Financial information 2013
In a tough financial climate the Society can report a year of profitability, generating profits of £47k. In 2013 we commenced a £1.5 million investment programme including the new RPS Faculty, enhanced member benefits, re-launch of the Pharmaceutical Journal and a growing range of digital products offered by Pharmaceutical Press. The benefit of much of this work will be evident in 2014. Although demand for printed publications and advertising remains challenging, results are now being seen from the investment in digital publishing with growth in our digital offering, due to its appeal with an audience that wants to consume content in a range of flexible formats.
Total funds continue to grow, however, due to the acquisition of a new London base, fixed assets have increased substantially at the expense of cash and deposits and as a result net current assets have dropped substantially, albeit temporarily, whilst we await completion on the sale of 1 Lambeth High Street in 2015. The balance sheet net assets were relatively unchanged at £14.8 million and still represent a strong covenant for the Society.
Summary and outlook
Tight financial control on spend and robust risk management continue to play an important part in our resource strategy. The investment in new products is continuing in 2014 in order to have an even better product offering for Society members and customers.