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Interim Results

Bloomsbury revenues up 19%

27 October 2016 07:32

Bloomsbury Publishing is trading in line with management's expectations with first half revenues up 19%.

The group says that traditionally, sales of trade titles peak for Christmas and sales of academic titles in the autumn at the beginning of the academic year and it expects sales to be significantly second-half weighted, as in past years.

Financial highlights:

- Total revenues up 19% to £62.7 million (2015: £52.7 million)

- Digital revenues up 8% to £7.7 million (2015: £7.1 million)

- Print revenues up 25% to £51.7 million (2015: £41.4 million)

- Adjusted profit before tax £1.5 million (2015: £1.9 million)

- Profit before tax £0.1 million (2015: £0.3 million)

- Net cash up to £9.1 million (2015: £0.9 million)

- Interim dividend up 4% to 1.10 pence per share (2015: 1.06 pence per share)

Chief executive Nigel Newton said: "This has been a strong period for Bloomsbury. We are making good progress towards our strategic objectives with an increase in revenues of 19% and growth in each of our territories. The Children's Trade division delivered another outstanding performance, increasing revenues by 63%.

"The Group is trading in line with management's expectations. We have a strong second half list including the Illustrated Edition of Harry Potter and the Chamber of Secrets, Fantastic Beasts and Where to Find Them - Newt Scamander: A Movie Scrapbook, Empire of Storms by Sarah J. Maas, the Throne of Glass Colouring Book, Mad Enchantment by Ross King, Tom Kerridge's Dopamine Diet, Commonwealth by Ann Patchett, Bloomsbury Professional's Tax Looseleafs and Last Testament: In His Own Words by Pope Benedict XVI. October is the peak period for academic book sales and Christmas for the sales of consumer books. We therefore expect our results to continue to be significantly second-half weighted, as in past years.

"In the coming months we expect to deliver the platform and associated infrastructure to accelerate digital revenues in line with Bloomsbury's 2020 plan, and specifically to see the launch of the Arcadian Library Online and Bloomsbury Popular Music, the latest two resources in our growing range of digital products."

Story provided by StockMarketWire.com

Related Company: BMY

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