We are going forward with an increasing pipeline of high value and strategic opportunities which are starting to be fulfilled. This includes the expansion of the R&D Pharma Publications and Digital offerings. Whilst our portfolio of online sites currently stands at 8, it is intended that this will be extended as quickly as we can to cover all the major 'ologies, thereby providing a comprehensive range. We are confident we have the right products, reinforced by positive feedback from our customers, but market outlook remains difficult so management focus will also be on conserving cash and maintaining tight control over costs.
The value of building our digital archive library is starting to pay off. Last financial year we sold £630,000 of reprints both in print and on line from our archive library. This year we should achieve nearly one million in revenue. The margins of this business are high because commissioning costs were met when content was originated.
I think it appropriate to also draw your attention to an unheralded capital asset embedded in our Company in the form of our portfolio of branded medical journals which have been established over the years.
We produce in total 62 journals, 44 of these have been produced for over three years. Taking just these 44, the average period that they have been in production is over six years. The total "averaged" annual revenue figure for these 44 journals is in excess of £2.7m. In addition, we are generating reprint revenue from these journals which this year alone will be in excess of £750,000.
With another 750k in the bank from a recent placing, its hard to see how TOU only has a market cap of £3m!