Publisher Oxford University Press has reported soaring profits, but warned the result may be difficult to repeat.

The Press's multi-million pound profits have caused controversy in the past, because it has charitable status for tax purposes, unlike its rivals in the publishing industry.

The profits are labelled a "surplus" and go into the coffers of Oxford University.

Sales were up by 13 per cent, while profits rose 43 per cent over the last financial year - one of the Oxford publisher's best results.

Chief executive Henry Reece warned that the result was likely to prove "extremely difficult" for the company to emulate in the future.

Annual turnover grew from £324m to £366m, and its pre-tax surplus increased from £32.6m to £46.6m.

It is the third consecutive year of strong sales and profit growth at OUP since 1998, when it had a pre-tax surplus of just £13m.

Mr Reece said that the academic division had one of its best years, but education had a difficult year, with primary schools continuing to divert spending away from books.

**Publisher Taylor & Francis, which has a journals division in Abingdon, beat forecasts with a 28 per cent hike in profits.

Turnover grew by 19 per cent, from £50.7m to £60.6m, and pre-tax profits rose to £8.3m. Book sales were up from £27m to £30m, but the growth of journals was up 30 per cent from £23.4m to £30.7m.

This was partly brought about by the purchase of Gordon & Breach in February.

Chief executive Anthony Selvey said the group was looking for another acquisition.