Online Bookselling Giant Flounders, Shares Plummet to Less Than 6 Cents

Australian bookseller and publisher Booktopia Group Ltd—a fast-growing success story since its launch in 2004—appears to be in significant financial strife. It has been forced to arrange $1 million in emergency funding and has withdrawn its earnings forecasts. The company also owns Angus and Robertson, another major Australian online bookseller, publisher, and printer. In 2017, Booktopia launched Booktopia Publisher Services and in 2019, it launched its own publishing business. The business suffered a $16.7 million loss for the six months to Dec. 31, compared to a $3.9 million loss a year ago. Its underlying earnings before interest, tax, depreciation and amortisation (EBITA) was down 34 percent to a $1.8 million loss, and it sold 20.6 percent fewer books and other items—3.1 million for the half-year....