20th May 2014 13:22
LONDON (Alliance News) - Bloomsbury Publishing PLC Tuesday reported a slight dip in its pretax profit in its last financial year, despite a strong increase in revenues, hit by higher restructuring and acquisition costs.
For the year ended February 28, the group reported a pretax profit of GBP9.5 million, down from GBP9.8 million a year earlier, as it booked higher restructuring costs, as well as legal and professional costs related to the acquisition of Hart Publishing Ltd and the trade and assets of New Holland.
The group raised its dividend for the year by 5.8% to 5.82 pence.
Revenues for the year rose 11% to GBP109.5 million, up from GBP98.5 million the prior year, boosted by a strong performance in the adult book division, from major best sellers and cookery books, and robust growth in e-book sales and online sales.
The group said its academic & professional business also delivered a robust sales performance, with revenues in the division up 11%.
Online sales in the year increased by 21%, and contributed to a higher percentage of title sales.
Bloomsbury said that its strategic investment in its children's and educational business is paying off, with revenues in the division up on the previous year, with a majority of sales growth in the UK from illustrated books.
"We enter 2014/15 financial year with a strong publishing programme including new titles from Tom Kerridge and Paul Hollywood as well as a year-long Harry Potter marketing campaign to promote the newly illustrated series," said Chief Executive Nigel Newton in a statement.
Shares in Bloomsbury Publishing were down 1.8% at 162.00 pence Tuesday afternoon.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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