NOVA PUBLICATIONS: DIRECTORS' REPORT 1954
Detailed accounts by the auditors were included with the report. These have been omitted. These pages scanned/OCRed from Les Flood's copies, as supplied by Mark Plummer.
DERWENT HOUSE, 2 ARUNDEL STREET,
The Directors submit their Report and Statement of Accounts for the fourteen months to 31st December 1954.
At the time of the reorganisation of the Company, in February 1954, there was considerable sales resistance by the wholesale book trade to science fiction in general owing to the number of publishers then seeking outlets for their productions.
The Directors formulated a policy which was based on the assumption that the science fiction book market would take a period to settle down and that the Company's publications should include only good quality stories.
A publishing schedule was drawn up and since that date NEW WORLDS SCIENCE FICTION has been published monthly and SCIENCE FANTASY bimonthly. An intensive canvass throughout the country was made by the Directors with a view to widening the area of distribution and increasing circulations. These efforts produced good results. Price increases early this year led to no loss in sales.
Unfortunately, an earlier outlet for the Company's publications in the United States of America proved unsatisfactory resulting in a financial loss, and although a Canadian account was opened sales in that country were disappointing. Despite these set-backs the circulations of both magazines have increased and the second year's trading shows a very large improvement over the first.
A small number of pocket book titles have been produced during the current year, but here again results have been disappointing mainly due to sales resistance by the wholesale book trade caused by the large number of all types of pocket books on the market.
The loss for the period as shown by the annexed Accounts was
£3,585.16.10., to which has to be added the deficit on Profit and Loss
Account brought forward from the previous account of £47.19. 2., and
payments to retiring Directors £150., making together a total
Messrs. Myring & Bradbury, the Auditors appointed by the Directors on 14th July, 1954 to fill the casual vacancy, having expressed their willingness to continue in office a resolution confirming their appointment and fixing their remuneration will be proposed
By Order of the Board,