NOVA PUBLICATIONS: DIRECTORS' REPORT 1956
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.
The Directors submit their Report and Statement of Accounts for the year to 31st December, 1956.
The Directors are pleased to report that the trading results for the year showed a considerable improvement over previous years and that the profit during that period was the highest obtained by the Company since its inception.
This position has been largely brought about by close co-operation with the wholesale distributing trade, whereby returns of unsold copies have been kept to a minimum and productions costs have been reduced where possible.
Although it was possible to produce only four issues of Science Fantasy instead of six, as planned,the sales of this magazine did not suffer. Co-operation with Australian distributors in a sales drive to increase prospects in Australasia resulted in a doubling of our sales in that area.
The Directors also arranged several lucrative outlets for the distribution of back issues and cleared considerable accumulated stocks at a very good selling price instead of 'remaindering' them.
It is felt that Mr. Carnell's visit to New York during September, 1956, in conjunction with the World Science Fiction Convention, will undoubtedly be of considerable benefit over a period of time.
The Directors feel that the Company is now in a healthy and progressive state and have confidence that the improvement will be maintained.
The profit for the period, as shown by the annexed accounts, was £1,102.16. 6, which deducted from the deficit brought forward of £4,66l.15. 4, leaves a deficit to be carried forward to next account of £3,558.18.10.
The Auditors, Messrs Myring & Bradbury, having intimated their willingness to continue in office, a resolution fixing their remuneration will be proposed.
By Order of the Board,
11th September 1957.