20th Jul 2022 11:14
(Alliance News) - Bloomsbury Publishing PLC on Wednesday said it is trading in line with market expectations, as a pandemic-induced surge in reading continues.
The London-based publisher reported that in the fourth months to June 30, total revenue increased by 27% to GBP80.3 million from GBP63.1 million the year prior.
The company added that it is trading in line with market expectations. In its financial year to February 28, 2023, revenue is expected to be GBP242.6 million, whilst pretax profit is anticipated to be GBP26.9 million.
In its 2022 financial year, the company reported revenue of GBP230.1 million and pretax profit of GBP22.2 million.
During the pandemic, publishers saw a reading boom but Bloomsbury said that these results indicate that "reading is here to stay".
During the period, customer bestsellers included Paul Hollywood's Bake, the Harry Potter series by JK Rowling, and Sarah J Maas' titles, the publisher added.
Shares in Bloomsbury were up 1.3% to 382.02 pence each in London on Wednesday morning.
By Sophie Rose; [email protected]
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