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Annual Results

Bloomsbury revenues up 11%

19 May 2016 07:48

Bloomsbury Publishing's revenue grew by 11% to GBP123.7 million in the year to the end of February and the group has launched 'Bloomsbury 2020' to accelerate the growth of its digital revenues.

The group said profit before taxation and highlighted items increased by 8% to £13.0 million (2015: £12.1 million) with both revenue and profit benefiting from the successful integration of Osprey Publishing acquired in December 2014.

A final dividend of 5.34 pence per share (2015: 5.08 pence) takes the total dividend to 6.4 pence for the year (2015: 6.1 pence).

Diluted earnings per share, excluding highlighted items, were 15.24 pence (2015: 14.73 pence).

The group also announced the launch of Bloomsbury 2020, moving Bloomsbury further in to the area of B2B digital publishing; a significant growth plan for Bloomsbury Digital Resources Publishing, a new range of scholarly digital resources aimed at academic libraries worldwide whose collective budgets are approximately $5 billion.

And it also announced the reorganisation of Bloomsbury from four to two divisions: Consumer and Non-Consumer, to reflect the increasing emphasis on our Non-Consumer businesses.

Chief executive Nigel Newton said: "Bloomsbury has had a very good year with strong revenue and book sales growth, including a significant increase in digital sales. In particular, our Children's & Educational division delivered an exceptional performance, with its third year of double digit revenue growth.

"Bloomsbury continues its strategy of growing academic, professional, special interest and educational revenues. There are significant market opportunities to accelerate the growth of our digital revenues and today we have set out the Bloomsbury 2020 strategy. This focuses on growing revenues from academic and professional digital resources for academic libraries worldwide, whose budget is estimated to be $5 billion. This will lead our repositioning in the market from a primarily consumer publisher to a digital B2B publisher, whilst continuing our long track record of huge bestsellers in the adult and children's markets which remain a very important part of Bloomsbury's mission.

"We have started the year in line with our expectations and look forward to publishing our strong list in the year ahead."

Story provided by StockMarketWire.com

Related Company: BMY

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