come up with some suggestions as to how we maintain our position as the UK?s premier poetry publisher whilst we freeze the list? Perhaps we could run some sabbatical funding for the authors? Something to keep them quiet.
Whilst I write this note, which I?m copying to Sarah in HR, I?m a little disappointed in your performance this year. You?ve only attended two Senior Management Group meetings in the last six months and, without prejudicing your report, I?m aware that the new poetry titles have failed to break even and are making a loss. We clearly need to improve performance all round, Albert. Nothing is sacrosanct in the business. Let?s make time to assess your performance each month over the summer and reach a view together about your future work. Talk to Sally and book a monthly meeting with me. Just a 20 minute slot. Can you please stop writing postcards to everyone who submits to us? I can?t see that this is helping the business in any conceivable way.
Yours
Donald
CEO
Castell & Castell
cc Sarah Price
11 November 2006
Dear Donald,
Thank you for your memo dated 24 June 2006, I?ve only just returned from Barcelona, please accept my apologies for the tardiness of this reply. I think it?s worth pointing out that rights revenue from the list has increased by 41% in the last twelve months. We?re nailing everyone we can for quoting our content and especially for anthologising. I?ll split that income out in my report so that you can see that this vital exploitation of our content is the real basis of the list?s ongoing strength. It?s also worth pointing out that Malcolm and I have dropped twenty-six poets in the last thirty-six months, as part of our drive for increased profitability. I don?t think we?ll see a rapid return to 2002?s performance, but I am confident that through further rationalisation and a wastage exercise of the kind you describe we can improve margins still further. Poetry is a long game and we are only now beginning to see the benefits of Charles? 1980s commissioning.
I?m sorry you?re unhappy with my performance, since I joined Castell & Castell in 1972 I?ve tried to maintain standards and I?m proud of my contribution to our company?s standing in the world of literature. Perhaps I can convince you of that when we meet. Can I ask if this will be a formal meeting as defined in our disciplinary procedures? If so, I?d like to bring an additional representative along to those meetings. I must confess I?m a little shocked at the note.
Yours
Albert
Deputy Poetry Editor
Castell & Castell
tags: Letters?from?our?editor
