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Annual Results

Bloomsbury profits beat forecasts

18 May 2017 07:34

Bloomsbury's profit before taxation and highlighted items fell to £12.0m in the year to the end of February - down from £13.0m but above market expectations.

Revenues grew by 15% to £142.6m and the group has declared a final dividend of 5.6p per share taking the total to 6.7p per share (2016: 6.4p per share).

Chief executive Nigel Newton said: "This has been a very strong year for Bloomsbury with excellent revenue growth in all our territories.

"Our children's publishing, in particular, had an exceptional year, delivering double digit revenue growth for the fourth year in a row. "We are very pleased also at the impact of our trade publishing, having had two simultaneous number one bestsellers in February - Tom Kerridge's Dopamine Diet topping The Sunday Times non-fiction bestseller list and Neil Gaiman's Norse Mythology the fiction list.

"This was followed by George Saunders' extraordinary and brilliant novel, Lincoln in the Bardo, going to Number 1 on the Evening Standard bestseller list in March.

"The way we publish all three books reflects the significant success of our trade publishing "We have also made substantial progress in delivery of our Bloomsbury 2020 digital resource strategy.

"We completed a new platform to host our digital resources and launched four new major resources during the year.

"It was particularly encouraging to see digital resource revenues exceeding expectations, increasing 50% year-on-year.

"We are well-placed for the coming year.

"We are launching three further major digital resources, as planned, and have an exciting publishing list from new and existing authors."

Story provided by StockMarketWire.com

Related Company: BMY

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