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'Stretched and squeezed' school budgets hit textbook publisher

The business covers a range of school subjects at Key Stages one, two and three as well as GCSEs and A-Levels

The company has been producing textbooks since 1995(Image: Shared Content Unit)

Sales at a textbook publisher were hit by "already stretched" school budgets which were "squeezed even more" because of rising inflation.

Coordination Group Publications has reported a fall in both its turnover and pre-tax profits for its latest financial year because of the "tougher trading conditions".

However, the Cumbria-based company added that it "remains committed to continued investment in its products and people".

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According to newly-filed documents with Companies House, the firm's turnover dipped from £36.8m to £35.7m in the year to August 31, 2022, while its pre-tax profits went from £12.6m to £10.3m.

The Broughton-in-Furness business was founded in 1995 by Richard Parsons and covers a range of school subjects at Key Stages one, two and three as well as GCSEs and A-Levels.

Coordination Group Publications was established in 1996(Image: Coordination Group Publications)

A statement signed off by the board said: "The group results for the year reflect tougher trading conditions caused by the rising inflation experienced over the 12 months.

"Turnover for the year fell by 3% as already stretched school budgets were squeezed even more.