Brill Trading Update – February 2023

15 February 2023

Brill reports that Q4/2022 revenues were in line with expectations, with unaudited full year revenues slightly ahead of 2021. The full-year revenues were a result of good growth in journals and e-books and a decline in print book sales. Print book sales were affected by the administration and cessation of operations of Brill’s former main distributor as announced on 28th September 2022, as well as headwinds in the DACH region.

Full-year operating expenses were negatively impacted by one-off costs related to setting up new fulfilment and order-to-cash capabilities, as well as higher costs for consulting and technology. Possible impairments on inventory and intangibles are currently being assessed. Brill does not expect a net profit for FY2022 and does therefore not foresee paying a dividend in 2023.

Brill continues to make good progress in recovering from the cessation of operations of its former main distributor. Brill expects to fully re-establish its fulfilment capabilities during the year 2023.