27 October 2022
Brill today reports that Q3 revenues were better than expected. Print book sales were up versus forecast and last year,
despite headwinds in the German-speaking region. Our eBook sales continued to perform well, mainly in open access
and collections. Journal revenues were higher than expected due to growth in open access, a successful renewal
campaign and early publication of journal issues. Cost of goods sold and personnel costs for Q3 were in line with our
expectations, while other operational expenses were slightly higher than expected. We did not yet include any of the
expected additional costs related to the insolvency of our main distribution partner, as the outcome is still unclear.
As announced on September 28, Brill’s main distributor Turpin filed a notice of intent to appoint an administrator. On
October 7, an administrator was appointed and Turpin ceased operations on the same day. Brill, assisted by a UK-based
law firm, is working on submitting all necessary claims. Turpin provided fulfilment services to part of Brill's journal and
book portfolio. As announced, Brill has accelerated the transition to its new distribution partners. This project is expected
to run until the summer of 2023. Given the uncertainty around the distribution, Brill will not give an updated outlook for
the full year results. On September 28 Brill announced the expectation that both revenue and profitability of 2022 will be
materially lower than the outlook given in the HY results announced on August 30, 2022.