Pretax profits at U.K.-based Taylor & Francis rose 23%, to £32.9 million ($52 million) last year, on a revenue increase of 7.3%, to £147.4 million ($230 million). The company's journal division had the largest growth in 2002 with sales up 11.4%, to £71 million, while sales in the book group rose 3.8%, to £76.4 million. Growth was driven almost entirely by internal initiatives as T&F's lone acquisition in 2002 was the £2.9 million purchase of Fitzroy Dearborn.

With book sales to institutional markets slowing in the U.S. last year, T&F cut its U.S. work force, and this year the company executives said T&F plans to stop publishing in "peripheral areas" while expanding its presence in core subjects such as medicine, nursing and psychology. The company released a total of 2,193 new titles in 2002, up from 1,788 in 2001. Growth in journal revenue was helped by the publication of 24 new journals, and T&F plans to publish 27 new titles this year. Online subscriptions in 2002 rose to 70% of its institutional subscribers from 50% in the previous year. Sales of e-books contributed sales of about £400,000, mainly from the library market.

Sales to North America rose 2.5%, to £62.2 million, last year and accounted for 42% of T&F's total revenues.

Despite softer conditions in the U.S., T&F said it expects an increase in sales next year driven by its recent purchase of CRC Press. And executives said the company is "well positioned" to make another acquisition in the professional and academic market this year if the opportunity arises.